The Greater China Fund, Inc. (NYSE: GCH) Announces Approval of Aberdeen Asset Management Asia Limited as Investment Manager and

The Greater China Fund, Inc. (NYSE: GCH) Announces Approval of Aberdeen Asset
  Management Asia Limited as Investment Manager and Plan to Commence Tender

PR Newswire

NEW YORK, Jan. 8, 2013

NEW YORK, Jan. 8, 2013 /PRNewswire/ -- The Greater China Fund, Inc. (NYSE:
GCH) (the "Fund") announced today that Fund stockholders have approved
Aberdeen Asset Management Asia Limited ("Aberdeen") as the Fund's new
investment manager at the Special Meeting of Stockholders of the Fund (the
"Special Meeting") held earlier today.

Additionally, as a result of Aberdeen's approval by stockholders, and pursuant
to the Fund's previously announced agreement between the Fund and City of
London Investment Management Limited ("CLIM"), the Fund's largest stockholder,
the Fund announced that it intends to commence promptly an issuer tender offer
to acquire in exchange for cash up to 70% of the Fund's issued and outstanding
shares at a price per share equal to 99% of the Fund's net asset value per
share as determined by the Fund on the next business day following the
expiration date of the tender offer (the "Tender Offer"). CLIM has agreed
with the Fund to tender all of the Fund shares it beneficially owns in the
Tender Offer and in the event that CLIM is able to tender all of the Fund
shares it beneficially owns, CLIM has agreed that it will enter into a
"standstill agreement" with the Fund for one year following the completion of
the Tender Offer. Under the standstill agreement, CLIM will be permitted to
be a passive investor in the Fund and to purchase shares of the Fund for
investment purposes only. The Fund has further agreed with CLIM that if 75%
or more of the Fund's outstanding shares have been tendered and not withdrawn
in the Tender Offer, then the Tender Offer will be cancelled, the Board of
Directors will recommend that the Fund be liquidated and the Fund will proceed
to solicit proxies from stockholders for the liquidation and dissolution of
the Fund immediately thereafter.

The above statements are not intended to constitute an offer to participate in
the Tender Offer. Information about the Tender Offer, including its
commencement, will be announced via future press releases. Stockholders will
be notified in accordance with the requirements of the Securities Exchange Act
of 1934, as amended, and the Investment Company Act of 1940, as amended,
either by publication or mailing or both. The Tender Offer will be made only
by an Offer to Repurchase, a related Letter of Transmittal and other
documents, to be filed with the Securities and Exchange Commission (the
"SEC"). Stockholders of the Fund should read the Offer to Repurchase and
tender offer statement and related exhibits when those documents are filed and
become available, as they will contain important information about the Tender
Offer. These and other filed documents will be available to investors for free
both at the website of the SEC and from the Fund.

Closed-end funds, unlike open-end funds, are not continuously offered. There
is a one-time public offering and once issued, shares of closed-end funds are
sold in the open market through a share exchange. Shares of closed-end funds
frequently trade at a discount to the net asset value. The price of a fund's
shares is determined by a number of factors, several of which are beyond the
control of the fund. Therefore, a fund cannot predict whether its shares will
trade at, below or above net asset value.

This press release shall not constitute an offer to sell or a solicitation to
buy, nor shall there be any sale of the Fund's shares in any state or
jurisdiction in which such offer or solicitation or sale would be unlawful
prior to registration or qualification under the laws of such state or

SOURCE The Greater China Fund, Inc.

Contact: Aberdeen Asset Management Inc., Investor Relations, +1-866-839-5205,
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