Page 87 - Report_to_Unitholders_2012

Portfolio Statement
As at 31 December 2012
Group
Description of
leasehold property Location
Term of
lease
Lease
expiry Valuation Valuation
Percentage of
Unitholders’
funds
(years) 2012 (3) 2011 2012 2011 2012 2011
RMB’000 RMB’000 $’000 $’000 % %
Balance brought
forward
7,064,911 6,558,911 1,370,310 1,334,607 140.0 146.0
CapitaMall Saihan No. 26 Ordos
Street, Saihan
District,
Huhhot, Inner
Mongolia
Autonomous
Region
35 March 2041 322,000 310,000 62,455 63,079 6.4 6.9
CapitaMall Wuhu No. 37
Zhongshan
North Road,
Jinghu District,
Wuhu, Anhui
Province
40 May 2044 228,000 211,000 44,223 42,934 4.5 4.7
Investment properties, at
valuation 7,614,911 7,079,911 1,476,988 1,440,620 150.9 157.6
Other assets and liabilities (net) (475,277) (507,377) (48.6) (55.5)
1,001,711 933,243 102.3 102.1
Net assets attributable to non-
controlling interests (22,969) (19,404) (2.3) (2.1)
Net assets attributable to
Unitholders 978,742 913,839 100.0 100.0
Notes:
(1)The carrying amount of CapitaMall Minzhongleyuan includes the valuation of the retail mall and carrying amount of the three residential units.
(2)CapitaMall Qibao is held under a master lease by CapitaRetail Dragon Mall (Shanghai) Co., Ltd, a subsidiary of CapitaRetail China Investments (B) Alpha
Pte. Ltd. The master lease was entered with Shanghai Jin Qiu (Group) Co., Ltd (“Jin Qiu”), the legal owner of CapitaMall Qibao and expires in January 2024,
with the right to renew for a further term of 19 years and two months from January 2024 at the option of the Group. Accordingly, the land use rights is held
by Jin Qiu.
(3)On 31 December 2012, independent valuations of CapitaMall Xizhimen, CapitaMall Minzhongleyuan, CapitaMall Qibao, CapitaMall Saihan and CapitaMall
Wuhu were undertaken by CBRE Pte. Ltd. while valuations for the other properties were undertaken by Colliers International (Hong Kong) Limited. The
Manager of the Trust believes that the independent valuers have appropriate professional qualification and recent experience in the location and category
of the properties being valued. The valuations were based on capitalisation, discounted cash flows and/or term and reversion approaches.
The valuations adopted amounted to RMB7,614 million (2011: RMB7,079 million). The net change in fair values of the properties has been taken to the
Group’s statement of total return. These are commercial properties leased to external tenants to earn rental income.
The accompanying notes form an integral part of these financial statements.
CapitaRETAIL china trust | Report to UNITHOLDERS 2012 85