First Day of Dealings

China Real Estate Opportunities Ltd
11 July 2007



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is an advertisement and not an admission document and
investors should not subscribe for or purchase any shares referred to in this
announcement except on the basis of information in the admission document to be
published by China Real Estate Opportunities Limited ("CREO" or the "Company")
in due course in connection with the admission of the ordinary shares in the
capital of CREO to AIM, a market operated by London Stock Exchange plc (the
"Admission Document").


11 July 2007


                    CHINA REAL ESTATE OPPORTUNITIES LIMITED

                 COMMENCEMENT OF DEALINGS AND ADMISSION TO AIM


China Real Estate Opportunities Limited ("CREO" or "the Company"), a Jersey
incorporated company, established to acquire both investment and development
properties in China, today announces the commencement of dealings of its
ordinary shares on AIM under ticker symbol CREO.L.

The Company, through its broker Teather & Greenwood Limited, has successfully
raised £259 million via the issue of 34,227,807 Ordinary Shares at a price of
£7.56 per share (the "Placing"). The market capitalisation of the Company based
on the Placing Price is £398 million. Davy acted as Irish placing agent to the
Company.

Ray Horney of CREO commented:

"We are delighted with the degree of investor interest shown in the Placing. The
Board believes that the Chinese real estate market holds very significant
opportunities. CREO is committed to taking advantage of these conditions and we
look forward to reporting to shareholders on its progress."

Placing Statistics

+--------------------------------------------------------+--------------+
|Placing Price                                           |       £7.56  |
+--------------------------------------------------------+--------------+
|Number of new Ordinary Shares to be issued pursuant to  |  32,094,866  |
|the Placing                                             |              |
+--------------------------------------------------------+--------------+
|Number of Consideration Shares to be issued             |   2,132,941  |
+--------------------------------------------------------+--------------+
|Number of Ordinary Shares currently in issue            |  18,400,000  |
+--------------------------------------------------------+--------------+
|Number of Ordinary Shares in issue immediately following|  52,627,807  |
|the Placing and Admission                               |              |
+--------------------------------------------------------+--------------+
|Estimated net proceeds of the Placing receivable by the |  £234 million|
|Company                                                 |              |
+--------------------------------------------------------+--------------+
|Estimated initial diluted net asset value per Ordinary  |       £7.68  |
|Share                                                   |              |
+--------------------------------------------------------+--------------+
|Market capitalisation of the Company at the Placing     |  £398 million|
|Price                                                   |              |
+--------------------------------------------------------+--------------+


The Placing will provide the Company with funds to complete the acquisition of
an initial portfolio of investment and development properties ("the Initial
Property Portfolio"), working capital and funds for further acquisitions. The
aggregate consideration for the Initial Property Portfolio including acquisition
costs is approximately £416.6 million. The balance of the consideration will be
funded with debt finance.

Immediately following Admission, the enlarged share capital of the Company will
comprise 52.6 million Ordinary Shares, of which 18.4 million (excluding for this
purpose any subscriptions made pursuant to the Placing and the issue of the
Consideration Shares) will be held by the Existing Shareholders, representing
approximately 35 per cent. of the enlarged issued share capital. In addition,
the Consideration Shares are to be issued to REO, one of the Existing
Shareholders.

INVESTMENT STRATEGY

The Company's principal objective is to achieve capital growth from a portfolio
of properties in China. The initial focus will be on large scale development
opportunities for income producing assets such as office, logistics and retail
properties. The investment portfolio will be concentrated on the commercial
rather than the residential sector where the Directors believe there is greater
growth potential. Geographically, the initial focus will be Shanghai and
Beijing, although the Company will pursue opportunities in other cities in China
on a selective basis.


INITIAL PROPERTY PORTFOLIO

The portfolio which CREO has contracted to acquire consists of:

City Centre Phases 1, 3 and 5, Shanghai

City Centre is a mixed use investment property and development project in
Hongqiao, close to Hongqiao airport. Recently the District Government published
a development plan for the district which envisages the creation of new public
transport links including high speed train services, new metro links and a high
speed magnetic levitation train connection to the financial district of Pudong.

City Centre Phase 1, completed in 2002, comprises two 25-storey towers over a
six storey shopping centre as well as a two-storey food and pedestrian area
located adjacent to City Centre Phase 3 together with underground parking. The
office towers are virtually fully occupied by overseas and domestic tenants.

City Centre Phase 3 is a development site where the Company intends to construct
a 77,512 square metre mixed -use property, with six storeys of retail floor
space and 15 floors of office accommodation.

