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TRUSTEE-MANAGER’S REPORT
Operating Covenants
The TCT Trust Deed established a number of operating covenants 1 for the business. As set out below, TCT has operated its business well within the parameters of these covenants.
Q3 2010 Q4 2010
0
10
20
30
40
50
60
70
80
90
100
Gearing Ratio
Maximum:45% 2
33.6% 32.8%
22.8% 22.3%
100% 100%
Development Ratio Payout of Distributable
Income
1 As detailed in Trust Deed dated 19 May 2010
2 Maximum gearing =
Total Borrowings + Deferred Payments
Total Trust Property
3 Maximum development =
Land + Development Costs Total Trust Property
Maximum:30% 3
Minimum:80% Minimum:80%
The Property Manager
The Trustee-Manager retains responsibility for management and oversight of the functions of the Property Manager, Treasury Holdings Property Management (Shanghai) Consulting Co., Ltd. The Property Manager forms an integral component of Treasury Holdings’ co-ordinated management of TCT through the deployment of over 80 staff in China exclusively committed to TCT’s asset management program.
Property Management Platform
Business Development
Business Support
Legal Financial & Accounting Project Development
Leasing Asset Management Marketing & CSR
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