Property company returns to profit

IRISH-controlled property development company China Real Estate Opportunities returned to profitability last year and saw the value of its property portfolio increase by 4%.

The London-listed firm is mainly owned by Irish developers Treasury Holdings and has its focus on the Chinese market. It made a pre-tax profit of £20.12 million (€22.32m) last year, a turnaround from a pre-tax loss of £68.52m in the previous year.

The company’s overall property portfolio was valued at Chinese yuan9.19 billion (just under €1bn), up by 4% in local currency terms since the halfway point last year and up 7% in sterling.