THE CHINA subsidiary of property group Treasury Holdings, Treasury China Trust, said yesterday the value of its property portfolio rose 4.61 per cent last year to 9.61 billion yuan (€1.12 billion), boosted by a strong rise in committed occupancies.
“TCT experienced strong operating performance across its portfolio during 2010, represented by its average committed occupancy as at December 31st, 2010, of 91 per cent, an increase of 8.8 per cent over the past 12 months,” Richard David, TCT’s chief executive officer, said in a statement.
“This valuation result further confirms the quality of TCT’s commercial real estate portfolio and its proactive asset management framework, which included the successful refurbishment of Central Plaza in downtown Shanghai during 2010,” Mr David said.
Treasury China Trust listed on the Singapore Exchange in June last year and focuses on the ownership, development and management of commercial real estate in China. The figures were independently evaluated by DTZ Debenham Tie Leung.
Mr David said the development of TCT’s City Center Extension and Beijing Logistics Park projects would significantly add to gross asset value as they move from their current form of cleared sites to a combined development of over 150,000sq m of gross floor area “which will more than double TCT’s current gross revenue upon completion in 2012”.
Among its stabilised assets, the value of the City Center in Shanghai rose 3.4 per cent during the period, while the Central Plaza was up 7.2 per cent and the Treasury Building rose 5.2 per cent, to give an overall rise of 4.3 per cent.
As far as assets in development are concerned, the City Center Extension in Shanghai’s value was up 6 per cent and the Beijing International Logistics Park was up 6.1 per cent, to give a total rise of 4.6 per cent.
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