Singapore-listed Treasury China Trust (TCT) has announced that property portfolio value reached RMB9.61 billion in the 12 months ended 31 December 2010, up 4.61 percent or RMB423 million over the same period in 2009.
“TCT experienced strong operating performance across its portfolio during 2010, as represented by its average committed occupancy as at 31 December 2010 of 91 percent, an increase of 8.8 percent over the past 12 months. This valuation result further confirms the quality of TCT’s commercial real estate portfolio and its proactive asset management framework,” said TCT chief executive Richard David.
TCT, which exclusively owns, manages and develops commercial property in China, has appointed DTZ Debenham Tie Leung (DTZ) as the independent valuation company for this process.
Mr. David added that the company has “commenced development of its City Center Extension and Beijing Logistics Park projects which will, over their respective development periods, significantly add to gross asset value as they move from their current form of cleared sites to a combined development of over 150,000 sq m of gross floor area which will more than double TCT’s current gross revenue upon completion in 2012.”