Forterra Trust

Forterra Trust (former Treasury China Trust): The trust's chairman, deputy chairman and CEO have resigned from the board. CEO Richard David resigned from his role without providing any detailed reason for cessation. The trio's resignation came after the recent completion of Nan Fung's purchase for a 26.9% stake in the trust for $226.7m in Aug. The trustee-manager's chairman, as well as Nan Fung's managing director, stated that the CEO agreed to resign after Nan Fung's position as major unitholder and owner of the management companies, with the trust seeking a move toward a new direction. Nan Fung has said that it could provide co-investment opportunities for "quite substantial" projects through its connections to local governments in China and relationships with stakeholders like architects and contractors. According to Stanchart's latest property data, Forterra Trust has a forward DPU yield of 2.3% (FY14) and a P/NAV of 0.45x.