This month last year, China Real Estate Opportunities (CREO) suspended its shares on the London market and delisted to facilitate a switch in its registration from Luxembourg to Jersey.
The following July, it refloated on the Alternative Investment Market (Aim) and raised €383 million, giving it a market capitalisation of about €600 million.
It used the cash raised to buy a number of investment properties, mainly in Shanghai, for £416.6 million.
Richard Barrett and John Ronan directly own 19.3 per cent of the company.
Real Estate Opportunities (REO), the property investment vehicle that they floated in London in 2001, holds 16.5 per cent of CREO.
The Barrett and Ronan-owned Treasury Holdings holds 58 per cent of REO.
CREO and REO chairman Ray Horney owns 5.4 per cent. Treasury Holdings employees own another 5 per cent. Barrett is a director of CREO.
Treasury Holdings' wholly owned subsidiary, Treasury Holdings China Ltd, is CREO's investment and property manager, which means it deals with the day-to-day business of running a property development and investment company.
When it floated, CREO bought the Treasury Building in Shanghai from REO for £16 million and more than £20 million in debts.
Barrett, Ronan, Horney, Treasury Holdings and its employees are regarded as a concert party under stock exchange rules.
All told, they own just over 46 per cent of CREO, the remaining 54 per cent constitutes the free float and is largely owned by institutions.
The concert party has the option to acquire further shares in CREO.
Under normal circumstances, if it were to take this up, Treasury, REO, Barrett and Ronan would be obliged to buy out the entire company.
However, before it floated last year, the London market's takeover panel agreed that it would waive this obligation.
In theory at least, the concert party's interest in CREO could increase to more than 50 per cent, with no obligation to buy out the other shareholders.
