GBP 32m Investment

Macau Property Opportunities Fund
13 November 2006

For immediate release            13 November 2006





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



           £32 million Investment in Macau Residential Redevelopment



Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited,
announces the completion of its third acquisition in Macau, an entry-level
residential redevelopment site situated on Macau Peninsula.



The investment gives the Company significant exposure to one of its stated
target segments, the entry-level residential market in Macau catering to the
local population.



Key Points:



  • The 20,000 square foot site is located in an increasingly popular area for
    entry-level residential properties close to the China border and on good
    transportation routes.



  • MPOF is investing a total of £32 million in the project, being the
    acquisition price of £11 million and an expected redevelopment cost of £21
    million.



  • The Company plans to target the development towards the growing
    entry-level market in Macau.



  • This is MPOF's third investment since its admission to AIM in June 2006
    and brings its total commitments to date to approximately £86 million.



David Hinde, Chairman of MPOF said: 'This is an excellent acquisition at an
attractive valuation and follows a lengthy and complex negotiation process.
Although the Manager is operating in a highly competitive marketplace, its
strong local network continues to source an extensive and varied acquisition
pipeline. The Board remains confident that several more opportunities will be
converted in the near future.'



Further Details:



The property is situated in the North of Macau peninsula in what is historically
an industrial vicinity. The area is now undergoing extensive regeneration, with
a new border gate and a major interchange for the planned light railway system
expected to be located nearby.



Being close to the China border and on good transportation routes to the rest of
Macau, the area is becoming increasingly popular for entry-level residential
properties. The Manager believes that there will be healthy demand from the
local community and burgeoning workforce for this housing segment going forward,
driven by the sharp rise in disposable incomes, low mortgage levels and high
saving rates.



The site is adjacent to large open spaces, giving unusually good views for
properties at this end of the price range. These factors further add to the
attractiveness and value of the site as a residential location.



MPOF plans to target this development at the entry-level purchaser in Macau. As
such, the total unit cost of each residential unit will be carefully planned to
meet local budgets.

Sniper Capital believes that these factors, combined with professional property
management, are expected to generate strong demand for the project.



                                    --Ends--







For further information:



Investment Adviser

Sniper Capital Management Limited

Tom Ashworth/Martin Tacon

Tel: [phone]

Email: [e-mail]

www.snipercapital.com



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]



Stock Codes:



Bloomberg:      MPO LN

Reuters:           MPO.L





About the Macau Property Opportunities Fund



MPOF, which raised £105 million in a placing and commenced trading on the
Alternative Investment Market of the London Stock Exchange on 5 June 2006, is a
closed-end investment company incorporated in Guernsey. The Company's investment
policy is to provide shareholders with an attractive total return, which is
expected to comprise primarily of capital growth, but with the potential for
dividends over the medium to long term.  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.



The Manager of MPOF is Sniper Capital Limited and the Investment Adviser is
Sniper Capital Management Limited.



About Sniper Capital Limited



Sniper Capital is an independent investment manager focusing on property
investment, development and redevelopment opportunities in Macau and the Western
Pearl River Delta region of China. The Company's investment strategy is to
identify, acquire and develop properties clearly differentiated by location,
value or sustainability of future demand.


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