Page 80 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 17

TRUSTEE-MANAGER’S REPORT

Given the portfolio occupancy of more than 90%, TCT can look forward with a high degree of certainty as to its underlying recurrent income which is expected to exceed RMB400 million in 2011. This confidence is based on the revenue growth witnessed in Q4 2010 as revealed below.

Property Income (Q4 2010 vs Q3 2010)

Treasury Building

(RMB’000)

Central Plaza

City Center

Gross Rental Income

20,000 40,000 60,000 80,000 100,000 120,000

8,988

7,139

21,158 22,201

64,699

74,402

94,845

103,742

Q3 2010

Q4 2010

(RMB’000)

Q3 2010 Actual

Change % (Q4 vs. Q3)

Q4 2010 FY 2010 1

Actual Forecast Actual Forecast

Gross Rental Income 94,845 + 9.4% 103,742 102,195 198,587 196,789

Business and Property Taxes (11,779) (12,824) (11,737) (24,603) (23,337) Property Management Fees (7,978) (5,325) (10,110) (13,303) (17,571) Other Operating Expenses (23,021) (24,573) (19,933) (47,594) (43,619)

Total Expenditure (42,778) (42,722) (41,780) (85,500) (84,527)

Net Property Income 52,067 +17.2% 61,020 60,415 113,087 112,262

1 FY2010 is a six month period since TCT’s listing on 21 June 2010