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Notes to the Financial Statements
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 22 February 2013.
1. General
CapitaRetail China Trust (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust
deed dated 23 October 2006 as amended by the First Supplemental Deed dated 8 November 2006, Second
Supplemental Deed dated 15 April 2010 and Third Supplemental Deed dated 5 April 2012 (collectively the
“Trust Deed”) between CapitaRetail China Trust Management Limited (the “Manager”) and HSBC Institutional
Trust Services (Singapore) Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of
Singapore. The Trustee is under a duty to take into custody and hold the assets of the Trust held by it or through
its subsidiaries (collectively the “Group”) in trust for the holders (“Unitholders”) of Units in the Trust (the “Units”).
The Trust was formally admitted to the Official List of Singapore Exchange Securities Trading Limited (the
“SGX-ST”) on 8 December 2006 (the “Listing Date”) and was included under the Central Provident Fund (“CPF”)
Investment Scheme on 8 December 2006.
The principal activities of the Trust are those relating to investment in a diversified portfolio of income-producing
properties located primarily in the People’s Republic of China (“China”), Hong Kong and Macau and used primarily
for retail purposes.
The principal activities of the subsidiaries are those of investment holding of properties located in China and
used for retail purposes.
The Group has entered into several service agreements in relation to the management of the Trust and its property
operations. The fee structures for these services are as follows:
(a) Trustee’s fees
Pursuant to the Trust Deed, the Trustee’s fee shall not exceed 0.03% per annum of the value of all the
assets of the Group (“Deposited Property”), subject to a minimum of $15,000 per month, excluding out
of pocket expenses and Goods and Service Tax.
(b) Manager’s management fees
The Manager is entitled under the Trust Deed to the following management fees:
• a base fee of 0.25% per annum of the value of the deposited property;
• a performance fee of 4.0% per annum of the net property income in the relevant financial year
(calculated before accounting for the performance fee in that financial year); and
• an authorised investment management fee of 0.5%per annum of the value of authorised investments
which are not real estate. Where such authorised investment is an interest in a property fund (either a
real estate investment trust or private property fund) wholly managed by a wholly-owned subsidiary
of CapitaLand Limited, no authorised investment management fee shall be payable in relation to
such authorised investment.
The Manager may elect to receive the management fees in cash or Units or a combination of cash and/
or Units (as it may in its sole discretion determine).
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