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					                                        TREASURY CHINA TRUST

                   RESULTS FOR THE PERIOD 1 JANUARY TO 31 MARCH 2012

Treasury China Trust (“TCT” 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, as Trustee Manager of Treasury China Trust is pleased to
announce its results for the three months ended 31 March 2012.

                                     Highlights as at 31 March 2012

Financial

•      Gross revenue of S$25.972 million for the 1st quarter of 2012 representing a 33.5% increase
       over Q1 2011
•      Net Property Income (“NPI”) of S$15.985 million for the 1st quarter representing a 28.4%
       increase over NPI for the three months ended 31 March 2011
•      Basic Earnings per Unit (“EPU”) of S$3.0 cents for the 1st quarter ended 31 March 2012
•      Net Asset Value (“NAV”) of S$4.41 per unit as at 31 March 2012 compared with the NAV as at
       31 December 2011 of S$4.62 per unit. This decrease was predominantly due to the 3.5%
       appreciation of the Singapore Dollar over the Chinese Renminbi (“RMB”) for the reporting period
       (31/12/11 S$1 = RMB4.848; 31/03/12 S$1 = RMB5.017)
•      As an owner of commercial real estate in China TCT’s revenues are predominantly in RMB and
       in this context Gross Rental Income of RMB129.405 million and Net Property Income of
       RMB79.685 million have out-performed Q1 2011 by 29.3% and 24.4% respectively

    (RMB ‘000)                                      1st Qtr 2012              1st Qtr 2011
                                                       Actual                     Actual               Change
    Gross revenue(1)                                  129,472                    100,130                29.3%
    Business and property related tax                 (15,394)                   (12,558)
    Property management fees                          (4,394))                    (3,399)
    Other property operating expenses(1)              (29,935)                   (20,130)
    Total Property Operating Expenses                  (49,787)                   (36,087)             37.9%
    Net Property Income                                79,685                     64,043               24.4%

•      As a Singapore listed entity TCT’s reporting currency is S$ and the operating performance
       taking into the aforementioned appreciation of the S$ to the RMB is summarized as follows:

    (S$ 000)                                        1st Qtr 2012              1st Qtr 2011
                                                       Actual                     Actual              Change
    Gross Revenue                                      25,972                    19,454                 33.5%
    Net Property Income                                15,985                    12,454                 28.4%
    Total profit after tax                              8,009                     7,026                 14.0%
    Total Profit After Tax attributable to              7,710                     7,026                  9.7%
    Trust Unitholders
    Earnings per unit (EPU) (cents)                      3.0                        2.7                  n.a


(1) Further details of Gross revenue and Other Property operating expenses are set out on page 22 of the 2012 First
    Quarter Unaudited Financial Statements & Distribution Announcement.



In June 2010, J.P. Morgan (S.E.A.) Limited was the financial adviser and issue manager in relation to the
            listing of the Units on the Main Board of the SGX-ST by way of an introduction.              1
Trust Deed Covenants

•   Maximum debt to assets ratio of 45%                       - Actual 34.3%   (31/12/11 – 33.5%)
•   Maximum development assets to total assets of 30%         - Actual 18.7%   (31/12/11 – 17.2%)
•   Minimum payout of Distributable Income of 80%             - N.A            (31/12/11 – Nil)

Operational

•   Committed occupancy for the Shanghai portfolio of The HQ, Central Plaza and Treasury
    Building (“Core Portfolio”) equated to 97.8% as at 31 March 2012, maintaining the strong
    result recorded as at 31 December 2011 of 97.8%
•   28 leases were successfully negotiated and concluded in the Core Portfolio for the quarter
    encompassing both new lettings and renewals producing an aggregated per square metre
    rental which represents a very healthy 19.3% increase over the expiring leases. A selection
    of leasing activity for the 1st quarter includes:
          Tristate (Central Plaza)                      4,302 sqm (Renewal and Expansion)
          Adsame Group (The HQ)                         2,678 sqm (New Lease)
          Grohe (Central Plaza)                           571 sqm (Renewal)
          NatureLaw (Central Plaza)                       517 sqm (Expansion)
          Wako Logistics (Central Plaza)                  517 sqm (Renewal)
          Hummel (Central Plaza)                          423 sqm (Renewal)
•   The development of the HQ Extension in Shanghai and Beijing Logistics Park (“BLP”) continued
    in accordance with the approved budget and timetable.
•   “The HQ” achieved 27% leasing pre-commitment for the expanded retail mall following the
    successful completion of 3 additional leasing transactions during the quarter including Hongqiao
    Century Cinema at a rental representing a 175% increase to the rent currently payable for the
    theatre operations.
•   Beijing Logistics Park, a logistics facility that has achieved 100% lease pre-commitment and
    scheduled for completion in April 2012 has been placed on the market for sale through
    international real estate services provider CB Richard Ellis.

                                       Capital Markets Activity

•   During Q1 of 2012, TCT received approval from the Chinese government authorities to establish
    an equity investment management business in Shanghai. This is a major and exciting milestone
    in TCT’s growth as a significant entity in the Chinese business sector. This licence permits TCT,
    through its wholly owned Shanghai based subsidiary to raise domestic Renminbi (“RMB”) capital
    in a private equity format for re-investment. The wide scope of the business approval also permits
    TCT to act as a General Partner within this structure and to proactively manage RMB invested
    funds. TCT is in discussions with a number of domestic insurance companies and private banking
    units with the intention of launching its first fund in 2012.

                                        Market Conditions

March inflation at 3.6% took the market by surprise on the high side but these expectations were fed
by an equally surprising February number of 3.2%, which surprised many on the low side. In any
event year-to-date inflation remains well below the government’s stated 2012 target of 4.0%.

Much was also made of the largest trade deficit in a decade of USD31.4bn for February, but this was
shown to be an early year / Chinese New Year anomaly with March showing a trade surplus of
USD5.35bn.


                                                                                                     2
A number of new initiatives have also been introduced on the home lending front with significant
relaxation for first home buyers. This is in keeping with expectations of the likely way forward for the
housing sector – first home buyers and social housing will be the first sectors to benefit. It is also
interesting to note that lending for March totaled in excess of RMB1.0trn, well in excess of market
estimates of RMB800bn. At least 2 more months of data will be required to identify a trend in regard
to the prospect of further loosening across 2012, but it is an encouraging sign.

With regard to the commercial real estate market, Shanghai Grade A office leasing market
maintained its consistent performance over the past 12 months with rents increasing and vacancy
rates falling across the city. Overall, average rents for Grade A office space rose to RMB
8.9/sqm/day, an increase of 1.2% q-o-q, while in Puxi (where all TCT’s Shanghai assets’ are located),
the rents remained neutral at RMB 9.1/sqm/day. The supply remained constrained with no new
projects completing in the CBD area, and overall vacancy thus fell to 4.9% in Puxi and 6.1% in
Pudong. Rental growth for full year is projected to be 7%-8% 1 .

The Shanghai retail leasing market continued its positive momentum as leasing transactions
remained active, driven by expansion demand from mid-range fashion retailers and continuing
growth in retail sales. Average ground floor rents in the prime market edged up 0.6% q-o-q to RMB
46.5/sqm/day with the vacancy rate falling by 0.7% to 2.4% in prime areas. Q1 of 2012 has
witnessed more retail projects in the city upgrading or repositioning their tenant mix to attract more
foot traffic by increasing F&B and fast fashion tenants.

Distributions

TCT declares its distributions as at each 30 June and 31 December and as such no distribution is
due for the quarter period ending 31 March 2012.

Richard Barrett, Chairman of TCT, commented:

"Despite the market uncertainty and ongoing volatility which has been a feature across most of the
globe including China for more than 12 months, TCT has continued to deliver a strong operational
performance, with all key financial and operational parameters significantly surpassing those for the
same period of 2011. Underpinned by the strong market fundamentals in China’s commercial real
estate sector, in particular the retail market, the next 12 to 24 months will witness the evolution of
TCT’s retail-led growth strategy. The completion of The HQ, TCT’s flagship development in Shanghai,
of which the retail component has reached 27% lease pre-commitment, and a number of other
important mandates including the anticipated launch of TCT’s first RMB Fund during 2012, will
enhance TCT’s leading position in China’s commercial real estate sector.”

BY ORDER OF THE BOARD
Treasury Holdings Real Estate Pte. Ltd.
(as Trustee-Manager of Treasury China Trust)
(Company registration no: 201003233M)
Richard David, Director
30 April 2012


IMPORTANT NOTICE
The value of units (“Units”) in Treasury China Trust (“TCT”) and the income derived from them may fall as well as rise. Units are not
obligations of, deposits in, or guaranteed by, TCT, the Trustee-Manager, or any of its affiliates. The past performance of TCT is not
indicative of the future performance of TCT. Certain statements in this announcement constitute “forward-looking statements”. Such
forward-looking statements and financial information are based on numerous assumptions regarding 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, to be materially different from any future results, performance or achievements expressed or


1
    Source: Jones Lang LaSalle
                                                                                                                                   3
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.

Treasury China Trust
Richard Barrett, Chairman
Tel: + 65 6248 4634
Richard David, Chief Executive Officer
Tel: +65 6248 4634
Cindy Ma, TCT Investor Relations
Tel: +86 6282 5000
Citigate Dewe Rogerson (TCT PR)
Charlotte Bilney
Tel: +852 2533 4618




                                                                                                                                 4
Chairman’s Statement

Introduction

I am pleased to present the results for Treasury China Trust (“TCT”) for the 3 months period ending
31 March 2012.

This operating period has delivered strong revenue growth in RMB terms representing a 29.4% over
Q1 of 2011, delivering Net Property Income of RMB 79.685 million, a 24.4% improvement over Q1 of
2011.

The S$ results, as detailed below, were positively impacted by the appreciation of the S$ relative to
the US$ and RMB during the quarter. This major Asian currency has appreciated 2.8 percent since
the end of 2011, the fourth-biggest gain against the U.S. dollar among the most-traded currencies
buoyed by strong economic rebound in Q1 2012. As a result, TCT’s gross revenue in S$ terms
recorded a robust growth of 33.5% y-o-y and the Net Property Income increased by 28.4% over Q1
of 2011.

TCT’s NAV per unit was recorded at S$4.41 as at 31 March 2012.

(S$'000)                                                      1st Qtr 2012              1st Qtr 2011

Gross revenue                                                      25,972                     19,454

Business and property related taxes                                (3,088)                   (2,436)
Property management fees                                             (881)                     (659)
Other property operating expenses                                  (6,018)                   (3,905)
Total property operating expenses                                  (9,987)                   (7,000)

Net property income                                                15,985                     12,454

Trustee-Manager’s fees                                             (4,059)                   (3,302)
Administrative expenses                                            (2,368)                   (1,848)
Finance income                                                          77                       237
Finance costs                                                     (12,802)                   (7,337)
Net foreign exchange gain                                           15,253                     9,356
Change in fair values of financial derivatives                     (1,295)                     (250)
Total profit before tax                                             10,791                     9,310

Income tax expense - Current tax                                     (392)                     (401)
                      - Deferred tax                               (2,390)                   (1,883)
Total profit after tax                                               8,009                     7,026

Total profit attributable to:
Unitholders of the Trust                                            7,710                      7,026
Non-controlling interests                                             299                          -
Total profit after tax                                              8,009                      7,026




                                                                                                    5
Financial – Profit & Loss

The Trust has recorded an EPU of S$3.0 cents for the first quarter ended 31 March 2012 as outlined
below.

(S$'000)                                         1st Qtr 2012       1st Qtr 2011
                                                      Actual             Actual             Change

Gross revenue                                         25,972             19,454              33.5%

Net property income                                   15,985             12,454              28.4%

Total profit/(loss) after
tax attributable to                                    7,710              7,026                9.7%
Unitholders of the Trust

Basic earnings per unit (EPU) (cents)                     3.0                2.7             11.1%


(RMB’000)                                         1st Qtr 2012      1st Qtr 2011
                                                       Actual            Actual             Change

Gross rental income                                   129,472           100,130              29.3%

Business and property related tax                     (15,394)          (12,558)
Property management fees                               (4,392)           (3,399)
Other property operating expenses                     (29,999)          (20,130)

Total property operating
expenses                                              (49,787)          (36,087)             37.9%

Net property income                                    79,685            64,043              24.4%

Financial – Balance Sheet

TCT net asset value (“NAV”) as at 31 March 2012 was S$4.41 per unit representing a decrease of
S$21 cents to the NAV per unit of S$4.62 as at 31 March 2012. The decrease in NAV predominantly
attributable to the 3.5% appreciation of the Singapore Dollar over the Chinese RMB for the reporting
period.

As at 31 March 2012 the Trust had total cash holdings equating to S$42.17 million, of which 56.9%
was held onshore in RMB.




                                                                                                   6
TCT’s debt portfolio as at 31 March 2012 is outlined below

Asset                                                    USD m      RMB m        Total RMB m          Gearing
                                                                                 Equivalent 2            %
Stabilised Office / Retail Properties
The HQ – ICBC                                              296.6     405.1          2,273.5                37.7
Central Plaza – Citic International                        110.0      64.0            756.9                42.4
Treasury Building – Citic International                     37.8      45.5            283.6                40.3
Central Avenue Mall – Evergrowing Bank                       0.0     280.0            280.0                42.7
Huai Hai Mall – Citic International                         42.0      49.0            313.6                40.3
Total Stabilized Assets                                    486.4     843.5          3,907.6                39.2
Development Properties
The HQ Extension (ICBC RMB800.0m) 3                                  160.5              160.5
Beijing Logistics Park (ICBC RMB170.0m) 4                            159.7              159.7
Total Development Assets
Land Bank Properties
Total Loan Portfolio                                       486.4    1,163.7             4,227.8


                                          Debt Maturity Profile for Stabilized Assets




Portfolio

TCT’s committed occupancy continued demonstrating strength underpinned by the robust demand of
quality commercial real estate in China. This has been matched by an increase in average per
square metre rental rates for the office portfolio.

Office Assets                             Previous       Current          Previous           Current
(RMB)                                     Rent / Sqm ¹   Rent / Sqm²      Occupancy ¹        Occupancy ²

The HQ                                       5.74            5.76              96.7%               99.1%
Central Plaza                                6.62            6.90             100.0%              100.0%
Treasury Building                            6.36            6.30             100.0%              100.0%
Notes
1. As at 31/12/11
2. As at 31/03/12

2
    USD 1 = RMB6.2290. (as at 31/03/12)
3
    Facility Limit
4
    Facility Limit
                                                                                                                  7
                                                 Gross Rental Income




                                          Committed Occupancy


                                  99.7%                 100.0%
                                               100.0%

                          97.1%                                              97.8%
100%           97.0%

                                                                     93.3%
95%    91.6%


90%
                                                                                                  83.1%
85%

80%
                                                                                                                     73.1%
75%

70%

65%

60%

55%
                                                                                            n.a                n.a
50%
       The HQ          Central Plaza       Treasury Building     Core Stablized      Central Avenue Mall   Huai Hai Mall
                                                                   Portfolio          (Existing Phase)




                                                                                                                             8
                           TREASURY CHINA TRUST
          2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
                      & DISTRIBUTION ANNOUNCEMENT
_______________________________________________________________________________
                             TABLE OF CONTENTS
Item     Description                                                          Page
No.                                                                           No.
-        Table of Contents                                                    1
-        Summary of TCT Group Results                                         2
-        Introduction                                                         3
-        Comparative Statements                                               3
1(a)     Consolidated Income Statement (1st Qtr 2012 & YTD 2012)              4
1(b)     Consolidated Income Statement (1st Qtr 2012 & 1st Qtr 2011)          5
1(c)     Consolidated Statement of Comprehensive Income                       6
2(a)     Statements of Financial Position                                     7
2(b)     Aggregate amount of borrowings and debt securities                   11
2(c)     Collaterals of Secured Borrowings                                    12
2(d)     Convertible bonds                                                    13
2(e)     Actual gearing ratio compared to gearing cap                         15
2(f)     Actual development ratio compared to development cap                 15
3(a)     Consolidated Statement of Cash Flows (1st Qtr 2012 & YTD 2012)       15
3(b)     Consolidated Statement of Cash Flows (1st Qtr 2012 & 1st Qtr 2011)   16
3(c)     Consolidated Statement of movement in unitholders’ funds             17
3(d)     Details of change in the total number of issued units                18
3(e)     Earnings per Unit                                                    18
3(f)     Net Asset Value per Unit ( Basic and Diluted)                        18
4&5      Audit Statement                                                      19
6&7      Changes in Accounting Policies                                       19
8        Review of the performance against 1st Qtr 2011                       20
9        Outlook and Prospects                                                23
10       Distribution                                                         24
11       Interested Person Transactions Mandate                               24
12       Confirmation Pursuant to Rule 705(5) of the Listing Manual           25




                                             1
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

Summary of TCT Group Results

(S$'000)                                           1st Qtr            1st Qtr
                                                     2012               2011
                                                   Actual             Actual            Change

Gross revenue                                       25,972            19,454              6,518

Net property income                                 15,985            12,454              3,531

Total profit after tax
  attributable to Trust
  Unitholders                                        7,710             7,026                684

Basic earnings per unit
(EPU) (cents)                                            3.0             2.7                0.3

Footnotes:
1. The Actual figures are based on translating the monthly RMB Profit and Loss Accounts of
    TCT’s operating subsidiaries at each month end during the reporting period.
2. RMB means Chinese Renminbi.
3. S$ means Singapore Dollar and cent means Singapore cent.
4. Total profit after tax attributable to Trust Unitholders is net of non-controlling interests.

Summary of Net Property Income in RMB

(RMB’000)                                      1st Qtr               1st Qtr
                                                 2012                  2011
                                               Actual                Actual             Change

Gross rental income                           129,405                 99,970             29,435

Other income                                        67                   160               (93)

Business and property related tax             (15,394)              (12,558)              2,836
Property management fees                       (4,394)               (3,399)                995
Other property operating expenses             (29,999)              (20,130)              9,869

Total property operating
  expenses                                    (49,787)              (36,087)             13,700

Net property income                            79,685                 64,043             15,642




                                               2
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

INTRODUCTION

Treasury China Trust (“TCT” or the “Trust”) is a Singapore registered business trust, constituted
pursuant to a Trust Deed dated 19 May 2010 (“Trust Deed”) and listed on the Singapore Exchange
Securities Trading Limited (“SGX-ST”) on 21 June 2010. Treasury Holdings Real Estate Pte Ltd,
a Singapore domiciled entity, is the Trustee-Manager of TCT.

TCT holds 100% interest in four income generating commercial properties and two development
properties. The four commercial office/retail properties, which are all located in prime locations in
Shanghai, are The HQ (formerly known as City Centre), Central Plaza, Treasury Building and
Huai Hai Mall. The development properties are The HQ Extension (formerly known as City
Centre Extension) in Shanghai, which is currently undergoing development into a Grade A
office/retail complex, and Beijing Logistics Park, which is being developed into a logistics
complex. TCT also holds a 55% interest in the Central Avenue Mall in Qingdao, China.



COMPARATIVE STATEMENTS

The actual results for the 1st Qtr ended 31 March 2012 are compared to the actual results of 1st Qtr
2011. The SGD comparative statements are presented in Section 8.

The functional currency of TCT is S$ while the functional currency of the Trust’s operating
subsidiaries in the People’s Republic of China (“PRC’) is RMB. As the operating companies
report their operating income and expense in RMB, an RMB comparative statement is also
presented in Footnote 1 of Section 8 showing the actual net property income of 1st Qtr 2012
against actual net property income of the 1st Qtr 2011. The Trustee-Manager believes that the
RMB comparison provides a more meaningful review of the performance of the Trust’s PRC
assets as it eliminates financial effects arising from fluctuations of the RMB/SGD exchange rates.




                                                 3
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

1(a)       Consolidated Income Statement (1st Qtr 2012 & YTD 2012)

(S$'000)                                               1st Qtr 2012               YTD 2012

Gross rental income                                          25,959                   25,959
Other income                                                     13                       13
Gross revenue                                                25,972                   25,972

Business and property related taxes                         (3,088)                   (3,088)
                            2
Property management fees                                      (881)                    (881)
                                   3
Other property operating expenses                           (6,018)                   (6,018)
Total property operating expenses                           (9,987)                   (9,987)

Net property income                                          15,985                   15,985

Trustee-Manager’s fees2                                     (4,059)                  (4,059)
Administrative expenses                                     (2,368)                  (2,368)
Finance income                                                   77                       77
Finance costs                                              (12,802)                 (12,802)
Net foreign exchange gain1                                  15,253                    15,253
Change in fair values of financial derivatives              (1,295)                   (1,295)
Total profit before tax                                     10,791                    10,791

Income tax expense - Current tax                              (392)                     (392)
                     - Deferred tax                         (2,390)                   (2,390)
Total profit after tax                                        8,009                     8,009

Total profit attributable to:
Unitholders of the Trust                                      7,710                    7,710
Non-controlling interests                                       299                      299
Total profit after tax                                        8,009                    8,009

Footnotes:
1. Net foreign exchange gain was mainly due to the foreign currency gain arising from the
    revaluation of the USD denominated loan as a result of the appreciation of the Singapore
    dollar against the US dollar (from US$:S$ =1:1.2987 as at 31 December 2011 to US$:S$ =
    1:1.2610 as at 31 March 2012).
2. Property management fees and Trustee-Manager’s fees are payable to subsidiaries of
    Treasury Holdings China Limited, a wholly owned subsidiary of a company that is wholly
    owned by significant unitholders of TCT.
3. The analysis of other property operating expenses is presented in Footnote 1 of Section 8.
4. A comparison between the 1st Qtr 2012 income statement and the 1st Qtr 2011 income
    statement is presented in Section 8.




                                                 4
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

1(b)       Consolidated Income Statement (1st Qtr 2012 & 1st Qtr 2011)

(S$'000)                                                  1st Qtr 2012             1st Qtr 2011

Gross rental income                                             25,959                   19,423
Other income                                                        13                       31
Gross revenue1                                                  25,972                   19,454

Business and property related taxes                            (3,088)                  (2,436)
Property management fees                                         (881)                    (659)
Other property operating expenses                              (6,018)                  (3,905)
Total property operating expenses1                             (9,987)                  (7,000)

Net property income                                             15,985                   12,454

Trustee-Manager’s fees                                         (4,059)                  (3,302)
Administrative expenses                                        (2,368)                  (1,848)
Finance income                                                      77                      237
Finance costs2                                                (12,802)                  (7,337)
Net foreign exchange gain3                                      15,253                    9,356
Change in fair values of financial derivatives                 (1,295)                    (250)
Total profit before tax                                         10,791                    9,310

Income tax expense - Current tax                                 (392)                    (401)
                     - Deferred tax                            (2,390)                  (1,883)
Total profit after tax                                           8,009                    7,026

Total profit attributable to:
Unitholders of the Trust                                         7,710                    7,026
Non-controlling interests                                          299                        -
Total profit after tax                                           8,009                    7,026

Footnotes:
1. The increases in gross revenue and total property operating expenses were attributable to the
    assets acquired over the prior year. The Trust acquired Central Avenue Mall (55% equity
    interest) and Huai Hai Mall (100% owned) in 2nd Qtr 2011. Footnote 1 of Section 8 presents
    an analysis of net property income in RMB.
2. The increase in finance costs was mainly due to the drawdown of bank loans and issuance of
    Trio convertible notes to fund the newly acquired assets.
3. Net foreign exchange gain in 1st Qtr 2012 was due mainly to the foreign currency gain
    (unrealized) arising from the revaluation of the USD denominated loan as a result of the
    appreciation of the Singapore dollar against the US dollar (from US$:S$ =1:1.2987 at 31
    December 2011 to US$:S$ = 1:1.2610 at 31 March 2012), compared to that in 1st Qtr 2011 of
    a smaller extent (from US$:S$ = 1:1.2853 at 31 December 2010 to US$:S$ = 1:1.2642 at 31
    March 2011).




                                                 5
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

1(c)       Consolidated Statement of Comprehensive Income

(S$'000)                                                  1st Qtr 2012               1st Qtr 2011

Profit after tax                                                 8,009                      7,026

Other comprehensive expense:
Foreign currency translation
  differences relating to foreign
  operations1                                                 (63,591)                   (17,312)

Other comprehensive expense
  for the period, net of tax                                  (63,591)                   (17,312)

Total comprehensive expense                                   (55,582)                   (10,286)

Attributable to:
Unitholders of the Trust                                      (51,658)                   (10,286)
Non-controlling interests                                      (3,924)                          -



1. The foreign currency translation differences relating to foreign operations in 1st Qtr 2012 was
   due to foreign exchange differences (unrealized) arising from the translation of RMB
   financial statements of the PRC operating subsidiaries into SGD (from S$:RMB = 1:4.848 at
   31 December 2011 to S$:RMB = 1:5.017 at 31 March 2012), compared to the foreign
   exchange differences of a smaller extent in the 1st Qtr 2011 (from S$:RMB = 1:5.128 at 31
   December 2010 to S$:RMB = 1. 5.188 at 31 March 2011).




                                                6
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

2(a)      Statements of Financial Position

(S$'000 except otherwise stated)                Group                             Trust
                                             As at       As at                 As at       As at
                                       31 Mar 2012 31 Dec 2011           31 Mar 2012 31 Dec 2011
Non-current assets
Investment properties¹                       2,589,962       2,668,647             -            -
Property, plant and equipment                    1,594           1,763             -            -
Subsidiaries                                         -               -       976,874      976,874
Total non-current assets                     2,591,556       2,670,410       976,874      976,874
Current assets
Trade and other receivables2                   26,802          43,709         59,676       81,459
Derivative financial asset3                         4               4              -            -
Cash and cash equivalents4                     42,170          45,598          1,412        1,697
Total current assets                           68,976          89,311         61,088       83,156

Total Assets                                 2,660,532       2,759,721     1,037,962     1,060,030

Non-current liabilities
Interest-bearing borrowings                   775,169         773,604              -            -
                    5
Convertible bonds                              64,125          64,823         64,125       64,823
Derivative financial liabilities6               1,509             214          1,509          214
                            7
Trade and other payables                       10,639          13,950              -             -
                        8
Deferred tax liabilities                      421,695         434,508           222           101
Total non-current liabilities                1,273,137       1,287,099        65,856       65,138
Current liabilities
Interest-bearing borrowings                    56,784          69,367              -            -
                    5
Convertible bonds                               5,009           3,218          5,009        3,218
Trade and other payables9                      79,242          98,237          8,903       22,721
Total current liabilities                     141,035         170,822         13,912       25,939

Total Liabilities                            1,414,172       1,457,921        79,768       91,077

Net assets                                   1,246,360       1,301,800       958,194      968,953
Represented by:
Unitholders’ funds10                         1,118,972       1,170,488       958,194      968,953
Non-controlling interests                      127,388         131,312             -            -
                                             1,246,360       1,301,800       958,194      968,953

Number of units issued                  253,619,717        253,619,717   253,619,717   253,619,717
NAV attributable to unitholders per
  unit (in S$)                                      4.41          4.62             -             -




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& DISTRIBUTION ANNOUNCEMENT

Footnotes:
1. Investment properties
1a. Movement in 1st Qtr 2012
     (S$'000)                                                                        1st Qtr 2012

     Total property value as at 1 January 2012                                          2,668,647
     Capitalised development costs                                                         12,599
     Exchange adjustments                                                                (91,284)
     Total property value as at 31 March 2012                                           2,589,962

    The capitalised development costs in the 1st Qtr 2012 mainly arose from the construction of
    Beijing Logistics Park and The HQ Extension.

1b. Carrying value
                                               31 Mar 2012                   31 Dec 2011
                                           RMB'000        S$'000         RMB'000       S$'000
     Beijing Logistics Park                  295,287      58,762           265,002     54,662
     Central Avenue Qingdao                1,965,900     391,214         1,965,900    405,507
     Central Plaza                         1,786,800     355,573         1,786,800    368,564
     Huai Hai Mall                           779,000     155,021           779,000    160,685
     The HQ and HQ Extension               7,483,995   1,489,316         7,437,024 1,534,035
     Treasury Building                       703,900     140,076           703,900    145,194
                                          13,014,882     2,589,962      12,937,626      2,668,647

    The balances as at 31 March 2012 represented the valuations as at 31 December 2011 plus
    costs incurred during 1st Qtr 2012. TCT undertakes independent valuations of its real estate
    portfolio in June and December of each year.

1c. Development Costs (excluding land cost and capitalised interest)
     (in millions)                     Approved              Contract          Expenditure to
                                        Budget              Committed           31 Mar 2012
                                      RMB           S$     RMB          S$      RMB           S$
     The HQ Extension                  883         176      340         68       183          36
       (% of approved budget)                                                              20.5%
     Beijing Logistic Park              242         48       228        45        208         41
       (% of approved budget)                                                              85.4%
     Total                            1,125        224       568       113        391         77
                                                                                          34.4%




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TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

Footnotes (continued):
2. Trade and other receivables
    The decrease in trade and other receivables was mainly due to the settlement of a receivable
    of S$10,314,000 in the quarter, which was previously due from the immediate holding
    company of the minority shareholder of Sanyang Property Development Co., Ltd (the “Trio
    Holding Company”).

