Page 17 - TreasuryChinaTrust2011

Properties
(RMB millions)
As At
31/12/2011
As At
31/12/2010*
%
Variance
Stabilised Assets
The HQ, Shanghai (formerly City Center) 6,031 5,754 + 4.81%
Central Plaza, Shanghai 1,787 1,720 + 3.88%
The Treasury Building, Shanghai 704 674 + 4.44%
Sub-total 8,522 8,148 + 4.59%
Acquisitions during the period
Central Avenue Mall, Qingdao 6 655 510 + 28.43%
Huai Hai Mall, Shanghai 7 780 574 + 35.89%
Total Stabilised Assets as at 31 December 9,957 9,232 + 7.85%
Development Assets
The HQ Extension, Shanghai 1,406 1,337 + 5.16%
Beijing International Logistics Park, Beijing 2658 126 + 110.32%
Total Development Assets as at 31 December 1,671 1,463 + 14.20%
Landbank
Central Avenue Mall, Qingdao 6 1,310 357 + 266.95%
Total Portfolio as at 31 December 12,938 11,052 + 17.06%
Total Portfolio reflecting 55% ownership of Central
Avenue Mall Qingdao 12,054 10,662 + 13.06%
* including Qingdao and Huai Hai Mall as at acquisition date
For TCT, the year can be characterized both from an operating perspective and economic conditions as “Expansion and
Consolidation”.
Across the of fice property portfolio, committed occupancy finished the year at 97.8% after commencing the year at 87.8%
representing an “expansion” in occupied space of more than 13,300sqm. More importantly this increase in occupancy,
reflecting 126 leases negotiated throughout the year, equivalent to 50,000sqm of of fice space, was a major factor in TCT
recording annualised income of more than RMB500m for the second half of the year (Q3 RMB127m; Q4 RMB129m).
This outcome was heavily influenced by existing tenants seeking “expansion” space (approximately 10,000sqm in total),
reinforcing the importance of TCT’s on-the-ground proactive management of its portfolio and sourcing growth from within.
Expansion of the balance sheet occurred with the acquisitions of a 55% interest in Central Avenue Mall in Qingdao and
100% interest in Huai Hai Mall Shanghai as previously reported. During 2011 TCT made significant progress with its
development portfolio “consolidating” these projects in terms of underwriting the risks upon completion with successful
leasing campaigns.
6 Acquisition completed 1 April 2011 (SGD1 = RMB5.1910)
7 Acquisition completed 10 May 2011 (SGD1 = RMB5.2740)
8 Includes RMB139.52m development costs (construction, interest, fees etc)
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SAR1112034_TCT_AR_().indb 15 3/23/2012