Hong Kong, 11 January 2011 - Treasury Holdings Real Estate Pte Ltd, Trustee Manager of Treasury China Trust ("TCT"), today announced that it recorded an increase of RMB423 million or 4.61% to reflect a total value of RMB9.61 billion (SGD1.874 billion) for its real estate portfolio for the 12 months ended 31 December 2010, as determined by independent valuation company DTZ Debenham Tie Leung.

Treasury China Trust listed on the Singapore Exchange in June of 2010 and has an exclusive focus on the ownership, development and management of commercial real estate in China.

Richard David, Chief Executive Officer of TCT, commented, "TCT experienced strong operating performance across its portfolio during 2010 represented by its average committed occupancy as at 31 December 2010 of 91%, an increase of 8.8% over the past 12 months. 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 added, "TCT has commenced development of its City Centre Extension and Beijing Logistics Park projects which will, over their respective development periods, significantly add to gross asset value as they move from their current form of cleared sites to a combined development of over 150,000sqm of gross floor area which will more than double TCT's current gross revenue upon completion in 2012. We are satisfied with this latest independent valuation assessment of our high quality portfolio, which establishes a fantastic platform to integrate the recent announcement of two further proposed strategic acquisitions that, upon completion, will add considerable balance sheet and revenue firepower for the group in the short term."

Individual asset values, determined in accordance with the RICS Appraisal and Valuation Standards (6th Edition), are as follows: