Cathay Investment Fund has reported a 55 per cent rise in net asset value to $1.28 billion, bolstered by the float of China Resources Beijing Land, of which it owns 10.5 per cent. Net asset value per share of the closed-end investment fund was $15.78 on December 31 last year, compared with $10.13 a year earlier. Directors have recommended a dividend of 15.78 cents a share. Paul Wolansky, managing director of New China Management Corp, the fund's investment manager, said the value of the stake in Beijing Land, a property arm of listed China Resources Enterprise, was now three times higher than its investment cost of US$16 million. 'As of yesterday's Beijing Land share price, the net asset value was HK$668 million and we have gained HK$544 million,' he said. Low-cost housing developer Beijing Land was floated in November last year, raising HK$814 million before expenses. The fund has also seen a rise in the value of its stake in 8.9 per cent-owned washing machine maker Wuxi Little Swan, to US$21 million, since it was listed in Shenzhen last June.