Treasury Holdings Real Estate Pte Ltd, as the trustee-manager of Treasury China Trust (TCT), is
pleased to announce that its flagship retail and office complex, The HQ, in Hongqiao Shanghai
was formally launched in October 2011.

Chairman Richard Barrett was joined by the board for the opening ceremony in celebrating the
formal commencement of the development which will be complete in 2013. The HQ, referencing
the project’s location in the heart of the Hong Qiao business district, just 5 kilometers from
downtown Shanghai and its desirability as a “headquarters” for Shanghai’s business community,
will provide a fully integrated commercial complex comprising 264,000 square metres of
premium office and retail space combining the existing City Center property with a newly built
extension of 88,000 square metres developed to the internationally accredited gold standard for
Leadership in Energy and Environmental Design (“LEED”).

Treasury China Trust (“TCT” and / or the “Trust”), is a Singapore listed Business Trust established under a Trust Deed dated 19 May 2010. TCT commenced trading on the Singapore Stock Exchange (“SGX”) on 21 June 2010. Established to acquire, develop and manage commercial real estate in China, Treasury Holdings Real Estate Pte Ltd, in its capacity as Trustee Manager of Treasury China Trust is pleased to announce TCT’s quarterly results for the period ended 30 September 2011.

Highlights as at 30 September 2011

Financial

• Gross revenue of S$24.511 million for the 3rd quarter of 2011 representing a 5.6% increase over Q2 2011 and 28.2% increase over Q3 2010 underpinned by continued strengthening of portfolio occupancy and improveement in underlying average rent per square metre driven by an 11.1% increase in rent for the 30 leases successfully negotiated during the quarter.
• Net Property Income (“NPI”) of S$15.412 million delivering a 7.5% increase over NPI of S$14.341 million recorded in Q2 of 2011.
• Net Asset Value (“NAV”) recorded at S$4.41 ¹ per unit as at 30 September 2011 as compared with the NAV as at 30 June 2011 of S$4.17 per unit ². This increase is predominantly attributable to the depreciation during the quarter of the Singapore Dollar (“S$”) which registered decreases of 5.0% against the US$ and 6.0% against the Chinese Renminbi (“RMB”). This fluctuation in exchange rates is predominantly responsible for the loss reported in S$ for the quarter (see chart at page below).
• As an owner of commercial real estate in China, TCT revenues are predominantly in RMB and in this context Gross Rental Income of RMB127.322 million represented an increase of 6.8% over the 2nd quarter of 2011 of RMB119.253 million and a substantial 34.2% increase when compared with Q3 2010 Gross Rental Income of RMB94.845 million.

• As a Singapore listed entity, TCT’s reporting currency is S$, which depreciated against the RMB during the period by 6.0% (30/06/11 S$ 1 = RMB 5.243; 30/09/11 S$ 1 = RMB 4.9310).

N.A. – Not Applicable

¹ After allowing for a deferred tax charge of 25%
² TCT’s real estate portfolio is independently valued each June and December and Q3 results include values as at 30 June 2011

Trust Deed Covenants

• Maximum debt to assets ratio of 45%     - Actual 34.8% (30/06/11 – 35.4%)
• Maximum development assets to total assets of 30%     - Actual 17.5% (30/06/11 – 17.3%)
• Minimum payout of Distributable Income of 80%     - N.A. (30/06/11 – 100.0%)

Operational

• Committed occupancy for the Shanghai portfolio of City Center, Central Plaza and Treasury Building (“Core Portfolio”) equated to 97.57% as at 30 September 2011 representing a solid performance for both the 3rd quarter of 2011 and year to date.

• 30 leases were successfully negotiated for the quarter, encompassing both new lettings and renewals producing an aggregated per square metre rental which represents an 11.1% increase over the expiring leases. A selection of leasing activity for the quarter is outlined below. This result follows on from positive results previously recorded for Q1 and Q2 of 2011 with 33 leases and 12.8% average growth and 31 leases and 10.65% average growth respectively.

One Smart Group (City Center)	1,123sqm (New)
NSK (City Center)	780sqm (New)
Honeywell (City Center)	727sqm (Expansion)
Tom Tom (City Center)	521sqm (New)
Polo Ralph Lauren (Central Plaza)	471sqm (New)

• The recently acquired properties Huai Hai Mall and Central Avenue Mall have been assimilated into the group portfolio and are operating in accordance with expectations.
• The development of the City Center Extension in Shanghai and Beijing Logistics Park (“BLP”) made satisfactory progress during the quarter and remain on track in respect of time and cost. The piling program for City Center was completed in July 2011 and the construction of the basement substructure is now underway and 13% of the capital expenditure is complete as compared to 10.8% as at June 2011. Similarly, the program for BLP is meeting its various milestones and the structure of the 5 separate buildings that comprise the development are now taking shape, ahead of the expected year-end completion with 32% complete as at September 2011 (20% as at 30 June 2011).
• As announced to the market on 31 March 2011, confirmation had previously been provided in respect of ongoing formal negotiations for the disposal of a majority stake in Central Plaza. The prospective buyer is a Chinese domestic entity and due to the current tight regulatory environment in China it will not be possible to complete this transaction within the foreseeable future. Should circumstances change an appropriate announcement will be made to that effect.
  

