Revenue at Treasury China Trust, the China-based company which is 40 per cent owned by Treasury Holdings, grew by 9.4 per cent in the final quarter of last year.

The company, which listed in Singapore in June 2010, posted net profit of SGD39.61 million (€22.6 million) for the six month period ended December 31st, 2010.

The company, which is one of the largest investors in Chinese commercial real estate, said occupancy rates exceeded 90 per cent.

Earlier this month it said it was spending €63.5 million to buy a shopping mall in Shanghai. It plans to fund this and further acquisitions through the issuance of €29.8 million in convertible bonds.