c17d78bf-0207-4790-9ea7-b94657833f37.pdf



HARNESSING STRENGTHS. OPTIMISING POTENTIAL.


CAPITALAND RETAIL CHINA TRUST

Annual Report 2015

Contents

Overview


  1. Year in Brief 2015

  2. 2015 Highlights

  3. Financial Highlights

  4. 5-Year Financial Highlights

  5. Trust Structure

  6. Organisation Structure

  7. Message to Unitholders

  1. Value Creation

  2. Property Portfolio


Corporate Governance & Transparency


16 Board of Directors

  1. Trust Management Team

  2. Corporate Governance

43 Enterprise Risk Management

46 Investor & Media Relations

48 Unit Price Performance

Sustainability


50 Sustainability Management


Business Review


54 Operations Review

60 Financial Review

63 Capital Management


Portfolio Details


66 Portfolio Summary

68 Property Details


Financials & Additional Information


77 Financial Statements

145 Interested Person Transactions 146 Statistics of Unitholdings

148 Mall Directory

IBC Corporate Information

HARNESSING STRENGTHS. OPTIMISING POTENTIAL.


CapitaLand Retail China Trust (CRCT) has consistently turned in steady and sustainable performances for Unitholders since its listing in 2006. CRCT's portfolio of 10 quality shopping malls is located in key Chinese cities including Beijing, Shanghai and Wuhan. The malls' strong market positioning and wide range of popular retail offerings continue to attract quality retailers and draw shoppers, providing growth potential and robust resilience to CRCT's performance. With its quality asset base and expertise in mall and asset management, CRCT is well-positioned to benefit from the expected growth in retail sales as China restructures its economy to be consumption-driven and to generate higher value-added jobs.


Cover

CapitaMall Grand Canyon, Beijing


Corporate Profile


First China shopping mall real estate investment trust in Singapore

CapitaLand Retail China Trust (CRCT) is the first China shopping mall real estate investment trust (REIT) in Singapore, with a portfolio of 10 income-producing shopping malls. Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, it is established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.


The geographically diversified portfolio of quality shopping malls is located in six of China's cities. The malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, CapitaMall Anzhen and CapitaMall Shuangjing in Beijing; CapitaMall Qibao in Shanghai; CapitaMall Minzhongleyuan in Wuhan, Hubei Province; CapitaMall Erqi in Zhengzhou, Henan Province; CapitaMall Saihan in Hohhot, Inner Mongolia; and CapitaMall Wuhu in Wuhu, Anhui Province.


All the malls in the portfolio are positioned as one-stop family-oriented shopping, dining and entertainment destinations for the sizeable population catchment areas in which they are located, and are accessible via major transportation routes or access points. A significant portion of the properties' tenancies consists of major international and domestic retailers such as Beijing Hualian Group (BHG), Carrefour and Wal-Mart under master-leases or long-term leases, which provide CRCT's Unitholders with stable and sustainable returns. The anchor tenants are complemented by popular specialty brands such as BreadTalk, innisfree, KFC, Nanjing Impressions, Nike, Sephora, Starbucks, UNIQLO, Watsons and ZARA.


CRCT is managed by an external manager, CapitaLand Retail China Trust Management Limited (CRCTML or the Manager), which is an indirect wholly-owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies headquartered and listed in Singapore.



Vision


Sustainable and resilient REIT with a professionally managed portfolio of quality retail real estate across China.

Mission


Deliver sustainable income growth to our Unitholders and value add to the community and stakeholders by enhancing organic growth through proactive asset management; creating new value through innovative asset enhancement strategies; and capitalising on yield-accretive acquisitions.

02

CapitaLand Retail China Trust‌

Annual Report 2015


Year in Brief 2015



January July


  • For financial year 2014, CRCT achieved distributable income of S$ 80.9 million, a 15.4% year-on-year increase. For the same period, distribution per unit (DPU) grew 8.9% year-on-year to 9.82 cents.

  • Distributable income grew 7.9% and DPU grew 5.4% year-on-year for 2Q 2015.


    September


    March


  • Paid a DPU of 4.83 cents to Unitholders for the period 1 July to 31 December 2014.


    April


  • Paid a DPU of 5.37 cents to Unitholders for the period 1 January to 30 June 2015, an increase of 7.6% compared to the same period the previous year.

  • CapitaMall Xizhimen was conferred the "Shopping Mall Awards 2015 - Best Regional Mall" by the China Chain Store and Franchise Association.



  • Distributable income grew 13.0% and DPU grew 10.0% year-on-year for 1Q 2015.

  • Held annual general meeting with all the resolutions duly passed.


    May


  • Participated in the "REITs Symposium 2015" jointly organised by REITAS (Real Estate Investment Trust Association of Singapore) and Shareinvestor to promote REITs as an investment option.

    October


  • Distributable income grew 14.2% and DPU grew 12.3% year-on-year for 3Q 2015.

  • Participated in the "6th Singapore Corporate Governance Week - Statement of Support" organised by Securities Investors Association (Singapore) in demonstration of CRCT's commitment to good corporate governance.

CapitaRetail China Trust issued this content on 11 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 March 2016 23:10:15 UTC

Original Document: http://crct.listedcompany.com/newsroom/20160311_064313_AU8U_8BCY0AR4ZY4WEK2W.1.pdf