Capital Markets Activity

• TCT initiated a Distribution Reinvestment Plan (“DRP”) to coincide with the payment of the June 2011 dividend. This resulted in 265,650 new units being issued at S$1.9376/unit under the DRP in lieu of the S$ 5 cents per distribution for 10,295,034 TCT units.
  

Significant Events Since Period End

• There are no significant events to report since the end of the quarter.

Market Conditions

Liquidity has tightened considerably since our last quarterly report as at 30 June 2011. The recent release of GDP growth year-on-year (y-o-y) for the 3 months ending 30 September 2011 of 9.1% indicates that the Chinese authorities are proactively managing the challenging mix of tempering inflation, which peaked at 6.5% in July 2011, as evidenced by the decline in average national housing prices of 5.1% y-o-y in September and a cooling of the residential housing market, which witnessed a 25% reduction in investment y-o-y in September 2011 (from 31% in August 2011). Simultaneously the authorities are having continued success in promoting domestic consumption growth (retail sales up 17.7% y-o-y for the

In fact, the business environment in respect of TCT’s office and retail leasing portfolio remains strong and reflects ongoing expansion by the business community and in particular multi-national and foreign companies, which form the vast bulk of TCT’s rent roll. Despite more than 200,000 square metres of new office space coming onto the market during Q3 of 2011, Shanghai’s market-wide vacancy rate moved only marginally from 7.3% as at 30 June 2011 to 8.1% as at 30 September 2011, illustrating very strong demand for take-up of new and existing space. Not surprisingly, in this environment, rents in Puxi increased 3.4% for the quarter and 17.4% year to date. With respect to the retail leasing sector ⁴ the vacancy rate remained stable at 1.7% and average rents moved slightly to an average of RMB51.8 per square metre day representing quarterly growth of 0.5%.

There are no visible signs indicating the onset of a “hard-landing”.

Distributions

The S$ 5 cent per unit distribution for the half year ending 30 June 2011 was paid on 28 September 2011.

Richard Barrett, Chairman of TCT, commented:
“With its strong tenant covenants, near 100% occupancy in the Core Portfolio and proven ability to drive rental growth, TCT is well-positioned to take further advantage of a tightening leasing market. During the quarter the recent acquisitions of Huai Hai Mall and Central Avenue Mall were assimilated into TCT’s portfolio and are now the subject of its proven rigorous and proactive management program. The leasing market for Shanghai retail real estate remains particularly buoyant and TCT is achieving strong success in the pre-leasing of its key City Center redevelopment. Details of this progress, which underpins TCT’s projections as to a doubling of its annualized revenue base upon completion of this development in 2013, will be progressively revealed to the market in the coming months. ”

³ Source: China National Bureau of Statistics
⁴ Defined as ground floor retail units within the central business district

Treasury Holdings Real Estate Pte Ltd, as the trustee-manager of Treasury China Trust (TCT), wishes to announce that it will release TCT’s financial results for the 3rd Quarter of 2011 ended 30 September 2011 before the start of trading on Monday, 31 October 2011.

The current buy-back program will cease on 17 October 2011, at which time TCT will enter a prohibited period for the release of the 3rd Quarter 2011 financial results. Since the re-commencement of the buy-back program, it has:

1. Achieved a source of liquidity for TCT Units providing confidence to the market of a consistent trading pattern;
2. Encouraged third party trading activity which has represented approximately 53% ¹ of the total turnover; and
3. Delivered moderate price growth of 9% ^{2 3}.

Further announcements will be made in due course as to the re-commencement date for the program.

¹ Based on volume of trades between 06 October 2011 and 14 October 2011
² SGD1.55/Unit as at close of trade on 5 October 2011
³ SGD1.69/Unit as at close of trade on 14 October 2011

Further to the announcements of 4 May 2011 and 8 June 2011, the Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”), wishes to announce that on Thursday 6 October 2011 it will re-commence the program to acquire its own units.

The program was established to meet TCT’s commitment to an ongoing proactive management strategy striving to provide a strong platform for stable growth to its unitholders with the buy-back program contributing to this via its delivery of a flexible and cost-effective tool for responsible capital management.

In accordance with Rule 886 of the Listing Manual, TCT will promptly inform the market of any acquisitions made under the unit buy-back program which under Rule 884 of the Listing Manual can be purchased at a price no greater than a 5% premium to the average closing price of the five prior trading days.

Furthermore TCT is limited to buy-back no more than 10% of the units in issue as at 29 April 2011, being the date on which Unitholders approved the buy-back mandate. As at 24 June 2011, the date on which the buy-back program was suspended, TCT had acquired 2,882,000 units of the 25,665,006 units approved under the buy-back mandate.

Further to the announcement of Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) dated 28 September 2011 in relation to the allotment and issue of new units in TCT (“Units”) under TCT’s Distribution Reinvestment Plan, the Trustee-Manager is pleased to announce that it has today issued 265,650 new Units pursuant to TCT’s Distribution Reinvestment Plan ("New Units").

The New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) at 9.00 a.m. on 29 September 2011.

The New Units will rank pari passu in all respects with the existing Units.

Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) wishes to announce that 265,650 new units in TCT (“Units”) will be allotted and issued at an issue price of S$1.9376 per new Unit to eligible unitholders of TCT (“Unitholders”) who have elected to participate (the “Participating Unitholders”) in the Distribution Reinvestment Plan in respect of the distribution of S$5 cents per Unit for the six months ended 30 June 2011 (the “2H Distribution”).

The new Units, which will be allotted on 28 September 2011, are expect to be credited as fully paid and issued on 28 September 2011.

The new Units will rank pari passu in all respects with the existing Units in TCT.

Following the issue of the new Units, the number of issued Units has increased from 253,768,067 to 254,033,717.

Distribution payments to eligible Unitholders who did not elect to participate in the DRP will be paid the 2H Distribution in cash on 28 September 2011.

The new Units will be listed and quoted on the Main Board of (the “SGX-ST”) on or about 29 September 2011.

Further to the announcement dated 27 July 2011 by Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) in relation to the establishment of a Distribution Reinvestment Plan (the “DRP”) for the distribution of S$ 5 cents per unit in TCT (“Unit”) for the six months ended 30 June 2011 (the “2H Distribution”), the Trustee-Manager wishes to affirm that an election by Unitholders to participate in the Distribution Reinvestment Plan must be registered in writing by 8 September 2011 at 5pm.

The issue price of the new units in TCT as announced on 16 August 2011 and pursuant to the application of the Distribution Reinvestment Plan to the 2H Distribution is S$1.9376 per Unit, calculated by reference to the volume-weighted average traded price per Unit for all trades on Singapore Exchange Securities Trading Limited (the “SGX-ST”) for each of the Market Days during the period of 10 Market Days prior to and ending on 8 August 2011.

Should you have any queries please contact the Company Secretary to the Trustee-Manager, Maria McDermott, at mmcdermott@treasuryholdings.com

Further to an earlier announcement by Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) on 11 April 2011 regarding the issuance of RMB36.0 million 6.0% five year convertible notes (the “Convertible Notes”) to part finance the acquisition of Central Avenue Mall, Qingdao, the Trustee-Manager is pleased to announce that Singapore Exchange Securities Trading Limited (the “SGX-ST”) has granted the in-principle approval for the listing and quotation of the new units in TCT (“Units”) to be issued pursuant to the conversion of the Convertible Notes (the “Conversion Units”).

Further to the announcement dated 27 July 2011 by Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) in relation to the application of a Distribution Reinvestment Plan (the “DRP”) to the distribution of S$ 5 cents per unit in TCT (“Unit”) for the six months ended 30 June 2011 (the “2H Distribution”), the Trustee-Manager wishes to announce that the issue price of the new units in TCT (“Units”) pursuant to the application of the Distribution Reinvestment Plan to the 2H Distribution is S$1.9376 per Unit.

The issue price is calculated by reference to the volume-weighted average traded price per Unit for all trades on Singapore Exchange Securities Trading Limited (the “SGX-ST”) for each of the Market Days (1) during the period of 10 Market Days prior to and ending on 8 August 2011.

1. “Market Day” means a day on which the SGX-ST is open for trading in securities.

Further to the announcement dated 27 July 2011 by Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”), in relation to the application of a distribution reinvestment plan (the “DRP”) to the distribution of S$ 5 cents per unit in TCT (“Unit”) for the six months ended 30 June 2011 (the “2H Distribution”), the Trustee-Manager wishes to announce that the DRP Statements containing the terms and conditions and other details of the DRP (the “DRP Statements”) and the Notices of Election (1) have been despatched to all eligible persons registered as TCT unitholders (“Unitholders”) in the Depository Register (the “Depositor Unitholders”) and Unitholders in the Register of Unitholders (the “Non-Depositor Unitholders”) as at 5.00 p.m. on 10 August 2011.

Eligible Non-Depositor Unitholders who wish to participate in the DRP must complete, sign and return the Notices of Election to the Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. (the “Unit Registrar”) at 50 Raffles Place #32-01 Singapore Land Tower Singapore 048623.

Eligible Depositor Unitholders who wish to participate in the DRP must complete, sign and return the Notices of Election to The Central Depository (Pte) Limited (“CDP”) at 4 Shenton Way #02-01, SGX Centre 2, Singapore 068807.

The Notices of Election must be received by the Unit Registrar or (as the case may be) CDP, by 5.00 p.m. on 8 September 2011, and may not be withdrawn or cancelled upon receipt. Notices of Election received after 5.00 p.m. on 8 September 2011 will not be processed.

1. “Notice of Election” means the one or more notices of election (in such form as the Trustee-Manager may approve) which the Trustee-Manager will, at its discretion, send to each unitholder of TCT (“Unitholder”) and through which each Unitholder may indicate whether they wish to participate in the DRP.

The 2H Distribution will be paid on 28 September 2011. Eligible Unitholders who do not elect to participate in the DRP will receive all of their respective entitlements to the 2H Distribution in cash.

Further to the announcement by Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”) dated 27 July 2011 in which it was stated that an additional listing application will be made to Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of new units in TCT (“Units”) pursuant to the implementation of the distribution reinvestment plan (“New Units”), the Trustee-Manager is pleased to announce that it has received in-principle approval from the SGX-ST for the listing and quotation of the New Units on the Main Board of the SGX-ST, subject to the fulfillment of certain conditions. The SGX-ST’s in-principle approval is not to be taken as an indication of the merits of the distribution reinvestment plan, the New Units or TCT.

