These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 26 February
2015.
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, a second supplemental deed dated 15 April 2010, a third supplemental deed
dated 5 April 2012 and a fourth supplemental deed dated 14 February 2014) (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 (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 the 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.
Notes to the Financial Statements
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