3.   Derivative financial asset
     Derivative financial asset relate to the fair value of an interest rate cap entered into to manage
     the interest rate risk on a portion of the US$ denominated floating rate debt. This is based on
     an independent professional valuation of financial instruments as at 31 March 2012.

4.   Cash and cash equivalents
     (S$'000)                                                31 Mar 2012                  31 Dec 2011
     Total cash and cash equivalents                              42,170                       45,598
     Less: Restricted cash*                                       (8,738)                     (5,818)
     Cash and cash equivalents in the
     consolidated statement of cash flows                           33,432                      39,780

     *    Restricted cash relates to cash deposited in interest reserve accounts to repay borrowings
          as they become due.

     Cash and cash equivalents as at 31 March 2012 have reduced from the prior period due to
     development expenditure incurred exceeding funds generated from operations and financing
     activities during the first quarter of 2012.

5.   Convertible bonds
     Convertible bonds are being accounted for in accordance with relevant Singapore Financial
     Reporting Standards (“SFRS”). Details of which are presented in Section 2(d).

6.   Derivative financial liabilities
     Derivative financial liabilities as at the period end pertain to:
     (i) The derivative component of RMB convertible bonds with the aggregate notional
           amount of RMB36 million. TCT undertakes independent valuations of this derivative
           component in June and December of each year. Its fair value was S$88,000 as at 31
           December 2011 (Section 2(d)). No external valuation was performed for this derivative
           component as at 31 March 2012 since the fair value change was assessed to be
           insignificant during the period;
     (ii) The floating to fixed interest rate swap with a notional amount of US$55 million. It was
           entered into to manage the interest rate risk. TCT engaged an independent valuer J.C.
           Rathbone Associates Limited (“JCRA”) to perform valuation of this derivative. Its fair
           value was S$269,000 and S$126,000 as at 31 March 2012 and 31 December 2011
           respectively and
     (iii) The floating to fixed interest rate swap with a notional amount of US$135 million
           became effective on 26 January 2012. JCRA performed valuation of this derivative. Its
           fair value was S$1,152,000 as at 31 March 2012.




                                                  9
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

Footnotes (continued):
7. Trade and other payables (non-current)
    Trade and other payables in the non-current liabilities have been accounted for in accordance
    with the Sales & Purchase Agreement dated 25 November 2010 for Central Avenue Mall,
    which pertains to amounts due to the previous owner as part of the consideration for the
    acquisition of Central Avenue Mall and is payable in 2013.

8.   Deferred tax liabilities
     The deferred tax liabilities in respect of the change in fair value of investment properties
     have been accounted for at the prevailing PRC corporate income tax rate of 25%. This is
     based on the change in the carrying value of investment properties against their tax base,
     including the change in fair value and depreciation charge made in accordance with the PRC
     tax rules during the period.

     Deferred Tax
                                           As at     Recognised                            As at
      st
     1 Qtr 2012                            1 Jan       in profit      Exchange           31 Mar
     (S$'000)                               2012        and loss     differences            2012

     Group
     Investment properties              434,407            2,269        (15,203)         421,473
     Convertible bonds                      101              121               -             222
                                        434,508            2,390        (15,203)         421,695

     Trust
     Convertible bonds                       101             121                -            222

9.   Trade and other payables (current)
     The decrease in trade and other payables in the current liabilities was mainly due to a
     settlement of S$10,314,000 previously due to a related party of the Trio Holding Company.

10. Consolidated statement of movement in unitholders’ fund is presented in Section 3(c).




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TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

2(b)   Aggregate Amount of Borrowings and Debt Securities

       (S$'000)                                     31 Mar 2012          31 Dec 2011
                                                   Group      Trust     Group      Trust
       Unsecured borrowings
       Convertible bonds
        - Amount repayable within one year          5,009     5,009      3,218     3,218
        - Amount repayable after one year          65,468    65,468     66,275    66,275
       Total unsecured borrowings                  70,477    70,477     69,493    69,493
       Less: Unamortised transaction costs         (1,343)   (1,343)    (1,452)   (1,452)
       Net balance                                 69,134    69,134     68,041    68,041

       Secured borrowings
       Loans
        - Amount repayable within one year          56,784        -      69,367        -
        - Amount repayable after one year          786,243        -     785,917        -
       Total secured borrowings                    843,027        -     855,284        -
       Less: Unamortised transaction costs        (11,074)        -    (12,313)        -
       Net balance                                 831,953        -     842,971        -
       Total Borrowings                            901,087   69,134     911,012   68,041




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TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

2(c)        Collaterals of Secured Borrowings

 Property                                               Loan Outstanding               Total (a)+(b)
 (in millions)                                              (a)           (b)                   SG$
                                                           US$         RMB              Equivalent
 The HQ                                                    297           405                     452
 Central Plaza                                             110             64                    151
 Treasury Building                                           38            46                     57
 The HQ Extension                                             -          161                      32
 Beijing Logistics Park                                       -          160                      32
 Huai Hai Mall                                               42            49                     63
 Central Avenue Mall                                          -          280                      56
 Total loan balance                                         487           1,165                  843
 Unamortised transaction costs                                                                   (11)
 Total net loan balance                                                                          832

Footnotes:
    1. As collateral for the secured borrowings, the bank loans are secured by legal mortgages
         over each specific property, excluding the 3 development sites of Central Avenue Mall,
         (collectively, the “Mortgaged Properties”) and pledge of the equity interests in the
         property company of the HQ. The equity interests of each of the property companies of
         Treasury Building, Central Plaza and Huai Hai Mall are also required to be pledged
         using best efforts with the applicable authority. As at 31 March 2012, applications for
         the equity interest pledge of each of Treasury Building, Central Plaza and Huai Hai Mall
         are ongoing.

       2.   To minimize the Group’s exposure to adverse interest rate movements on its US$
            denominated floating rate loans, the Group has entered into the following hedging
            arrangements:

            (i)   Interest rate cap for US$37.8 million on the Treasury Building loan, effective from
                  10 December 2011, and
            (ii) Interest rate swap for US$55 million on the Central Plaza loan, effective from 22
                  December 2011, and
            (iii) Interest rate swap for US$135 million on the HQ loan, effective from 26 January
                  2012.

            The fair values of the above derivative instruments are based on the valuation
            undertaken by an independent professional valuer of financial instruments.




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TREASURY CHINA TRUST
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& DISTRIBUTION ANNOUNCEMENT

2(d)     Convertible Bonds

Forum convertible bond

On 14 March 2011, TCT issued a convertible bond (“Forum CB”) with a notional amount of
S$59.7 million to finance the Trust’s acquisition of Huai Hai Mall and Central Avenue Mall.

The Forum CB is convertible by the bondholder into Units at a conversion price of S$2.10 at any
time on or after 40 days following 14 March 2011 up to seven business days prior to 17 September
2014 (subject to the satisfaction of certain conditions), or if the Forum CB has been called for
redemption before 17 September 2014, then up to seven business days prior to the date fixed for
redemption thereof. Based on the conversion price of S$2.10 and the issue value of S$59.7 million,
28,428,571 conversion units may be allotted and issued by the Trustee-Manager in the event of the
full conversion of the Forum CB.

Unless previously redeemed (following the exercise of a Delisting/Change of Control Put Right),
converted or purchased and cancelled, the Trustee-Manager will redeem the Forum CB on 17
September 2014.

