THE VALUE of Treasury Holdings-backed China Real Estate Opportunities' (CREO) properties grew 11 per cent to more than stg£600 million by the end of 2007, the company said yesterday.
CREO, which was floated on London's Alternative Investment Market (AIM) in July, said that its net asset value stood at £8.23 a-share at the end of 2007.
This was an increase of more than 11 per cent on its flotation price in July of £7.68. The company raised £260 million at the time, which it used to buy retail and office properties in Shanghai and Beijing.
Its subsequent purchase of two sites at Tangdao Bay, a resort located between Shanghai and Beijing, added a further 5.4p a share to its value, the company said.
The valuations that it quoted are based on an independent survey of its properties carried out at the end of last year.
Chairman Ray Horney said in a statement that the company is well positioned to capitalise on rental growth in the office and retail businesses.
CREO's share price closed in London at 872.5p, a fall of 1.5p, or 0.18 per cent.
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 shareholder in CREO.
Mr Barrett and Mr Ronan directly own 19 per cent of CREO between them.
