I have a makefile project which is set up to build a .dll file like this:

I tried upgrading this project to use MSBuild. It still builds successfully but no longer outputs anything. I opened the project property pages and changed “Configuration Properties -> General -> Project defaults -> Configuration type” to “Dynamic library (.dll)”. Didn’t make a difference though.
Output directory, target name, target exension are correct. But nothing is output to the output directory any more.
What could be wrong here?