The Forum CB bears cash interest on the outstanding principal amount of the bond at the rate of
6.0% per annum. The principal amount of a bond plus an additional amount necessary to result in
a yield of 16.75% per annum, compounded semi-annually (less all cash interest paid), shall be
payable upon redemption on 17 September 2014.




                                               13
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

2(d)      Convertible Bonds (continued)

Trio convertible notes

On 1 April 2011, TCT issued four tranches of convertible notes (“Trio CB”) with a notional
amount of RMB7.0 million each and a fifth tranche with a notional amount of RMB8.0 million to
finance the Trust’s acquisition of Central Avenue Mall. The aggregate notional amount of the Trio
CB is RMB36.0 million, equivalent to approximately S$6.9 million. The five tranches of
convertible notes have the same interest rate of 6% per annum. The maturity dates of the five
tranches are 1 April 2012, 1 April 2013, 1 April 2014, 1 April 2015 and 1 April 2016, respectively.

Based on the conversion price of S$2.80 and on the basis that the Singapore Dollar equivalent of
the convertible notes is S$6.93 million, 2,475,000 conversion units may be allotted and issued by
the Trustee-Manager in the event of the full conversion of the Trio CB. The convertible notes may
only be converted in the amount set forth once a year on the 30th business day after each
anniversary of 1 April 2011, according to their tranches set out above. In the event of
non-conversion, the Trustee-Manager will redeem each tranche in full on the same 30th business
day after each anniversary of 1 April 2011.

The convertible debt securities which remained outstanding as at 31 March 2012 are set out as
follows:

                                                                             Finance costs
             Aggregate      Convertible    Derivative                     amortised using
                amount     bond reserve     financial     Finance costs   effective interest   Conversion
            outstanding      (in equity)     liability            paid                 rates        price
                 S$'000          S$'000        S$'000           S$'000               S$'000            S$

Forum CB          62,273           2,337              -            896                1,736           2.10
Trio CB            6,861               -             88             20                  121           2.80
                  69,134           2,337             88            916                1,857



2(e)      Actual Gearing Ratio Compared to Gearing Cap

With outstanding borrowings of S$901 million and consideration payables of S$11 million against
the Group’s total asset value of S$2,660 million, the gearing ratio is 34.3%, compared to the
maximum gearing cap of 45% as stipulated in the Trust Deed.

2(f)      Actual Development Ratio Compared to Development Cap

Actual development ratio is 18.7%, compared to the development cap of 30% as stipulated in
Trust Deed.




                                                14
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

3(a)       Consolidated Statement of Cash Flows (1st Qtr 2012 & YTD 2012)

(S$'000)                                                          1st Qtr      YTD
                                                                    2012       2012
Operating activities
Profit after tax                                                    8,009      8,009
Equity-settled unit-based expenses                                    142        142
Depreciation of property, plant and equipment                         174        174
Net finance costs                                                  12,726     12,726
Change in fair values of financial derivatives                      1,295      1,295
Net foreign exchange gain                                        (15,253)   (15,253)
Income tax expense                                                  2,782      2,782
Operating profit before change in working capital                   9,875      9,875

Change in working capital:
Change in trade and other receivables                              16,907     16,907
Change in trade and other payables                               (22,306)   (22,306)
Cash generated from operating activities                            4,476      4,476
Income tax paid                                                     (732)      (732)
Net cash generated from operating activities                        3,744      3,744

Investing activities
Development cost paid on investment properties                   (11,720)   (11,720)
Purchase of plant and equipment                                      (61)       (61)
Interest received                                                      77         77
Cash outflows from investing activities                          (11,704)   (11,704)

Financing activities
Proceeds from bank borrowings, net of transaction cost             16,668     16,668
Repayment of bank loan                                              (632)      (632)
Interest paid                                                    (10,600)   (10,600)
Cash inflows from financing activities                              5,436      5,436

Net decrease in cash and cash equivalents                         (2,524)    (2,524)
Cash and cash equivalents at the beginning of the period          39,780     39,780
Transfer to restricted cash accounts                              (2,920)    (2,920)
Effect of exchange rate fluctuations on cash held                   (904)      (904)
Cash and cash equivalents as at period end                        33,432     33,432




                                               15
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

3(b)       Consolidated Statement of Cash Flows (1st Qtr 2012 & 1st Qtr 2011)

(S$'000)                                                             1st Qtr     1st Qtr
                                                                       2012        2011
Operating activities
Profit after tax                                                       8,009       7,026
Equity-settled unit-based expenses                                       142         148
Depreciation of property, plant and equipment                            174         100
Net finance costs                                                     12,726       7,100
Change in fair values of financial derivatives                         1,295         250
Net foreign exchange loss / (gain)                                  (15,253)     (9,356)
Income tax expense                                                     2,782       2,284
Operating profit before change in working capital                      9,875       7,552

Change in working capital:
Change in trade and other receivables                                 16,907       (573)
Change in trade and other payables                                  (22,306)     (8,649)
Cash generated from operating activities                               4,476     (1,670)
Income tax paid                                                        (732)       (401)
Net cash generated from / (used in) operating activities               3,744     (2,071)

Investing activities
Acquisition of subsidiaries, net of cash acquired                          -    (15,601)
Development cost paid on investment properties                      (11,720)     (2,613)
Purchase of plant and equipment                                         (61)           -
Interest received                                                         77         237
Cash outflows from investing activities                             (11,704)    (17,977)

Financing activities
Proceeds from bank borrowings, net of transaction cost                16,668     20,073
Repayment of bank loan                                                 (632)           -
Proceeds from convertible bonds issued, net of issue cost                  -     57,402
Distribution payment                                                       -     (6,408)
Interest paid                                                       (10,600)     (4,226)
Cash inflows from financing activities                                 5,436     66,841

Net (decrease) / increase in cash and cash equivalents               (2,524)     46,793
Cash and cash equivalents at the beginning of the period             39,780      99,010
Transfer to restricted cash accounts                                 (2,920)       (310)
Effect of exchange rate fluctuations on cash held                      (904)     (1,054)
Cash and cash equivalents as at period end                           33,432     144,439




                                                16
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

3(c)        Consolidated Statement of Movement in Unitholders’ Funds

(S$'000)                                               1st Qtr 2012                                   YTD 2012
                                                             Non–                                           Non–
                                        Unitholders     controlling                   Unitholders      controlling
                                        of the Trust         interests       Total    of the Trust       interests          Total


Balance at beginning of period            1,170,488          131,312      1,301,800     1,170,488         131,312       1,301,800


Profit after tax                              7,710               299        8,009          7,710             299           8,009
Foreign currency translation
  differences                              (59,368)           (4,223)      (63,591)      (59,368)          (4,223)       (63,591)
Total comprehensive expense                (51,658)           (3,924)      (55,582)      (51,658)          (3,924)       (55,582)


Contribution by and distribution to
  owners

Equity-settled unit-based transaction           142                   -        142            142                   -        142
Transactions with owners in their
  capacity as owners                            142                   -        142            142                   -        142


Balance at period end                     1,118,972          127,388      1,246,360     1,118,972         127,388       1,246,360




(S$'000)                                               1st Qtr 2012                                  1st Qtr 2011
                                                             Non–                                           Non–
                                        Unitholders     controlling                   Unitholders      controlling
                                        of the Trust         interests       Total    of the Trust       interests        Total