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce that a Distribution Reinvestment Plan (“DRP”) has been approved for implementation in coordination with the approved distribution of S$ 5 cents per unit for the 6 months ending 30 June 2011.
The key dates for the DRP are as outlined below and further information is attached at Appendix 1. Please also refer to the Investor Relations section of the TCT website www.treasurychinatrust.com for examples of the relevant documentation.

Treasury China Trust (“TCT” or the “Trust”), is a Singapore listed Business Trust established under a Trust Deed dated 19 May 2010, which commenced trading on the Singapore Stock Exchange (“SGX”) on 21 June 2010.

Established to acquire, develop and manage commercial real estate in China, Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust is pleased to announce its results for the six months ended 30 June 2011.

Highlights as at 30 June 2011

Financial

• Net profit of S$138.235 million (net of minority interests) for the 2nd quarter of 2011 producing a net profit for the half year as at 30 June 2011 of S$145.261 million, based on a 19.3% increase in gross revenue over Q1 2011.
• Basic Earnings per Unit (“EPU”) of S$ 56.8 cents for the half year ended 30 June 2011.
• Net Property Income (“NPI”) of S$26.795 million for the half year representing an 18.8% increase over NPI for the six months ended 31 December 2010.
• A distribution of S$ 5 cents per unit has been declared for the 1st half of 2011 ended 30 June, equating to an annualized yield of 5.1% based on the TCT closing unit price of S$1.96 per unit on 22 July 2011 payable on 28 September 2011 in the form of cash or units following the board’s decision to implement a Distribution Reinvestment Plan (“DRP”) as at 30 June 2011.
• TCT’s real estate portfolio was independently valued by DTZ Debenham Tie Leung at CNY11.651 billion as at 30 June 2011 representing a 9.28% increase for the half year.
• Net Asset Value (“NAV”) recorded at S$4.171 2 per unit as at 30 June 2011 as compared with the NAV as at 31 March 2011 of S$3.67 per unit, an increase of 13.6%, which includes the completed acquisitions of Central Avenue Mall in Qingdao on 1 April 2011 and Huai Hai Mall Shanghai on 10 May 2011.
• As an owner of commercial real estate in China, TCT rental revenues are earned solely in CNY and in this context Gross Revenue and Net Property Income have outperformed on all levels with the half year NPI registering a 21.2% increase over the 2nd half of 2010.
  

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), is pleased to provide to unitholders of TCT (“Unitholders”) the forecast consolidated Net Property Income Statement (“NPI Forecast” or “Profit Forecast”) for the remainder of the financial year from 1 July 2011 to 31 December 2011 (the “Update Forecast”) by way of update to the Year 2011 full year forecast that was previously issued on 9 December 2010 (“Year 2011 Prior Forecast”).

NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Treasury China Trust (“TCT”) will be closed at 5.00 p.m. on 10 August 2011 (the “Books Closure Date”) for the purposes of determining the entitlement of each TCT unitholder (“Unitholder”) to TCT’s distribution of S$ 5 cents per unit in TCT (“Unit”) for the six months ended 30 June 2011 (the “2H 2011 Distribution”).

Duly completed registrable transfers received by TCT’s Unit Registrar, Boardroom Corporate & Advisory Services Pte, Ltd. of 50 Raffles Place #32-01 Singapore Land Tower, Singapore 048623 (the “Unit Registrar”), up to 5.00 p.m. on 10 August 2011 will be registered to determine Unitholders’ entitlement to the 2H 2011 Distribution. In respect of Units in Securities Accounts with The Central Depository (Pte) Limited (“CDP”), Units registered by 5.00 p.m. on 10 August 2011 will be entitled to the 2H 2011 Distribution which will be paid on 28 September 2011.

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”) is pleased to announce that TCT, the Singapore listed business trust with an exclusive focus as an owner, manager and developer of Chinese commercial real estate has been recognized as Asia’s best performing Real Estate Fund Manager by AsianInvestor in its 2011 Institutional Funds Management Awards.

The Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce that the Extraordinary General Meeting of Unitholders held on 29 April 2011 approved the introduction of a unit buy-back program.

Treasury China Trust (“TCT” and / or the “Trust”), is a Singapore listed Business Trust established under a Trust Deed dated 19 May 2010, which commenced trading on the Singapore Stock Exchange (“SGX”) on 21 June 2010. Established to acquire, develop and manage commercial real estate in China, Treasury Holdings Real Estate Pte Ltd, in its capacity as Trustee Manager of Treasury China Trust is pleased to announce its quarterly results for the period ended 31 March 2011.

