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China Real Estate Opportunities SA

The Company's principal objective is to achieve capital growth from a portfolio of properties in China. The Board is responsible for the Company's investment strategy and will review it from time to time in line with market conditions.

See more information about China Real Estate Opportunities SA

China Real Estate grows portfolio value 7.35% to £837 mln at end of ‘challenging’ 2009

2010-02-05 by Jamie Ashcroft

China Real Estate Opportunities (AIM: CREO) said the aggregate gross value of its portfolio amounted to £837 million as at December 31 2009, which marks an increase of 4% in local currency terms and 7.35% in sterling terms from £780 million at the end of June.

The company said the year was challenging with vacancy rates in Shanghai peaking at 14.2% in Q1 and reducing to 11.4% by year end. The property portfolio witnessed 212 lease expiries during the year, representing more than 50% of its entire tenancy base.

Approximately 55% of these leases were renewed, whilst a further 15% were moved out of the Central Plaza property as part of the refurbishment and re-positioning program. Sixty new tenants, amounting to 28% of lease expiries, entered into leases including MetLife Insurance (NYSE: MET), Prudential Insurance (LSE: PRU) and Johnson & Johnson (NYSE: JNJ).

This resulted in portfolio occupancy of 85% at the end of the year, representing a year on year reduction of 6%, but translated into increases in gross rental income on a per square metre basis.

The company has made two disposals during the year, including the 5% interest in City Centre 5, disposed of for an 8.9% premium over valuation and the 50% interest in Tangdao Bay, disposed of in for a 10.9% premium over valuation. The company has also sold its 60% shareholding in RREEF China Commercial Trust to generate a 20% return on acquisition price.

Following the disposals, the company’s cash holdings at the end of the year amounted to £75 million.

China Real Estate expects to cover its refinancing requirements in 2010 after completing a loan facility with CITIC Ka Wah Bank last December on improved terms.