The Company's interest in City Centre Phase 5 comprises a five per cent indirect
interest in a 50:50 joint venture established by third parties to develop a
luxury retail and office development.

Central Plaza, Shanghai

Central Plaza is an investment property located in the heart of both the
business and tourist centre. The building, which is a 19 storey office building,
is currently let with occupancy rates of 98 per cent for retail and 88 per cent
for office space. The Company aims to refurbish the property.

Tangdao Bay, Qingdao, Shandong

Tangdao Bay is a development site within Qingdao, the site of the sailing events
for the 2008 Beijing Olympics. A subsidiary of the Company has entered into a
50:50 joint venture with SIIC (Shanghai) Holdings Co. for the development of the
property. An architectural firm has been engaged for the development of 1,110
apartments: work is due to commence in November 2007.

Treasury Building, Changning, Shanghai

The Treasury Building is a fully let 12-storey office property completed in
2006. It has been contracted from a subsidiary of Real Estate Opportunities
Limited. No development work is planned at the site.

Beijing Logistics Park

Beijing Logistics Park is an undeveloped site to the north of the Capital
International Airport. Three expressways serve the site. Given the increased
number of international tenants in the market since China's entry into the World
Trade Organisation, the Directors believe that the provision of high standard
logistics space in this prime location will attract high demand from
international occupiers. The architectural firm Henry J Lyons has undertaken the
initial plan for the site. Development is expected to commence in October 2007.

ACQUISITION PIPELINE

The Directors will continue to consider further acquisitions in line with the
Company's investment objectives and strategy. Treasury Holdings China Limited,
the Company's investment manager, has identified nine further properties and has
conducted initial due diligence in respect of these properties.


MANAGEMENT

Treasury Holdings China Limited has been appointed as the investment manager of
the Company's portfolio with responsibility for sourcing additional investments
and making investment decisions, subject to overall supervision by the Company's
board of directors.


Enquiries to:


CREO

Ray Horney                   Tel: + 44 (0) 1273 775 225
Richard Barrett              Tel: + 353 1 618 9300
Robert Tincknell             Tel: + 862 1 5385 8369 / [phone]

Teather & Greenwood          Tel: + 44 (0) 20 7426 7736
Paul Fincham
Jonathan Becher
Robert Naylor

Davy                         Tel: + 353 (1) 6148852
Des Carville
Brian Corr

Bankside Consultants Ltd     Tel: + 44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters

Murray Consultants
Elizabeth Headon             Tel: + 353 1 498 0300




NOTE TO EDITORS


China Real Estate Opportunities Limited


The Company is the successor vehicle to China Real Estate Opportunities S.A., a
Luxembourg company listed on AIM as a cash shell in December 2005.


Directors


The Board comprises the following seven non -executive Directors:


Ray Horney (age 71) Chairman


Ray has been the chairman for Real Estate Opportunities Limited since 2001. He
founded Rayford Supreme Holdings plc, a UK retail group listed on the London
Stock Exchange, in 1983, which was acquired by Harris Queensway plc in an agreed
takeover in 1985. He became chairman of St. James Beach Hotels, a group of three
hotels in Barbados, in 1989, which was listed on the London and Barbados Stock
Exchange in 1994. Mr. Horney is also chairman of Sandyport Development Co.
Limited, a private property company in Nassau, Bahamas and chairman of Redleaf
Shopping Centres, Redleaf (Iberia) Limited, Rayford Homes Limited and Nordic
Land Limited.


Stuart Leckie O.B.E. (age 62) Deputy Chairman


Stuart Leckie is based in Hong Kong and advises on investments and pensions in
Hong Kong and Mainland China. He is the author of books titled "Pension Funds in
China" and "Investment Funds in China". He was founding Chairman of the Hong
Kong Retirement Schemes Association. He served as the Chairman of Watson Wyatt
in Asia - Pacific and as Chairman of Fidelity Investments, Asia-Pacific. He has
advised the Chinese Government on pension's reform. He has served on various
committees in Hong Kong's Securities and Futures Commission, and was a Director
of Exchange Fund Investment Limited, Which launched the highly successful
Tracker Fund.


Richard Barrett (age 53)


Richard is a Barrister of the King's Inns Dublin and a non-executive director of
Real Estate Opportunities. He is managing director of Treasury Holdings and a
non-executive director of Castle Market Holdings Limited and Havenview
Investments Limited.


