Treasury China Trust (TCT) has completed a strategic partnership agreement with TRIO Group for its expansion into Shandong province, according to Treasury Holdings Real Estate Pte Ltd, trustee manager of TCT.
TRIO Group has been successfully operating in Qingdao and the broader Shandong Province for more than 15 years and has developed over 30 real estate projects totalling more than 3 million sq m, primarily in the residential sector.
The partnership will focus exclusively on commercial property, particularly on retail properties, with TCT assuming a majority equity and managerial control on all invested projects. TRIO will use its local market knowledge and established network in Shandong to introduce investment and development opportunities to the partnership.
“We have been very impressed with the management platform and asset portfolio that TCT has built to date and the strong commitment it has made to China’s commercial real estate sector. This partnership recognizes true alignment and combines the key individual strengths of TCT and ourselves to drive strong and significant long term investment performance for our mutual benefit,” said TRIO Director Xie Jing Dong, confirming the group’s commitment to a long-term partnership with TCT.
Richard David, chief executive of Treasury Holdings, commented: “We are very excited about this Strategic Partnership, and in TRIO we have identified a strong and capable group to assist with the continued growth of our business in China.”