SEO Version
Financial
Statements
Management Reports
91
GROUP
Description
of leasehold
property
Location
Term
of lease Lease expiry
Valuation
Valuation
Percentage
of Unitholders’
funds
(years)
2013
1
2012
2013
2012 2013 2012
RMB’000 RMB’000 $’000 $’000
% %
Balance brought
forward
9,440,704 7,064,911 1,932,607 1,370,310 162.9 140.0
CapitaMall Saihan No. 26 Ordos
Street, Saihan
District, Huhhot,
Inner Mongolia
Autonomous
Region
35 March 2041 362,000 322,000 74,105 62,455 6.2 6.4
CapitaMall Wuhu No. 37
Zhongshan
North Road,
Jinghu District,
Wuhu, Anhui
Province
40 May 2044 251,000 228,000 51,382 44,223 4.3 4.5
Investment properties, at valuation
10,053,704 7,614,911 2,058,094 1,476,988 173.4 150.9
Other assets and liabilities (net)
(844,229) (475,277)
(71.1) (48.6)
1,213,865 1,001,711 102.3 102.3
Net assets attributable to
non-controlling interests
(26,914)
(22,969)
(2.3)
(2.3)
Net assets attributable to
Unitholders
1,186,951
978,742 100.0 100.0
Notes:
1
On 31 December 2013, independent valuations of CapitaMall Anzhen, CapitaMall Shuangjing, 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. Valuation for
CapitaMall Grand Canyon as at 31 December 2013 was based on management valuation as the acquisition of the mall was completed on 30 December
2013. 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 the capitalisation, discounted cash flows and/or term and reversion approaches.
The valuations adopted amounted to RMB10,053 million (2012: RMB7,614 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.
2
The carrying amount of CapitaMall Minzhongleyuan includes the valuation of the retail mall and carrying amount of the three residential units.
3
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.
The accompanying notes form an integral part of these financial statements.
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