Ian Ling (age 60)


Ian has worked in the Investment and Finance Industry since 1969. He became a
Member of the London Stock Exchange in 1975 and a partner in Laurie Milbank in
1977. He moved to Jersey in 1979 to establish and run an office for them. Ian
then set up Channel Islands Portfolio Managers Ltd which was subsequently
acquired by Commercial Union and he then moved to Jersey General Group, an
offshore financial group which has an investment arm (Ashburton Jersey Ltd) and
a trust and company administration unit. Ian remains on the board of Ashburton
and their associated companies. He sits as a Non-Executive Director of several
offshore companies as well as being Chairman of the Jupiter Defined Capital
Return Fund Ltd and Union Bancaire Asset Management (Jersey) Ltd.


Richard Pirouet (age 60)


Richard Pirouet is a Chartered Accountant and was a partner of Ernst & Young
Jersey and its pre-decessor firms for 24 years up to 1998. He was managing
partner of the firm from 1991 - 1998. For the nine years ending on 31 May 2007,
Richard has been Commissioner and, for most of that period, Deputy Chairman of
the Island's financial regulator, The Jersey Financial Services Commission.
Richard holds a number of non executive directorships including Abbey National
International Limited, Banyan Tree Resorts (Seychelles) Limited, Jersey Water
and K2 Corporation.


Robert Tincknell (age 40)


Robert has worked extensively in the UK property investment and development
market, spanning a period of 20 years. He worked previously as Managing Director
of the Commercial Division at The Berkeley Group plc, and joined Treasury
Holdings in 2002 as Development Director where he was responsible fort he entire
development programme including Spencer Dock in Dublin. In 2005 he was made
Group Deputy Managing Director and in 2006 Managing Director of the Company's
China activities. He now lives in Shanghai with his family.


Rory Williams (age 42)


Rory joined Treasury Holdings in 2001 as head of legal and became a director in
2002. Prior to his appointment he was a partner in the corporate division of
leading Dublin law firm, Arthur Cox. Rory has responsibility for overseeing all
legal aspects of Treasury Holdings' investments and development property
portfolio in Ireland and abroad. He has been based in Shanghai since April 2006.


Richard Barrett, Rob Tincknell and Rory Williams are employed within the
Treasury Holdings Group. Ray Horney is Chairman of Real Estate Opportunities
Limited whose property portfolio is managed by Treasury Holdings. No other
Director has any interest in Treasury Holdings or is or has been employed or
otherwise in a position to receive fees or benefits from Treasury Holdings.



The information contained herein is not for publication or distribution in or 
into the United States of America, Canada, Australia or Japan. This announcement 
does not constitute or form part of an offer to sell or issue, or any 
solicitation of an offer to buy or subscribe for any securities referred to 
herein. The securities referred to herein have not been and will not be 
registered under the U.S. Securities Act of 1933, as amended (the "Securities 
Act"), and may not be offered or sold in the United States absent registration 
under the Securities Act or an available exemption from it. The Company does not 
intend to register the securities or conduct a public offering in the United 
States.  The securities referred to herein will be offered outside the United 
States only pursuant to Regulation S of the Securities Act.

In the United Kingdom, this announcement is addressed only to, and is directed 
only at, (i) persons who have professional experience in matters relating to 
investments who fall within Article 19(5) of the Financial Services and 
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and high net 
worth entities falling within Article 49(2)(a) to (d) of the Order, and (ii) 
persons to whom it may otherwise lawfully be communicated (all such persons 
together being referred to as "relevant persons").  This announcement must not 
be acted on or relied on by persons who are not relevant persons.  Any 
investment or investment activity to which this announcement relates is available 
only to relevant persons and will be engaged in only with relevant persons.

Securities in CREO have not been and will not be registered under the applicable 
securities laws of Australia, Canada, or Japan and subject to certain exceptions 
may not be offered or sold within Australia, Canada, or Japan or to, or for 
the account or benefit of, citizens or residents of Australia, Canada, or Japan.

The Placing is being made in the United Kingdom by means of an offer to 
institutional investors. The Placing and the distribution of this announcement 
and other information in connection with the Placing in certain jurisdictions 
may be restricted by law and persons into whose possession any document or other 
information referred to herein comes should inform themselves about and observe 
any such restriction. Any failure to comply with these restrictions may constitute 
a violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to 
sell or issue, or any solicitation of any offer to purchase or subscribe for, 
any securities and any purchase of or application for securities of the Company 
pursuant to the Placing should only be made on the basis of the information 
contained in the Admission Document.





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