Highlights as at 31 March 2011
Financial

• Net profit of S$7.026 million for the 1st quarter of 2011 based on gross revenue of S$19.454 million,representing a 1.9% increase over budgeted revenue, and a 7.0% improvement in budgeted expenditure for the quarter.
• Net Property Income (“NPI”) of S$12.454 million against forecast NPI of S$11.468 million (up 8.6%), and 3.5% improvement over Q4 2010 NPI of S$12.030 million delivering Earnings per Unit (“EPU”) of S$2.7 cents for the quarter.
• TCT reaffirms its earlier intention to declare a S$10 cent per unit distribution for 2011 with a payment of S$5 cents per unit to be made as at 30 June 2011 and as at 31 December 2011.
• Net Asset Value (“NAV”) recorded at S$3.671 per unit as at 31 March 2011 as compared with the NAV as at 31 December 2010 of S$3.74 per unit. This reduction is predominantly attributable to the continued appreciation of the Singapore Dollar (“S$”) which registered a 1.7% increase against the USD and 1.2% increase against the Chinese Renminbi (“RMB”) for the quarter.
• As an owner of commercial real estate in China, TCT revenues are predominantly in RMB, in this context Gross Revenue and Net Property Income are ahead of forecast and the Gross Revenue of RMB100.130 million represented a significant increase of 14% over the 1st quarter of 2010 which yielded gross revenue of RMB 87.804 million.

Follow this link to download the complete 1st quarter 2011 presentation document (1 mb)

The Board of Directors of Treasury Holdings Real Estate Pte Ltd, as the Trustee Manager of Treasury China Trust (“TCT”), is pleased to announce that at the Extraordinary General Meeting of TCT (the “Meeting”) held on 29 April 2011, the resolution relating to the matter set out in the Notice of Meeting dated 31 March 2011 was duly passed.

The Board of Directors of Treasury Holdings Real Estate Pte Ltd, as the Trustee Manager of Treasury China Trust (“TCT”), is pleased to announce that at the Annual General Meeting of TCT (the “Meeting”) held on 29 April 2011, all resolutions relating to matters set out in the Notice of Meeting dated 25 February 2011 were duly passed.

Mr Lee said that it is with much regret he is leaving TCT, having been involved in such an exciting period of the Company’s development and rapid growth since listing on SGX-ST but he felt that, for personal reasons, he needed to rejoin his family in Sydney.

Chief Executive Officer of TCT, Richard David, said that Mr Lee had been an effective CFO during the crucial time immediately post-listing and that he was grateful for all of Mr Lee's hard work and energy.

TCT wishes Mr Lee every success in the future and confirms that as a sign of Mr Lee’s confidence in the management and long-term future of the company, he has recently increased his own personal investment in the listed Trust.

TCT also confirms that Mr Peter Byers, currently Treasury Holdings Group Finance Director based in Ireland, will relocate to Asia to undertake the role of CFO until a permanent replacement is identified and recruited. In this regard TCT’s strong, dedicated and experienced finance team, responsible for the company’s financial and statutory reporting, will support Mr Byers for the duration of his role as CFO.

The Board of Directors of Treasury Holdings Real Estate Pte Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”), is pleased to announce that the acquisition of a 55% interest in Central Avenue Mall, Qingdao, China has been completed.

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce that it has entered into formal negotiations for the sale of a majority stake in Central Plaza, reflecting a price in excess of TCT’s December 31 2010 net asset value of SGD3.74/unit. The board is confident of reinvestment of the sale proceeds in high yielding assets and in this regard also announces that TCT has entered into formal negotiations for the acquisition of a high-quality retail opportunity in close proximity to the Shanghai central business district.

Further to an earlier announcement by Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”, and as trustee-manager of TCT, the “Trustee-Manager”) on 24 February 2011 on the proposed issuance of S$59.7 million 6.0% senior convertible bonds (the “Convertible Bonds”) to part finance the proposed acquisition of Huai Hai Mall, Shanghai, the Trustee-Manager is pleased to announce that Singapore Exchange Securities Trading Limited (the “SGX-ST”) has granted the in-principle approval for the listing and quotation of the new units in TCT (“Units”) to be issued pursuant to the conversion of the Convertible Bonds (the “Conversion Units”).

The SGX-ST’s approval in-principle is subject to, inter alia, compliance with the SGX-ST’s listing requirements. The SGX-ST’s approval in-principle is not to be taken as an indication of the merits of the Convertible Bonds, the New Units and/or TCT.

BY ORDER OF THE BOARD

Treasury Holdings Real Estate Pte. Ltd.
(as Trustee-Manager of Treasury China Trust)
(Company registration no: 201003233M)
Richard David, Director

The Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce that it has entered into a lease for 1,636sqm of space with Eastern Life Insurance at Treasury Building, a 12 storey International Grade A office building in Shanghai.

The Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to confirm that a 10 year lease pre-commitment for 3,768 square metres of retail space has been secured with global retail leader Marks & Spencer as an anchor tenant of TCT’s City Center property in Shanghai.

The Board of Directors of Treasury Holdings Real Estate Pte. Ltd., as trustee manager of Treasury China Trust (“TCT” and as trustee-manager of TCT, the “Trustee-Manager”), wishes to announce that it has today made offers to grant an additional 400,000 TCT unit options pursuant to the rules of the TCT Unit Option Scheme. The grant of these TCT unit options is to replace options previously granted which have subsequently lapsed.

NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Treasury China Trust (“TCT”) will be closed at 5.00pm on 15 March 2011 for the purposes of determining each Unitholders’ entitlement to TCT’s distribution (“Distribution”) of SGD2.5 cents per unit in Treasury China Trust (“Unit”) for the Fourth Quarter ended 31 December 2010.

China’s Leading Commercial Real Estate Owner, Manager and Developer

Delivering comprehensive value to unitholders through proactive ownership, development and
management of a high quality commercial real estate portfolio in China.

