Update on Property Portfolio

31 Jan 2008 09:24

China Real Estate Opportunities Ltd31 January 2008 FOR IMMEDIATE RELEASE 31 January 2008 China Real Estate Opportunities Limited Update on property portfolio The Board of Directors of China Real Estate Opportunities Limited (the"Company") is pleased to announce the results of recent independent valuationscarried out by CB Richard Ellis on properties comprised within the Company'sportfolio. These valuations have been prepared in accordance with the "RICSAppraisal and Valuation Standards, 5th Edition" published by the Royal Instituteof Chartered Surveyors in the United Kingdom. The valuations, which are as at 31December 2007, relate to all of the properties held by the Company other thantwo properties at Tangdao Bay, Qingdao which have only recently been acquired,as announced by the Company on 21 January 2008. Taken together, the valuations indicate an aggregate gross value for the subjectproperties of RMB9.31 billion (£635.36 million at the exchange rate prevailingon 31 December 2007). When the Company was launched in July 2007, based onvaluations as at 1 June 2007, the same properties were valued at RMB8.56 billion(£566.7 million at then prevailing exchange rates) in aggregate. The Directors would draw attention to the fact that whilst the valuation of theCompany's properties is key to the value of the Company's net assets, numerousother factors will also be brought into account including (but not limited to)any provision which may be made for performance fees or for actual or contingenttax liabilities. Enquiries to: CREOTel: + 44 (0)1273 775 225Ray Horney, Chairman Landsbanki Securities (UK) LimitedTel: + 44 (0)20 7426 9000Paul FinchamJonathan BecherRobert Naylor Bankside Consultants LtdTel: + 44 (0)20 7367 8888Simon RothschildOliver Winters Murray ConsultantsTel: + 353 1 498 0300Ed Micheau This information is provided by RNS The company news service from the London Stock Exchange