JOHNNY Ronan and Richard Barrett have agreed to changes in the fees they charge to their quoted property vehicle China Real Estate Opportunities (CREO).

The developers own 41% of CREO, which plans to move its listing to the Singapore stock exchange later in the year. The pair charge the London-listed company fees for managing its assets.

In a circular sent to investors giving details of the move to the Asian listing, they said their fees will now be charged based on a percentage of its operating income rather than a percentage of the net asset value.

This has the potential to reduce the amount the company would pay in performance fees to them. CREO paid out management fees of €10.6m in 2009.

CREO said in the 120-page circular that the switch to the Singapore listing was because of a "substantial discount" between the company's share price to its net asset value.

The switch should broaden the "universe of potential shareholders" and introduce "new sources of potential demand for the shares which may in turn, over time, benefit the rating and liquidity of the shares". If shareholders back the deal the company will be renamed Treasury China Trust.

According to the circular, Treasury China Trust will be an unregulated collective investment scheme and it does not plan to file financial information via the standard stock-exchange news services. Its performance will only be sent to its investors.

The document said it will also be difficult for Ronan and Barrett to be removed as managers of Treasury China Trust given their shareholding in the company.

CREO has about €1bn of property assets in China.

Shares in the company have risen about 32% so far this year, with most of the jump coming since it announced plans for the Singapore listing.