Call Option Agreement

RNS Number : 6520I

China Real Estate Opportunities Ltd

21 November 2008

China Real Estate Opportunities Limited

CREO ANNOUNCES CALL OPTION IN RREEF CHINA COMMERICIAL TRUST

21 November 2008, Hong Kong - China Real Estate Opportunities Limited ("CREO" or the "Company"), an AIM listed property company with an established investment and development portfolio in China today announced that it had entered into a call option agreement to acquire a 25.65% stake or 119,043,500 units in RREEF China Commercial Trust ("RREEF CCT"), a Hong Kong-listed Real Estate Investment Trust ("REIT"), to be exercised on 12 January 2009 at a cost of HKD 387 million (£33.6 million).

RREEF CCT listed on the Hong Kong Stock Exchange on 22 June 2007 and currently owns an international grade A office and retail complex in the Chaoyang District of Beijing. The property, Beijing Gateway Plaza, is a strongly performing commercial real estate asset of approximately 130,000 square metres, with occupancy of over 95%, and is entirely consistent with CREO's long-term investment and operating philosophy.

RREEF CCT is managed by RREEF China Reit Management Limited, which is owned by RREEF Alternative Investments through Deutsche Bank Asia Pacific.

As at June 2008, RREEF CCT had a net asset value (NAV) of HKD6.04 per share, whilst the individual asset had a gross property value of HKD8.56 per share (HKD3.99 billion, £347.0 million). An interim dividend of HKD18.63 cents per share was paid in June 2008. Based on the share price of HKD1.880 on 20 November 2008, RREEF CCT had a market capitalisation of HKD873 million (£75.9 million).

CREO has secured the call option at HKD3.25 per share representing a 46% discount to NAV and 62% discount to gross property value. Based on the interim dividend outlined in the June 2008 interim accounts the exercise price of the call option of HKD3.25 equates to a dividend yield of 11.5% per annum.

Mr. Ray Horney, Chairman of China Real Estate Opportunities Limited said, "This transaction reinforces CREO's ongoing commitment to its core business and exhibits its capacity to identify strategic investments that maintain its position as one of the leading foreign investors in China's commercial real estate market and that are accretive to its existing investments".

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About CREO

CREO was listed on the AIM market in London on 11th July 2007 under ticker symbol CREO, having successfully raised £259 million. Harnessing the intimate local market knowledge and key relationships that Treasury Holdings has been able to develop through its presence in China since 2002, CREO's principal objective is to maximise capital growth from a portfolio of properties in China. The projects will all incorporate high quality design, specifications, and finishes synonymous with Treasury Holdings.

CREO, with an exclusive focus on the China real estate market currently owns seven high-quality, strategically located properties in Shanghai, Beijing, and Qingdao. The company's main focus is in the commercial real estate sector, with income-producing properties currently representing 75% of the total portfolio.

www.china-reo.com

www.treasuryholdings.com

For further information, please contact:

CREO

Ray Horney, Chairman

Tel: + 44 (0)1273 775225

Sarah Moriarty, Investor Relations

Tel: +353 1 6189455

Treasury Holdings China

Richard David, Managing Director

Tel: (+86) 21 6282 5000

Davy