€15m TCT share placing

TREASURY China Trust (TCT) — the Chinese arm of Irish property development company, Treasury Holdings — has successfully raised more than €15 million in a private share placement that will go towards two acquisitions the company has identified.

The placing of just over 16 million shares (6.7% of the company’s original share capital) on the Singapore Stock Exchange — where the company listed earlier this year — was substantially oversubscribed, with Sing$26.7m (€15.4m) being raised after investors paid out a premium for the stock. Neither Treasury — which counts as the largest single shareholder in TCT — nor any of its related companies took part in the placement.

The proceeds from the placing will fund TCT’s (formerly China Real Estate Opportunities/CREO) further expansion into China’s retail property sector — with the purchase of the Retail Mall building in Shanghai and the Central Avenue Mall development in Qingdao; the latter being TCT’s first foray outside of Shanghai.