Treasury China Trust (“TCT” or the “Trust”), is a Singapore listed Business Trust established under a Trust Deed dated 19 May 2010, which commenced trading on the Singapore Stock Exchange (“SGX”) on 21 June 2010.

Established to acquire, develop and manage commercial real estate in China, Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust is pleased to announce its results for the year ended 31 December 2010.

Highlights as at 31 December 2010
Financial

• Net profit of SGD20.935 million for the 4th quarter of 2010 producing a year end net profit of SGD39.610 million (for six months), based on 9.4% increase in gross revenue over Q3 2010.
• Earnings per Unit (“EPU”) of SGD 8.7 cents for the 4th quarter of 2010 and SGD16.4 cents per unit for the year ended 31 December 2010.
• Distributable Income of SGD3.255 million representing a significant increase over Q3 Distributable Income of SGD0.845 million.
• A distribution of SGD2.5 cents per unit has been declared for the 4th quarter ended 31 December 2010, equating to an annualized yield of 5.7% based on the TCT closing unit price of SGD1.75 per unit on 23 February 2011, and payable on 31 March 2011.
• TCT reaffirms its earlier commitment of a SGD 10 cent per unit distribution for 2011.
• TCT’s real estate portfolio was independently valued by DTZ Debenham Tie Leung at CNY9.61 billion as at 31 December 2010 representing an annual increase of 4.61%.
• Net Asset Value (“NAV”) recorded at SGD3.74 per unit as at 31/12/10 as compared with the NAV as at 30/09/10 of SGD3.91 per unit. This reduction is predominantly attributable to the issuance of 16.095 million units in December 2010 in accordance with the equity placement. As at balance date the intended use of the funds being the acquisitions of Huai Hai Mall in Shanghai and Central Avenue Mall in Qingdao had not been completed with the associated positive impact of net asset uplift which equates to a revised NAV of SGD4.09 per unit yet to be registered.
• As an owner of commercial real estate in China, TCT revenues are predominantly in CNY and in this context Gross Revenue and Net Property Income are in line with forecasts.

Further to the announcement dated 9 December 2010 (refer Appendix 1 of this announcement) in relation to the proposed acquisition of Retail Mall in Shanghai and issuance of convertible bonds, the Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to confirm that:

1. TCT has entered into a conditional sale and purchase agreement (the “S&P”) with the vendor for the acquisition (the “Acquisition”) of Huai Hai Mall (the “Huai Hai Mall”), formerly referred to as Retail Mall, a street-front retail facility situated in the heart of the Shanghai central business and luxury retail district (“CBD”) on Huai Hai Central Road; and
2. TCT has finalized terms for the issuance of convertible bonds to assist with the funding structure for the Acquisition at a conversion price of SGD2.10 per unit in TCT (“Unit”)1

Follow this link to ownload the complete document as a PDF  

Further to the announcement on 27 January 2011, the Board of Directors of Treasury Holdings Real Estate Pte Ltd, as the Trustee-Manager of Treasury China Trust (“TCT”), wishes to announce that it will now release TCT’s financial results for the Financial Period ended 31 December 2010 before the market opens on Monday, 28 February 2011.

Treasury China Trust
(a business trust registered in the Republic of Singapore)
(managed by Treasury Holdings Real Estate Pte. Ltd.)

REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS WHO ARE RELATED TO A DIRECTOR, CEO OR SUBSTANTIAL SHAREHOLDER

The Board of Directors of Treasury Holdings Real Estate Pte Ltd, as the Trustee Manager of Treasury China Trust (“TCT”), wishes to announce that it will release TCT’s financial results for the Financial Period ended 31 December 2010 after market close on Monday, 28 February 2011.   

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce the settlement of a 3-year multi-currency loan facility equivalent to approximately USD120 million to refinance its Central Plaza asset.

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”) is pleased to announce that for the 12 months ended 31 December 2010 its real estate portfolio recorded an increase of RMB 423 million or 4.61% to reflect a total value of RMB9.61 billion.

Introduction
Further to its announcements dated 9 December 2010 in relation to the launch of the private placement of 16,095,047 new units (“New Units”) in Treasury China Trust (“TCT”) at an issue price of S$1.66 per New Unit (the “Private Placement”), the Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of TCT (the “Trustee-Manager”), is pleased to announce that the Trustee-Manager has today issued 16,095,047 New Units. With the issue of 16,095,047 New Units, the total number of units in TCT (“Units”) in issue is 256,275,067 as at the date of this announcement.

Further to its announcements dated 9 December 2010 in relation to the launch of the private placement of 16,095,047 new units (“New Units”) in Treasury China Trust (“TCT”) at an issue price of S$1.66 per New Unit (the “Private Placement”), the Board of Directors of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of TCT (the “Trustee-Manager”), is pleased to announce that approval in-principle has been obtained today from Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the New Units on the Main Board of the SGX-ST.

Following its announcement dated 9 December 2010 on the launch of a private placement, Treasury Holdings Real Estate Pte. Ltd., as trustee-manager of Treasury China Trust (“TCT”), is pleased to announce that the offering of 16,095,047 new units has been substantially over-subscribed and hence the private placement has been fully taken up. The new units will be issued at S$1.66 per unit, representing a 9.2% premium to the last trading price of S$1.52.

