Page 18 - TreasuryChinaTrust2011

Beijing Logistics Park is now 100% leased prior to completion. The construction program will be complete in early Q2
with delays in completion associated with design modifications as a consequence of the tenant commitments made. The
leases to Taobao (65,083sqm) and Shun Feng (8,579sqm) representing 100% of the lettable space have been negotiated
at a rental in excess of budget.
The HQ has also enjoyed progress on the leasing front and has reached 27% pre-commitment by early March 2012 with
agreements in place with the Inditex Group for 7 of its brands (Zara, Zara Home, Massimo Dutti, Bershka, Pull & Bear,
Stradivarius and Oysho), Ole Supermarkets and Hongqiao Century Cinema as anchor tenants. The leases committed to
date are in excess of the budget rental established for the project.
As a result of this leasing activity, which includes The HQ being the first shopping mall in China to have secured all 7
of the Inditex “Zara” brands and housing Ole’s largest supermarket facility in Shanghai and one of its largest nationally,
strong progress in respect of leasing pre-commitment for 2012 is confidently predicted. 27% pre-commitment at this
early stage, at rents above budget, reaf firms TCT’s earlier advices that 2013 will witness annualised income double of that
earned in 2010.
retail logistics other (carpark)
Year 2011 Year 2012 Year 2013
office Development Landbank
38%
18%
16%
5%
0%
22%
18%
16%
10%
5% 12%
38%
22%
21%
10%
8%
14%
24%
Estimated Property Portfolio Composition by Asset Type (in GFA)
The acquisitions of Huai Hai Mall in Shanghai and Central Avenue Mall in Qingdao were completed in 2011 and have been
integrated into TCT’s management program.
CORE PORTFOLIO
2011 witnessed a substantial maturing of TCT’s Core Portfolio of The HQ, Central Plaza and Treasury Building. This is
reflected in a number of areas:
1. Quality of rent roll
2. Rent growth across the portfolio
3. Substantial improvement in occupancy
4. Dilution of lease expiry risk through higher quality tenants and longer lease terms
Trustee-Manager’s Report
16
SAR1112034_TCT_AR_().indb 16 3/23/2012