Treasury China Trust debuts on SGX   

- Offering 100% exposure to commercial real estate in China
- Projected tax-free annualised distribution yield of 5.8% (1) for Financial Period 2010 (2)
- In-built growth pipeline through the development of existing projects in Shanghai and   Beijing

Singapore, 21 June 2010 - International property group Treasury Holdings today announces that the units of Treasury China Trust (TCT) commenced trading on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST).

TCT owns a high-quality portfolio of commercial income-producing real estate and development projects located in China's financial and political centres of Shanghai and Beijing proactively managed by Treasury Holdings Real Estate Pte Ltd in its capacity as Trustee Manager.  As a total return vehicle enjoying significant competitive advantage over REIT structures and operating at a lower risk profile than pure development vehicles TCT offers its unitholders 100% exposure to commercial real estate in China.

For the Financial Period 2010, Treasury Holdings has projected a tax-free annualised distribution yield of 5.8%.

Chairman of the Trustee Manager Mr Richard Barrett, said, "This strategic move to list in Singapore realises our long-term commitment to Asia and enables us to tap into the strong capital inflows experienced in this region through our unique business model."
Mr Barrett also commented that the Asian listing was for the long-term benefit of unitholders and may provide an opportunity for TCT units to trade closer to its net asset backing, "We are confident of delivering total return to our unitholders over the medium term underpinned by the demand from tenants for high quality, well-managed commercial property in China and our internal development pipeline. "

Recently awarded by The CarbonNeutral Company the title of "Asia's first Carbon Neutral Real Estate Company", Treasury Holdings is represented by more than 70 dedicated personnel in China providing comprehensive asset and financial management services exclusively to TCT's portfolio of quality income-producing office and retail properties, with a net asset value of approximately S$970 million as at 31 December 2009. TCT's total assets comprise more than 250,000sqm of commercial, income-producing real estate and a further 150,000sqm under development and expected to be completed over the next two years.
Chief Executive Officer, Mr Richard David, who has been based in China since 1999, said, "With a solid track record of success in the management of the existing portfolio since 2007, our seasoned team of investment and asset management professionals will continue to be focused on proactive asset management of our existing portfolio and potential new commercial property investment opportunities with the aim of delivering strong total return to our investors."
"Treasury Holdings has over 20 years experience in developing quality real estate across Europe and our ability to translate that success into China has played a key part in bolstering our leading position," said Mr David.  "The leasing market reflected a challenging environment, particularly the office sector, from late 2008 throughout 2009.  2010 has witnessed a stabilisation of the sector and we now expect improving conditions over the next 18 months. Conversely, the retail market has remained strong throughout this period and our coalface experience reinforces this view with our retail portfolio experiencing near full occupancy."  

J.P.Morgan acted as Sole Financial Adviser and Issue Manager in relation to the listing by introduction.

1 Annualised projected distribution yield for Financial Period 2010 based on the last market capitalisation on 17 June 2010, and subject to assumptions contained in TCT's Introductory Document.

2 Financial Period 2010 refers to the period commencing on or from the date of issue of the Units pursuant to the Scheme of Arrangement and ending on 31 December 2010