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Independent Auditors’ Report
Unitholders of CapitaRetail China Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 23 October 2006 (as amended))
We have audited the accompanying financial statements of CapitaRetail China Trust (the “Trust”) and its subsidiaries (the
“Group”), which comprise the statements of financial position of the Trust and the Group and the portfolio statement of
the Group as at 31 December 2012, the statements of total return, distribution statements and statements of movements
in Unitholders’ funds of the Trust and of the Group and the statement of cash flows of the Group for the year then ended,
and a summary of significant accounting policies and other explanatory information, as set out on pages 80 to 131.
Manager’s responsibility for the financial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in
accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework
for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore, and for such internal control as
the Manager of the Trust determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the Manager of the Trust, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the statement of financial position, statement
of total return, distribution statement and statement of movements in Unitholders’ funds of the Trust present fairly, in
all material respects, the financial position of the Group and the Trust as at 31 December 2012 and the total return,
distributable income, and movements in Unitholders’ funds of the Group and of the Trust and the cash flows of the
Group for the year then ended in accordance with the recommendations of Statement of Recommended Accounting
Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certified Public Accountants
Singapore
22 February 2013
CapitaRETAIL china trust | Report to UNITHOLDERS 2012 79