Balance at beginning of period            1,170,488          131,312      1,301,808       957,422                   -   957,422


Profit after tax                              7,710               299        8,009          7,026                   -     7,026
Foreign currency translation
  differences                              (59,368)           (4,223)      (63,591)      (17,312)                   -   (17,213)
Total comprehensive expense                (51,658)           (3,924)      (55,582)      (10,286)                   -   (10,286)


Contribution by and distribution to
  owners

Equity-settled unit-based transaction           142                   -        142             148                  -        148
Distribution to unitholders                       -                   -          -         (6,408)                  -    (6,408)
Transactions with owners in their
capacity as owners                              142                   -        142         (6,260)                  -    (6,260)


Balance at period end                     1,118,972          127,388      1,246,360       940,876                   -   940,876




                                                        17
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

3(c)      Consolidated Statement of Movement in Unitholders’ Funds (continued)

Footnotes:
1. The net movement in the foreign currency translation reserve in 1st Qtr 2012 was due to
    foreign exchange differences arising from the translation of RMB financial statements of the
    PRC operating subsidiaries into SGD (from S$:RMB = 1:4.848 at 31 December 2011 to
    S$:RMB = 1:5.017 at 31 March 2012), compared to the foreign exchange differences of a
    smaller extent in 1st Qtr 2011 (from S$:RMB = 1:5.128 at 31 December 2010 to S$:RMB = 1.
    5.188 at 31 March 2011).
2. Since the 2nd Qtr 2011, the Trust launched a unit buy-back program to acquire its own units
    as part of its ongoing proactive management strategy to provide a strong platform for stable
    growth to its unitholders. There were no units acquired and cancelled in the current period of
    the unit buy-back program.

3(d)      Details of Change in the Total Number of Issued Units

No change in the total number of units issued during the period.

3(e)      Earnings per Unit (“EPU”)

                                                                   1st Qtr 2012     1st Qtr 2011

Earnings per unit based on weighted average
number of units in issue
Weighted average number of units in issue                          253,619,717       256,275,067
Basic earnings per unit (cents)                                            3.0                2.7

Earnings per unit on a fully diluted basis
Weighted average number of units in issue (diluted)                287,100,185       289,923,684
Earnings per unit on a fully diluted basis (cents)                         3.0                2.5



3(f)      Net Asset Value (“NAV”) per Unit (basic and diluted)

                                                       31 Mar 2012                  31 Dec 2011



Number of units issued at period end                    253,619,717                  253,619,717

NAV (S$’000)                                              1,118,972                    1,170,488

Basic NAV per unit (S$)                                            4.41                      4.62
Diluted NAV per unit (S$)                                          4.14                      4.31




                                                18
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

4       Whether the figures have been audited, or reviewed and in accordance with which
standard (e.g. the Singapore Standard on Auditing 910 (Engagement to Review Financial
Statements), or an equivalent standard)

The figures have neither been audited nor reviewed by our auditors.

5        Where the figures have been audited or reviewed, the auditor’s report (including
any qualifications or emphasis of matter)

Not applicable.

6         Whether the same accounting policies and methods of computation as in the
issuer’s most recent audited annual financial statements have been complied with

The Group has applied the same accounting policies and methods of computation in the financial
statements for the current reporting period compared with the audited financial statements for the
year ended 31 December 2011, except for the adoption of accounting standards (including its
consequential amendments) applicable for the financial period beginning 1 January 2012. None of
these are expected to have a significant effect on the financial statements of the Group and the
Trust except for the amendment to FRS 107 Financial Instruments: Disclosures - Transfers to
Financial Assets which will become mandatory for the Group and the Trust’s financial statements
for 2012. The adoption of these amendments would only affect the disclosures made in the
financial statements and there will be no effect on the results and financial position of the Group
and the Trust.

7        If there are any changes in the accounting policies and methods of computation,
including any required by an accounting standard, what has changed, as well as the reasons,
and the effect of, the change

Please refer to Section 6 above.




                                                19
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

8          Review of the performance against 1st Qtr 2011
           Consolidated Income Statement

(S$'000)                                              1st Qtr 2012   1st Qtr 2011   Change (%)

Gross rental income                                         25,959        19,423
Other income                                                    13            31
Gross revenue1                                              25,972        19,454          33.5

Business and property related taxes                        (3,088)        (2,436)
Property management fees2                                    (881)          (659)
Other property operating expenses                          (6,018)        (3,905)
Total property operating expenses1                         (9,987)        (7,000)         42.7

Net property income1                                        15,985        12,454          28.4

Trustee-Manager’s fees2,3                                  (4,059)        (3,302)
Administrative expenses4                                   (2,052)        (1,600)
Finance income                                                  77            237
Finance costs5                                             (9,835)        (5,214)
Net profit before change in fair values of                     116          2,575
investment properties and financial derivatives,
and net foreign exchange differences

Depreciation & amortisation charges                          (174)         (100)
Unit option cost                                             (142)         (148)
Net foreign exchange gain6                                 15,253          9,356
Change in fair values of financial derivatives             (1,295)         (250)
Finance costs5 - Forum CB and Trio CB
  amortized using effective interest rate                  (1,857)          (154)
Finance costs - amortisation of transaction costs7         (1,110)        (1,969)
Profit before tax                                          10,791           9,310

Income tax expense - Current tax                             (392)          (401)
                    - Deferred tax                         (2,390)        (1,883)
Total profit after tax                                       8,009         7,026

Total profit attributable to:
Unitholders of the Trust                                     7,710         7,026
Non-controlling interests                                      299             -
Total profit after tax                                       8,009         7,026




                                                 20
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

8 Review of the performance against 1st Qtr 2011 (Continued)
Footnotes:
    1. Gross revenue, total property operating expenses and net property income
         The increases in gross revenue and total property operating expenses were attributable to
         the assets acquired over the prior year. The Trust acquired Central Avenue Mall (55%
         equity interest) and Huai Hai Mall (100% owned) in 2nd Qtr 2011. The table below
         presents the analysis of net property income in RMB.

         (i) Net property income statement
         (RMB’000)                                      1st Qtr           1st Qtr
                                                          2012              2011
                                                        Actual            Actual     Change (%)
         Rental Income:
         The HQ                                         72,761            70,558
         Central Plaza                                  26,377            21,641
         Treasury Building                               9,298             7,771
         Central Avenue Mall                            14,510                 -
         Huai Hai Mall                                   6,459                 -
         Gross rental income                           129,405            99,970              29.4

         Other income                                        67              160            (58.1)

         Property operating expenses:
         Business and property related tax             (15,394)         (12,558)
         Property management fees                       (4,394)          (3,399)
         Other property operating expenses             (29,999)         (20,130)
         Total property operating
           expenses                                    (49,787)         (36,087)              38.0

         Net property income                            79,685            64,043              24.4

         The increase in property operating expenses between 1st Qtr 2012 and 1st Qtr 2011 was
         mainly due to the impact of newly acquired assets.

         (ii) Summary of Other property operating expenses
         (RMB’000)                                1st Qtr                 1st Qtr
                                                    2012                    2011
                                                  Actual                  Actual     Change (%)

         Utility expenses                              (12,701)          (9,547)
         Cleaning expenses                              (1,823)            (504)
         Property management services*                  (4,650)          (2,495)
         Repairs & maintenance                          (1,569)             (89)
         Leasing commission, marketing
           and legal expenses                           (4,881)          (4,593)
         Other expenses                                 (4,375)          (2,902)

         Total other property operating
           expenses                                  (29,999)    (20,130)            49.0
         * The property management services fees were related to expenses paid/payable to
             non-related external service providers.

