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Treasury China Trust – Leading The TRUSTEE-MANAGER OF TREASURY CHINA TRUST ANNUAL REPORT 2010 REPORT ANNUAL TRUST CHINA TREASURY OF TRUSTEE-MANAGER TREASURY CHINA TRUST PROPERTY MANAGER Website: www.treasurychinatrust.com Treasury Holdings (Shanghai) Property Management Co., Ltd E-mail: [email protected] 1568 Huashan Road SGX-ST Code: TCT Shanghai 200052 Stock Symbol: LG2U China Bloomberg Code: TCT:SP Telephone: +86 (21) 6282 5000 Reuters Code: TRCT:SI Facsimile: +86 (21) 6282 5777 TRUSTEEMANAGER REGISTRAR AND UNIT TRANSFER OFFICE Treasury Holdings Real Estate Pte. Ltd Boardroom Corporate & Advisory Services Pte. Ltd (Company No: 201003233M) 50 Raffles Place, #32-01 65 Chulia Street #43-08 Singapore Land Tower OCBC Centre Singapore 048623 Singapore 049513 Telephone: (65) 6536 5355 Telephone: +65 6671 0168 Facsimile: (65) 6536 1360 Facsimile: +65 6671 0160 AUDITORS DIRECTORS OF THE TRUSTEEMANAGER KPMG LLP (Singapore) Richard Joseph Barrett (Chairman) 16 Raffles Quay Stuart Hamilton Leckie #22-00 Hong Leong Building Richard Anthony David Singapore 048581 Rory John Williams Telephone: (65) 6213 3388 Raymond Yeoman Frederick Horney Facsimile: (65) 6225 4142 Jen Shek Voon (Partner-in-charge: Lee Sze Yeng) Wong Fong Fui KPMG Huazhen (Shanghai) AUDIT COMMITTEE 50th Floor, Plaza 66 Jen Shek Voon (Chairman) 1266 Nanjing West Road Stuart Hamilton Leckie Shanghai 200040, Raymond Yeoman Frederick Horney China LEADING THE WAY Wong Fong Fui Telephone: +86 (21) 2212 2888 Facsimile: +86 (21) 6288 1889 UNIT OPTION SCHEME COMMITTEE (Partner-in-charge: Nelson C.M. Lai) Stuart Hamilton Leckie (Chairman) Raymond Yeoman Frederick Horney LEGAL ADVISER Jen Shek Voon Allen & Gledhill LLP Wong Fong Fui One Marina Boulevard #28-00 COMPANY SECRETARY Singapore 018989 Maria McDermott Telephone: (65) 6890 7188 Facsimile: (65) 6327 3800 REGISTERED OFFICE 65 Chulia Street #43-08 OCBC Centre Singapore 049513 Telephone: (65) 6671 0168 Facsimile: (65) 6671 0160 Annual Report 2010 CONTENTS About Treasury China Trust 1 2010 at a Glance 2 Competitive Strengths of TCT 3 Significant Announcements for 2010 4 Chairman’s Statement 5 Trust Structure 10 Statement on Composition of the Board of Directors 11 Trustee-Manager’s Report 14 Management Team of Trustee-Manager and Property Manager 29 Corporate Social Responsibility 33 Corporate Governance Report 35 Financial Statements 43 Statistics of Unitholdings 85 Notice of Annual General Meeting 87 Notes to Proxy Form 90 Proxy Form Corporate Information DISCLAIMER This document does not constitute an offer to sell or the solicitation of an offer to purchase any interest in or related to any real estate, securities, or other investment products or assets. This document is provided for informational purposes only and is intended solely for the person to whom it is delivered. Information contained in this document is accurate only as of its date, regardless of the time of delivery or of any investment, and does not purport to be complete. This document may contain material non-public information. This document is confidential and may not be reproduced or distributed without the express written consent of Treasury Holdings Real Estate Pte. Ltd (“Trustee-Manager”). Any offer to sell or the solicitation of an offer to purchase any interest in or related to any real estate, securities, or other investment products or assets may only be made by means of delivery of an offering memorandum which will contain material information not included herein and shall supersede, amend and supplement this document in its entirety. Certain statements in this document constitute “forward-looking statements”. Such forward-looking statements and financial information are based on numerous assumptions regarding the TCT’s present and future business, and its strategies and the environment in which TCT will operate in the future. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TCT, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. These forward-looking statements and financial information speak only as at the date of this announcement. TCT expressly disclaims any obligation or undertaking to release publicly any updates of or revisions to any forward-looking statement or financial information contained herein to reflect any change in TCT’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any other relevant regulatory or supervisory body or agency. February 2011 Treasury China Trust Annual Report 2010 1 ABOUT TREASURY CHINA TRUST “By year end, TCT had consolidated its position as a leading player in China’s fast maturing