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TRUSTEE-MANAGER’S REPORT
US$ vs RMB
6.5
7.0
7.5
8.0
8.5
RMB appreciated by 25% against the US$
from US$
More flexible currency regime
De-pegged
Source: People’s Bank of China
Importantly the entirety of the portfolio, previously funded through European banks has been refinanced with local Chinese and Asian banking institutions, who have demonstrated significant reserves of liquidity relative to the almost paralysed state of the western banking community. This represents a significant shift for TCT and is a strong indication of its growing profile in Asia and attractiveness to the local banking industry which has had its lending ambitions significantly curtailed in respect of the residential sector, due to government regulation.
Lender Property Loan Composition
Stabilised Assets
Industrial and Commercial Bank of China City Center US$301m; RMB410m Citic Bank International (CBI) Treasury Building US$37.8m; RMB50m CBI/OCBC/Maybank Syndicate Central Plaza US$110m; RMB65m
Development Assets
Industrial and Commercial Bank of China City Center Extension RMB800m Industrial and Commercial Bank of China Beijing Logistics Park RMB170m
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