SGX lists Treasury China Trust

TCT is the second China-focused trust in SGX with a market capitalization of $430mln.

Singapore Exchange (SGX) announced on Monday that Treasury China Trust (TCT) has commenced trading on its Mainboard, under the ticker symbol TCT.

“We welcome Treasury China Trust (TCT) to SGX. We are pleased that TCT has chosen SGX as their listing venue to access international capital, and to support their business growth in Asia,” said Mr Lawrence Wong, Executive Vice President and Head of Listings at SGX.

TCT’s principal business is the management of commercial real estate in the People’s Republic of China. This asset portfolio comprises five commercial properties in Shanghai and Beijing with a total value of approximately S$1.9 billion. Currently, this portfolio is held by China Real Estate Opportunities (“CREO”) which is listed on AIM. These assets will be transferred to TCT who will issue five of its units for every share held by a CREO shareholder as part of its listing by introduction, according to an SGX report.

”Singapore is one of the world’s most important financial centres. Our strategic move to list on SGX places us nearer our natural investor base and realises our long-term commitment to Asia. We would like to extend our thanks to our partners at SGX for assisting us in achieving this milestone,” said Mr Richard Barrett, TCT Chairman.

TCT has a market capitalisation of S$430 million (as of 14 June 2010) and will be the second Trust to be listed on SGX with a China focus. This will bring the total number of listed REITs and Property Trusts on SGX to 23 with a total market capitalisation of close to S$30 billion. It also brings the total number of listings to-date on SGX to 762.