CREO portfolio valued at £635m

The value of the properties owned by the Treasury Holdings-backed China Real Estate Opportunities (CREO) has grown by more than 12 per cent to £635.36 million since its reflotation last July, according to the latest valuation of the company's portfolio

CREO said yesterday a recent independent survey found that the aggregate gross value for the properties, located in Shanghai, Beijing and Qingdao, was £635.36 million on December 31st. The company added that when it relaunched on London's Alternative Investment Market last July, the same properties were worth £566 million, based on a valuation carried out the previous month.

The increase in the gross value of the company's portfolio over the period was close to £70 million, indicating growth of more than 12 per cent.

Landsbanki analyst Charlie Murphy predicted in November that the company's net asset value (NAV) would grow by about 30 per cent a year from its flotation in July to the end of 2010. He said that its NAV would increase from £7.68 a share, its flotation price, to about £17 by December 2010.

Meanwhile, Treasury Holdings announced yesterday that it was apppointing Richard David, managing director of its China subsidiary, to its board.

Mr David, former head of Australian giant Macquarie's Chinese real estate operations joined Treasury Holdings China in August. The company manages CREO.

Property players Richard Barrett and John Ronan own Treasury Holdings, which in turn has a 58 per cent stake in Real Estate Opportunities, which is a 16.5 per cent sharholder in CREO.

Mr Barrett and Mr Ronan directly own 19 per cent of CREO between them.