Treasury Holdings China, the property company owned by Johnny Ronan and Richard Barrett, has agreed to defer payment of the £22m (€25m) performance fee owed to it by China Real Estate Opportunities (CREO) until "the company has the financial resources to settle". It will be now be paid the money over more than 12 months.

Treasury earned over £5m in management fees from CREO in the first six months of this year. CREO announced last week that changes have been made to the investment advisory agreement, which will eliminate from any future performance fee calculation any increase in net asset value per share arising from a repurchase of shares and any increase in the Chinese yuan against sterling.

CREO said the value of its property portfolio fell 6.2% to £835.9m in the first six months of the year, mainly due to a downturn in development assets.

CREO is 25% owned by Barrett and Ronan directly, with another 6% owned by their company, Treasury Holdings, and 17% owned by Real Estate Opportunities (REO), in which Treasury has a 66% stake.

REO said last week that Treasury had received management fees and development fees of £7.7m from the company's Irish and global property portfolios.

REO said it welcomed the establishment of Nama because it "will have access to longer-term funding than the current Irish lenders and the injection of new liquidity to the banking sector will enable the economy to stabilise and in due course return to growth".