commercial real estate landscape through the delivery of a strong operational result, whilst committing to further balance sheet growth underpinned by a December 2010 equity raising that was substantially over-subscribed.” – Mr. Richard Barrett, Chairman Treasury China Trust – Leading the Way Listed on the Singapore Exchange Since entering China in 2005, TCT Securities Trading Limited (“SGX- has established a strong market ST”) in June 2010, Treasury presence delivering out-performance China Trust (“TCT”) is a leading across the full spectrum of real owner, developer and manager of estate services via its management commercial real estate in China with platform of more than 80 dedicated the principal objective of delivering professionals. comprehensive value to unitholders through its unique business model that functionally integrates all facets of the real estate cycle. 2 Treasury China Trust Annual Report 2010 2010 AT A GLANCE Net Profit: S$39.6 million Earnings Per Unit (S$ cents): 16.4 Distribution Per Unit (S$ cents): 5 (1 July 2010 to 31 December 2010) Income-producing Assets: 242,960 square metres gross floor area • City Center 176,070 square metres • Central Plaza 47,247 square metres • Treasury Building 19,643 square metres Development Assets: 163,116 square metres gross floor area • City Center Extension 88,088 square metres • Beijing Logistics Park 75,028 square metres Total Valuation: RMB 9.61 billion Valuation Uplift (y-o-y): +4.61% Portfolio Occupancy: 90.9% Occupancy Uplift (y-o-y): +7.30% Offices: Shanghai, Beijing, Qingdao, Singapore Employees: 80 + Treasury China Trust Annual Report 2010 3 COMPETITIVE STRENGTHS OF TCT Fully Integrated Acquiring Strategic Management Partnership Platform ent Inv gem estm na en a t M M k a is n R a g e & m l a e t i n p t a C Delivery of ManagingTotal Return to Owning Unitholders D e v e t l o n p e m m e e n g a t n M a a M n t a e g s e s m A e n International t Intimate Experience Local Market Knowledge Developing • A “Total Return Vehicle” offering • Intrinsic advantages provided by • Proven record in delivering capital 100% exposure and long-term the corporate structure, highly growth and significant rental reversion commitment to China’s commercial conducive to accretive acquisitions through proactive asset management real estate sector and developments for sustainable including comprehensive property long-term growth refurbishment and repositioning • Well balanced portfolio of high quality income producing assets and • A high calibre management platform • Positive exposure to Chinese development opportunities offering synthesising international expertise Renminbi (“RMB”) which provides both stable income and significant and intimate local market knowledge 100% of TCT’s revenue base and growth potential the associated benefits of its likely appreciation in the mid to long • Outperformance achieved through an term all-encompassing asset management approach and strategic capital management 4 Treasury China Trust Annual Report 2010 SIGNIFICANT ANNOUNCEMENTS FOR 2010 June 2010 • China Real Estate Opportunities (“CREO”) delisted from London’s AIM market on 18 June 2010 • Listed on Singapore Stock Exchange as Treasury China Trust (“TCT”) on 21 June 2010 July 2010 • Independent valuation results: portfolio value as at 30 June 2010 of RMB9.42 billion representing an annual increase of 6.64% • Successfully completed a five year US$480 million multi-currency loan facility for the refinance of City Center in addition to securing RMB800 million development finance for City Center Extension August 2010 • Entered into a strategic partnership with TRIO group, a leading real estate group in Qingdao, to underwrite TCT’s regional expansion September 2010 • Strong leasing result for City Center – 23,800 sqm of committed office leases signed within four months October 2010 • 3rd quarter 2010 financial results, recorded net profit after tax of S$18.675 million and declared S$0.025/unit distribution for Q3 2010 • Confirmed commitment to a further S$0.025/unit distribution for Q4 2010 and S$0.10/unit distribution for the 2011 financial year November 2010 • Completion of Central Plaza refurbishment and repositioning program delivering 97% occupancy upon its re-opening • Strategic partnership formed with Ginwa Group of Xi’an to expand TCT’s footprint into Central and Western China • Secured RMB170 million project finance for Beijing Logistics Park (“BLP”) December 2010 • Undertook a private placement, substantially over subscribed, for the issuance of 16.095 million
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