• Executed conditional Sales & Purchase Agreement (“SPA”) to acquire a 55% interest in a 43,463 sqm retail mall leased to 98% and 170,500 sqm of adjacent land for future retail development in the Qingdao CBD
  • Entry price an attractive 54% discount to independent valuation

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), is pleased to provide to unitholders of TCT (“Unitholders”) the forecast consolidated Net Property Income Statement (“NPI Forecast” or “Profit Forecast”) for the financial year from 1 January 2011 to 31 December 2011 (the “Year 2011 Forecast”).

The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”), (the” Trustee-Manager”), is pleased to announce the following:

1. TCT has entered into a conditional sale and purchase agreement (“S&P”) to acquire a 55% interest in Sanyang Property Development Co., Ltd (“Sanyang”). Sanyang owns 100% of the Central Avenue Retail Mall (“Central Avenue Mall”), which is located in the heart of the Laoshan District, the Central Business District (“CBD”) of Qingdao, in China’s eastern coastal province of Shandong, well known for hosting the yachting events of the Beijing Olympics; and
2. TCT has entered into an exclusive but non-binding memorandum of understanding (the “MOU”)1 executed on 17 November 2010, pursuant to which TCT proposes to acquire a 100% interest in a local Chinese property company which owns 100% of the target property (“Retail Mall”), located in one of Shanghai’s most prominent high-end retailing precincts.

Introduction
The Board of Directors (the “Directors”) of Treasury Holdings Real Estate Pte. Ltd., in its capacity as trustee-manager of Treasury China Trust (“TCT”, and as trustee-manager of TCT, the “Trustee-Manager”), wishes to announce that it is proposing to issue 16,095,047 new units (“New Units”) by way of a private placement pursuant to Section 282W of the Securities and Futures Act, Chapter 289 of Singapore (the “Private Placement”) to raise gross proceeds of SGD26,717,779 (the “Proceeds”) to partially fund the proposed acquisitions of Central Avenue Mall in Qingdao and Retail Mall in Shanghai (the “Proposed Acquisitions”).

The Private Placement is being undertaken at the price of SGD1.66/unit which represents a 9.2% premium to the volume weighted average price of TCT units of SGD1.52/unit1 for the 10 trading days prior to 9 December 2010 (“VWAP”).

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), wishes to announce that Industrial and Commercial Bank of China (“ICBC”) has approved terms for the provision of RMB170,000,000 of development finance for its Beijing Logistics Park project. A binding term sheet has been executed and it is expected that the loan documentation and loan drawdown will occur in early 2011 to facilitate the commencement of construction in the first quarter of 2011.

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), wishes to announce that Central Plaza, a 22 storey office building with 3 level retail podium, was re-launched in downtown Shanghai with 97% occupancy following the recent completion of its comprehensive refurbishment.

The committed occupancy for the property now stands at 97% following the decision by US insurer Metlife to increase its office space from 3,093 square metres to 6,634 square metres. In addition, two further tenancies in the retail podium totalling 1,147sqm have been secured.

TCT acquired Central Plaza in July 2007 with a firm plan to undertake a comprehensive refurbishment and to reposition the asset as a high quality commercial property to more appropriately reflect its premium location in the heart of the Shanghai CBD. This vision has now been realised and has been indisputably recognised by the market with near full occupation within 3 months of its completion at rent levels that are above the market average, demonstrating the positive impact of TCT’s proactive asset management, one of its’ key strengths relative to its peers.

Of equal importance is the quality of the rent roll featuring strong tenant covenants in the form of Metlife Insurance, Prudential Insurance, Boston Consulting Group, Hennes and Mauritz (H&M), Rohde & Schwartz, Grohe, Tristate and White Horse Advertising which collectively equates to more than 50% of the building’s office space.

In the recent officiating ceremony held at Central Plaza, Mr. Zhou Wei, Mayor of Huangpu Government, highly praised Central Plaza and defined it as one of the iconic buildings that has immensely contributed to the development of Huangpu district in its plan to become a commercial and financial centre of Shanghai.

Officiating Ceremony of Central Plaza
(From Left to Right: Mr. Richard David, CEO of TCT; Ms. Guo Fang, Deputy Mayor of Huangpu Government; Mr. Conor O’Riordan, the Irish Counslate to Shanghai; Mr. Zhou Wei, Mayor of Huangpu Government; Mr. Richard Barrett, Chairman of TCT; Mr. Huang Feng, Deputy Director-General, Shanghai Municipal Commission of Commerce; Mr. Rory Williams, Director of TCT; Mr. Simon Harding-Roots, COO of TCT)

The renewed and enlarged commitment of MetLife is also a testament to the resurgence in demand seen from multinational companies to expand and upgrade their office space requirements in Shanghai throughout 2010. For the third quarter of 2010, average Grade A office rents in Puxi recorded their fastest pace of growth since 2005, at 5.1% to RMB7.0 per sqm per day and this momentum is expected to continue fuelled by the strong demand for quality office space mainly driven by the expansion of the financial industry.

