SEO Version
Treasury Holdings Real Estate Pte. Ltd is the Trustee–Manager of TCT and executes this function in accordance with
the Trust Deed established and executed on 19 May 2010. In this capacity, Treasury Holdings Real Estate Pte. Ltd has
created one of the leading players in China’s burgeoning commercial real estate sector.
OVERVIEW
TCT is an owner, manager and developer of commercial real estate in key markets across China. With more than 240,000
square metres of high quality of fice and retail property located in China’s number one commercial market of Shanghai,
TCT produces a strong and consistent cashflow that is complemented by more than 163,000 square metres of of fice,
retail and logistics properties currently under development in Shanghai and Beijing. The completion of two acquisitions
announced in the second quarter of 2011 further expanded TCT’s balance sheet by 388,000 square metres in total GFA
including a retail property in Shanghai and a large scale development project and existing shopping mall in Qingdao.
2011 has witnessed a strong operating performance for TCT with revenues increasing sequentially quarter-on-quarter,
registering total income for the group of RMB476.08 million for the 12 months ending 31 December 2011 against the
revised forecast published on 26 July 2011 of RMB475.13 million.
103,742
100,130
119,253
127,322
129,372
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
RMB(’000)
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
2011 Quarter - on - Quarter Revenue
TCT undertakes independent valuations of its real estate portfolio in June and December of each year. The results of the
December 2011 valuation process, prepared by CB Richard Ellis in accordance with the guidelines of the Royal Institute of
Chartered Surveyors (“RICS”) and the subject of a separate review by TCT’s Audit Committee and subsequently approved
are detailed in the table on next page.
Trustee-Manager’s Report
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SAR1112034_TCT_AR_().indb 14
3/23/2012
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