I have just initiated a new position in Great Eagle Holdings (ticker: 41 HK), a Hong Kong-listed property and holding company, at a price of HK26.30 per share. The company is currently trading at a substantial discount to its net asset value. In addition to net cash of nearly HK$16 per share, it has shareholdings in other listed entities worth a further HK$25 per share, without taking into account its own, wholly-owned hotel and property assets. The shares have fallen around 10% in the last couple of days, following its interim results, mainly I suspect because of disappointment that it is not returning more of the cash to shareholders (it announced a special dividend of only HK$1 per share in addition to its usual interim dividend). I have initially bought a small position of just under 3% of my portfolio, with the possibility of increasing this. I plan to write a more detailed research post in the near future.