                                               21
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

8 Review of the performance against 1st Qtr 2011 (Continued)
Footnotes (continued):

    2.   Property management fees and Trustee-Manager’s fees are payable to subsidiaries of
         Treasury Holdings China Limited, a wholly owned subsidiary of a company that is
         wholly owned by significant unitholders of TCT.

    3.   The increase in Trustee-Manager’s fees was in line with the increase in size of the
         portfolio under management of the Trustee-Manager.

    4.   Administrative expenses
    (S$’000)                                             1st Qtr         1st Qtr
                                                           2012            2011
                                                         Actual          Actual     Change (%)

    Bank service charges                                  (550)            (474)
    Property management service expenses*                 (626)            (551)
    Professional fees**                                   (376)            (236)
    Others                                                (500)            (339)


    Total administrative expenses                       (2,052)          (1,600)             28.3

         *     Property management service expenses represented the actual costs incurred by the
               property manager in rendering the property management services. The expenses
               were reimbursed, at cost with no mark-up, to the property manager, a subsidiary of
               Treasury Holdings China Limited, a wholly owned subsidiary of a company that is
               wholly owned by significant unitholders of TCT.

         ** Professional fees mainly comprised expenses for legal, valuation and audit
            services.

    5.   The increase in finance costs was mainly due to the drawdown of bank loans and
         issuance of Trio convertible notes to fund the newly acquired assets.

    6.   Net foreign exchange gain in 1st Qtr 2012 was due mainly to the foreign currency gain
         arising from the revaluation of the USD denominated loan as a result of the appreciation
         of the Singapore dollar against the US dollar (from US$:S$ =1:1.2987 at 31 December
         2011 to US$:S$ = 1:1.2610 at 31 March 2012), compared to the that in 1st Qtr 2011 of a
         smaller extent (from US$:S$ = 1:1.2853 at 31 December 2010 to US$:S$ = 1:1.2642 at
         31 March 2011).

    7.   The decrease in finance costs, comprising mainly amortisation of transaction costs, was
         due to lesser amount of loan arrangement fees and other ancillary costs incurred on bank
         loans secured in 2011 as compared to those incurred in 2010.




                                               22
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

9         Commentary on the competitive conditions of industry in which the Trust and its
investees operate and any known factors or events that may affect the Trust and its investees
in the next reporting period and the next 12 months

China’s economy expanded 8.1% from a year earlier, the slowest pace in almost three years,
however, such growth was still above the 7.5% target set by the government and a bright spot in
world’s struggling economy. (Source: National Bureau of Statistics)

Consumption continues to play a significant role in China’s economy as shown by the breakdown
of Q1 2012 GDP growth, with domestic consumption contributing 76.5% to economic growth,
jumping sharply from 51.6% in 2011. The growth of total retail sales, one of the proxies for
consumption, increased 15.2% year-on-year (“YoY”) in March from 14.7% YoY in the first two
months. Meanwhile, household income still registered solid growth during the period to support
the strong performance of the retail sector. Urban disposable income per capita increased by
14.0% YoY and rural annual income per capita grew even faster by 17.0% YoY in Q1 2012.
(Source: National Bureau of Statistics)

China’s CPI inflation rose to 3.6% YoY in March, and whilst an increase over the February 2012
figure of 3.2% YoY still remains well under the government’s 2012 target of 4.0%. The reduction
in inflation from 2011 which recorded 5.4% for the year, is providing the government with the
flexibility to implement policy easing to support economic growth. This is evidenced by an
increase in lending for March 2012 which totalled RMB1.01 trillion, the highest level for 14
months and an indicator of a policy shift towards a moderate pro-growth stance. (Source: National
Bureau of Statistics and People’s Bank of China)

With regard to the commercial real estate market, Shanghai Grade A office market stabilized in the
first quarter though some tenants, especially MNCs, suspended their expansion or relocation plans
due to economic concerns. Overall average rents for Grade A office space rose to RMB
8.9/sqm/day, an increase of 1.2% q-o-q, while in Puxi (location of all TCT assets), the rents
remained flat at RMB 9.1/sqm/day owing to slower leasing demand. The supply was still tight as
no new projects were completed in the CBD area, and overall vacancy thus fell to 4.9% in Puxi
and 6.1% in Pudong respectively. Rental growth for full year is projected to be 7%-8%. (Source:
Jones Lang LaSalle)

The Shanghai retail market continued its positive momentum as leasing transactions remained
active, driven by expansion demand from mid-range fashion retailers and continuing growth in
retail sales. Average ground floor rents in the prime market edged up 0.6% q-o-q to RMB
46.5/sqm/day with the vacancy rate falling by 0.7% to 2.4% in prime areas. Q1 2012 has
witnessed more retail projects in the city upgrading or repositioning their tenant mix to attract
more foot traffic by increasing F&B and fast fashion tenants. For example, Brilliance Xuhui
Shopping Center, within close proximity to TCT’s Treasury Building re-opened with 100%
occupancy, under-pinned by the flagship stores established by Gap, H&M, C&A, and Ochirly. In
addition, current pre-leasing of K11 (formerly Hong Kong New World) is expected to push up the
rents along Huaihai Road where TCT’s Huai Hai Mall is located. (Source: Jones Lang LaSalle,
Savills)




                                               23
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

10       Distribution

10(a)    Current financial period:
         Any distributions declared for the current financial period?

         No.

10(b)    Corresponding period of the preceding financial period:
         Any distributions declared for the corresponding period of the immediate preceding
         financial period?

         No.

10(c)    Date payable:

         Not available.

10(d)    Book closure date:

         Not applicable.

10(e)    If no distribution has been declared/recommended, a statement to that effect:

         Not applicable.



11       If the Trust has obtained a general mandate from unitholders for IPTs, the
aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate
has been obtained, a statement to that effect

The Trust has not obtained a general mandate from unitholders for Interested Person Transactions.




                                                24
TREASURY CHINA TRUST
2012 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS
& DISTRIBUTION ANNOUNCEMENT

12          Confirmation Pursuant to Rule 705(5) of the Listing Manual

To the best of our knowledge, nothing has come to the attention of the Board of Directors of the
Trustee-Manager of Treasury China Trust (the “Trustee-Manager”) which may render the financial
results of the Group and Trust (comprising the statements of financial position as at 31 March
2012 and the consolidated income statement, consolidated statement of cash flows and
consolidated statement of changes in Unitholders’ funds for the three months ended 31 March
2012, together with their accompanying notes), to be false or misleading in any material respect.




On behalf of the Board of the Trustee-Manager

Richard David
Chief Executive Officer/Director




BY ORDER OF THE BOARD
Treasury Holdings Real Estate Pte. Ltd
(as Trustee-Manager of Treasury China Trust)
(Company registration no. 201003233M)




Richard David
Director and CEO
30 April 2012




IMPORTANT NOTICE
The value of units (“Units”) in Treasury China Trust (“TCT”) and the income derived from them may fall as well as rise.
Units are not obligations of, deposits in, or guaranteed by, TCT, the Trustee-Manager, or any of its affiliates. The past
performance of TCT is not indicative of the future performance of TCT.
Certain statements in this announcement constitute “forward-looking statements”. Such forward-looking statements
and financial information are based on numerous assumptions regarding 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, 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.

                                                           25

				
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