Richard David, CEO of Treasury China Trust, commented, “Central Plaza embodies our proactive approach to asset management and capital reinvestment which we believe differentiates us from many of our peers. When we acquired the property, Central Plaza was an under-performing asset – it has now been completely repositioned to take full advantage of its strong location in the heart of Shanghai’s downtown precinct. More importantly the market has spoken in the most emphatic of terms reflected in the over-whelming strength of tenant covenants represented by groups such as Metlife who have chosen Central Plaza over a myriad of alternatives culminating in near full occupancy for the building shortly after its re-launch. The market’s response to TCT’s enduring commitment to capital reinvestment speaks well for the future, in which we are due to commence the redevelopment of our City Center asset this month and as such we look forward with great confidence to the future and our expectation that our gross rental income
will double over the next 3 years.”

Highlights Q3 2010

• A distribution of SGD2.5 cents per unit for Q3 2010, equating to annualized yield of 6.54%¹
• Commitment to distribute SGD2.5 cents per unit for Q4 2010
• Commitment to distribute SGD10 cents per unit for full year 2011
• Net Profit After Tax (NPAT) of SGD 18.675 m (EPU SGD 7.78 cents per unit) against forecast NPAT of SGD 0.014 m
• Net Distributable Income of SGD0.845 m against forecast loss of SGD4.306 m
• Net Property Income of CNY52.067 m in line with forecast
• Gross Rental Income of CNY94.845 m in line with forecast
• Portfolio Occupancy of 86.9%, up by 3.3% year to date
• Real Estate portfolio valuation up 2.5% in the 6 months to 30 June 2010 in CNY terms
• Completion of refinancing of City Center of dual currency facility equivalent to
  USD480.0 m including CNY800.0 m development loan for City Center Extension

Download the full presentation here     

Download the Financial Statements here    

NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Treasury China Trust will be closed at 5.00 pm on 12 November 2010 for the purposes of determining each Unitholders’ entitlement to Treasury China Trust’s distribution (“Distribution”) of SGD2.5 cents per unit in Treasury China Trust (“Unit”) for the Third Quarter ended 30 September 2010.
Duly completed registrable transfers received by the Company’s Registrar, Boardroom Corporate & Advisory Services Pte, Ltd. of 50 Raffles Place #32-01 Singapore Land Tower, Singapore 048623, up to 5.00 pm on 12 November 2010 will be registered to determine Unitholders’ entitlement to the Distribution. In respect of Units in Securities Accounts with The Central Depository (Pte) Limited, Units registered at 5.00 pm on 12 November 2010 will be entitled to the Distribution which will be paid on 3 December 2010.

Treasury Holdings Real Estate Pte Ltd, as the Trustee Manager of Treasury China Trust (TCT), wishes to announce that it will release TCT’s financial results for the 3rd Quarter of 2010 ended 30 September 2010 on Wednesday, 27 October 2010 before 8.00am.

Treasury Holdings Real Estate Pte Ltd, as the Trustee Manager of Treasury China Trust (“TCT”), confirms 23,800sqm in new and renewal leasing activity for the office component of City Center over the past 4 months ending 31 August 2010.

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), wishes to announce the completion of a Strategic Partnership Agreement with the TRIO Group to expand into China’s central coast province of Shandong. This marks a strategic move for TCT into one of China’s major gateway cities outside of Beijing and Shanghai that will provide access to investment opportunities for TCT on a strongly accretive basis.

Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust (“TCT”), wishes to announce the successful renegotiation of a key lease within its recently refurbished Central Plaza asset.

Treasury Holdings Real Estate Pte Ltd, the Trustee Manager of Treasury China Trust (“TCT”),
wishes to announce the successful completion and settlement on 26 July 2010 of a 5-year Multicurrency Loan Facility for its City Center asset.

Treasury Holdings Real Estate Pte Ltd, the Trustee Manager of Treasury China Trust (TCT),
wishes to announce that as at 30 June 2010 its real estate portfolio recorded an increase of
RMB586 million or 6.64% over the June 30 2009 portfolio value of RMB8.834 billion. The portfolio valuation as at 30 June 2010 represents a 2.53% increase in RMB terms since 31 December 2009.

DTZ Debenham Tie Leung (DTZ) was appointed the independent valuation company.
Based on the SGD/RMB exchange rate of 4.854 as at 30 June 2010 the real estate portfolio of TCT is valued at SGD1.94 billion, an increase of SGD 51 million or 2.7% in SGD terms since 31
December 2009.

Treasury Holdings Real Estate Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of Treasury China Trust (“TCT”), wishes to announce the appointment of Mr. Jerry Lee as the Chief Financial Officer of the Trustee-Manager and Ms. Wendy Yao as the Chief Investment Officer of the Trustee-Manager, both with effect from 14 June 2010.

Treasury Holdings Real Estate Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of Treasury China Trust (“TCT”), wishes to announce that China Real Estate Opportunities plc (“CREO”) and CREO (Shanghai City Centre) Limited (which is a wholly-owned subsidiary of CREO) (“CSCCL”) had on 24 May 2010 and 10 June 2010 received letters (the “Letters”) from the vendors of the City Center property (the “Vendors”) requesting certain information, and alleging that certain conditions under the Share Purchase Agreement (as defined below and which was entered into in June 2007) may have occurred or may be likely to occur. If substantiated, the allegation may potentially result in a future payment by CREO of an amount of up to approximately GBP14 million (up to approximately S$29 million based on current exchange rate) to the Vendors (as defined below).