Singapore, 27 July 2010 - Treasury Holdings Real Estate Pte Ltd ("THRE"), the Trustee Manager of Treasury China Trust ("TCT"), today announced the successful completion and settlement of a 5-year multi-currency loan facility for its Shanghai-based property City Center. The property, 100% owned by TCT, is an office and retail complex comprising approximately 150,000 sqm of income-producing commercial real estate located in the Hong Qiao district of Shanghai.

This new loan facility, which expires in June 2015, is equivalent to USD 480 million (SGD 658 million) and has been provided by Industrial and Commercial Bank of China ("IBCC") on terms that are considerably more favourable than the outgoing loan, provided by Credit Suisse, which was due for repayment in October 2010. The loan facility includes a RMB 800 million project development loan to finance 100% of the development costs (including capitalized interest) of the City Centre Extension, an 88,000 square metre¹ retail and office complex, due for commencement in 4th Quarter of 2010. Upon completion in 2012, this development will transform the existing City Center property into a 240,000 sqm¹ landmark project of international standard in Shanghai and underwrites the expected 100% increase in gross income over the next three years.

Chief Executive Officer Richard David said, "This new loan facility, secured during a period of intense tightening of liquidity by the Chinese Central Government, serves as a strong endorsement of our ongoing proactive asset and capital management strategy and demonstrates the confidence that financial institutions have in TCT's high quality assets and management.  We are pleased to secure the commitment of ICBC, the largest Chinese bank by assets, for the City Center refinancing on such favorable terms.  We believe that the transaction reaffirms TCT's strong relationship with the PRC banking sector."

This financing follows the successful refinancing of Treasury Building (100% owned by TCT), in December 2009 by CITIC Kawah Bank, part of China's CITIC Group, which delivers significant financial benefits to the business with provision of additional liquidity to TCT as a consequence of average cost of debt being reduced by 46% and the release of funds previously held under a charge in favour of the outgoing lender.  More importantly, following the refinancing, the currency mix of TCT's debt portfolio for the stabilized assets has a higher weighting of USD (87% vs 75%) which provides TCT with the opportunity to benefit from an appreciating RMB.

City Center is of strategic importance to TCT and presents significant growth potential. As reported on 1 July 2010, TCT's real estate portfolio, which totals RMB 9.42 billion, recorded a RMB586m (6.64%) gain for the 12 months to June 2010, of which City Center contributed 62% of the portfolio valuation uplift.

"The development finance portion of the loan assures the successful completion of the City Center Extension within the previously nominated time frame of mid 2012," CEO Richard David noted.

"The new complex, which will be integrated into the existing property through bridge links and underground pathways, will reinforce the iconic position of City Center in the Hongqiao area, and further define it as a major addition to the Shanghai commercial real estate sector". A dramatic and environmentally responsive built environment with Benoy Artchitects producing the concept design, the building will be developed as one of the very few LEED Gold Standard certified properties in Shanghai.

1 Gross Construction Area