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.