Page 101 - TreasuryChinaTrust2011

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19 TRUSTEE-MANAGER’S MANAGEMENT FEES
Year ended
31/12/2011
Period from
19/5/2010 to
31/12/2010
$’000 $’000
Base management fee 11,516 5,040
Performance management fee 2,068 764
Trustee fee 461 201
Others 983 420
15,028 6,425
Trustee-Manager’s fees and other fees are payable to subsidiaries of Treasury Holdings China Limited which is a wholly
owned subsidiary of a company that is wholly owned by significant unitholders of Treasury China Trust.
20 ADMINISTRATIVE EXPENSES
The following items have been included in arriving at administrative expenses for the year/period:
Year ended
31/12/2011
Period from
19/5/2010 to
31/12/2010
$’000 $’000
Equity-settled unit-based expenses 297 368
Valuation fees 152 99
Depreciation and amortization 523 121
There are no employee expenses as the Group’s administrative and operating functions are managed by the Trustee-
Manager and the Property Manager. Reference to staff costs in the 2010 annual report was related to reimbursement
of costs as part of ongoing fee arrangements (see Note 30).
Valuation fees of $58,000 and $94,000 were paid or payable to DTZ Debenham Tie Leung Ltd and CBRE HK Ltd for the
valuation carried out on the Group’s investment properties as at 30 June 2011 and 31 December 2011, respectively.
(2010: DTZ Debenham Tie Leung Ltd, $99,000).
21 FINANCE INCOME
Year ended
31/12/2011
Period from
19/5/2010 to
31/12/2010
$’000 $’000
Interest income on bank deposits 466 192
Others 166 –
632 192
SAR1112034_TCT_AR_().indb 99 3/23/2012