Acquisition

Macau Property Opportunity Fund Ltd
17 October 2006





                   Macau Property Opportunities Fund Limited
                           ('MPOF' or the 'Company')



17 October 2006



Initial Property Acquisition



As announced on 4 October 2006, Macau Property Opportunities Fund Limited,
managed by Sniper Capital Limited, is in negotiations to acquire a number of
sites with a total combined value of £70 million.



MPOF is now pleased to announce the completion of its first investment in Macau
for a well-positioned residential redevelopment site.



Key Points:



  • Total investment of £8.5 million consisting of an acquisition price of
    £4.6 million and an expected redevelopment cost of £3.9 million.



  • The 13,000 square foot site is located in an established residential area
    on  south west Macau Peninsula popular with local residents.



  • The Company plans to redevelop the site into residential apartments,
    targeted towards the increasingly affluent local population.



•   The acquisition was funded entirely out of the Company's cash resources, 
    but the Company is seeking financing for the redevelopment portion of the 
    project.



As has been previously announced, terms have been agreed in principle by MPOF on
two other developments (one a redevelopment of a prime central site for retail
and entertainment use and the other a luxury residential development, both in
Macau) with a combined acquisition value of approximately £43 million.  Final
due diligence is still being undertaken on these potential acquisitions.



Commenting on the acquisition, David Hinde, Chairman of MPOF said: 'This
acquisition fits very well with the Company's stated investment strategy of
focusing on niche development and redevelopment opportunities. We are pleased
with the quality and consistency of investment proposals which the Manager is
presenting to the Board and are confident that a number of these will lead to
further acquisitions in the near future.'



                                    --Ends--



For further information:

Investment Adviser
Sniper Capital Management Limited
Tom Ashworth/Martin Tacon
Tel: [phone]
Email: [e-mail]

Nominated Adviser and Broker
Collins Stewart Limited
Hugh Field
Tel: [phone]

Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley/Laurence McNairn
Tel: [phone]



About the Macau Property Opportunities Fund

MPOF, which raised £105 million in a placing and commenced trading on AIM on 5
June 2006, is a closed-end investment company incorporated in Guernsey.  MPOF
focuses on investing in property opportunities primarily in Macau, but also
potentially in the Western Pearl River Delta region and in exceptional
circumstances, greater China.


                      This information is provided by RNS
            The company news service from the London Stock Exchange