Page 79 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 18

TRUSTEE-MANAGER’S REPORT

The strong performance of the portfolio during 2010 has resulted in an expiring lease profile for the portfolio which adds considerable certainty to the underlying strength of the TCT recurrent income stream.

Lease Expiry Profile

0%

20%

40%

60%

80%

100%

16%

28%

2%

17%

44% 1

24%

4%

37%

19% 18%

66% 2

22%

10%

27%

16% 14%

2011 2012 2013 Beyond 2013

City Center Central Plaza Treasury Building Total Stabilised Portfolio

1 Parkson Department Store: 26,684 sqm

2 SPX: 8,842 sqm

TCT undertakes a programme of independent valuation of its real estate portfolio in June and December annually. The table below outlines the results of the valuations undertaken by DTZ Debenham Tie Leung as at 31 December 2010.

Independent Valuation Results

Properties (RMB million)

Valuation as at 31 Dec 2009

Valuation as at

31 Dec 2010 Change %

City Center, Shanghai 5,564 5,754 +3.41% Central Plaza, Shanghai 1,604 1,720 +7.23% Treasury Building, Shanghai 641 674 +5.15% City Center Extension 1,261 1,337 +6.03% Beijing Logistics Park 118 126 +6.78%

TOTAL 9,188 9,611 +4.61%