This morning I made a small investment in Hong Kong Resorts (HK:480) paying an average of HK$3.85 per share.
At current prices, the shares are trading at less than 40% of book value and offer a trailing dividend yield of 4.6%. The company's balance sheet looks quite good with net gearing at around 8%. Even if the revaluation gains which inflated the last annual result are not repeated (or even go into reverse), the company offers an acceptable level of safety.
While there are other small listed property developers/investors which sell at a higher discount to NAV, the ones I have looked at have very little liquidity.
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