Announcement of receipt of letters from Vendors of City Center.

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).

CSCCL and CREO have obtained advice and opinions from both Hong Kong and PRC counsel indicating that the request for information has no basis and any alleged claim for payment as set forth in the Letters has no merit. Accordingly, CSCCL and CREO intend to defend their position vigorously. CSCCL and CREO are of the view that the Letters had been sent at an opportunistic timing in light of the impending listing by introduction of TCT on Singapore Exchange Securities Trading Limited (the "SGX-ST").

The Trustee-Manager will make further announcements as and when there are material developments in the above matters.

The City Center Share Purchase Agreement
On 1 June 2007, CSCCL and CREO entered into a share purchase agreement in respect of the acquisition by CSCCL of Brightime Limited and State Properties Limited (the "Share Purchase Agreement") from the Vendors. Brightime Limited and State Properties Limited, through their wholly owned subsidiary Shanghai Hua Tian Property Development Co., Ltd. ("Hua Tian"), own the City Center property in Shanghai.

Information about CREO
CREO manages 3 properties located in Shanghai for a total GFA of 203,412 sq metres and has two development projects one located in Shanghai and one located in Beijing. As at 31 December 2009 CREO's gross asset value was GBP 937.8 million and net asset value was GBP 429.3 million.