CapitaLand China Trust - Annual Report 2023


At CapitaLand China Trust, we remain focused on creating sustainable value for our stakeholders. We bring diverse ideas and leverage our real estate investment management expertise across our diversified portfolio - retail, business parks and logistics parks - supported by our strong team on the ground. The convergence and interconnection of distinct shapes on the cover page captures this essence. It also showcases our dynamic ONE CapitaLand Ecosystem, as we forge ahead together with a shared purpose of making a positive impact. WHERE IDEAS TAKE SHAPE Leadership 34 Our Board of Directors 40 Trust Management Team 42 Trust Structure & Organisation Structure Overview 2 About Us 4 Property Portfolio 7 Performance Snapshot of 2023 8 Financial Highlights 10 Year in Brief 12 Message to Unitholders 20 In Conversation with CEO 26 Key Trends Shaping Our Industry 28 Growth Strategies 32 Sustainability Highlights CONTENTS Performance 43 Financial Review 46 Capital Management 49 Investor Relations 52 Unit Price Performance 54 Operations Review Portfolio 64 Independent Market Research 74 Portfolio Summary 78 Portfolio Details 94 Tenants and Shoppers Engagement Framework 96 Sustainability Management 104 Risk Management 110 Corporate Governance Financials 146 Financial Statements 224 Additional Information 226 Statistics of Unitholdings 229 Porfolio Directory IBC Corporate Information

1 Based on valuation on a 100% basis as at 31 December 2023. The valuation based on effective interest is RMB23,631 million as at 31 December 2023. 2 Includes CapitaMall Shuangjing, which was divested in January 2024 but excludes CapitaMall Qibao, as the mall has ceased operations since the end of March 2023. 25,222 PORTFOLIO VALUE1 (RMB MILLION) 12 TIER 1 AND LEADING CITIES GEOGRAPHIC PRESENCE ~1.9 GROSS FLOOR AREA (MILLION SQ M) 4 LOGISTICS PARKS 10 RETAIL MALLS2 5 BUSINESS PARKS CapitaMall Xizhimen 2 CAPITALAND CHINA TRUST

CapitaLand China Trust (CLCT) is Singapore’s largest China-focused real estate investment trust (REIT). Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, the objective of CLCT is to invest on a long-term basis, in a diversified portfolio of income-producing real estate and real estate-related assets in China, Hong Kong SAR and Macau that are used primarily for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments). CLCT is managed by CapitaLand China Trust Management Limited (CLCTML), a wholly owned subsidiary of Singapore-listed CapitaLand Investment Limited (CLI), a leading global real estate investment manager with a strong Asia foothold. VISION Sustainable and resilient REIT with a professionally managed portfolio of quality real estate across China MISSION Deliver sustainable income growth to our Unitholders and value-add to the community and stakeholders by enhancing organic growth through proactive asset management; creating new value through innovative asset enhancement strategies; and capitalising on yieldaccretive acquisition growth For more information, please visit our corporate website at Our growth strategy is focused on three key pillars: Creating, Unlocking, and Extracting value. We meticulously cultivate our portfolio with a disciplined reconstitution strategy, ensuring a robust and forward-looking asset mix. Proactive asset management elevates the intrinsic value of our portfolio, drawing prominent tenants to our quality spaces. This strategic positioning enables us to deliver sustainable returns to our Unitholders. Our strategy is reinforced by a prudent capital and risk management framework, underpinned by a commitment to sustainability. Strategic advantages and growth potential are further realised by leveraging on CapitaLand Group’s extensive pipeline of high-quality assets as well as operational excellence through the wide-ranging real estate platform, strong local network, and professional property management capabilities. Together, these elements pave the way for our sustainable growth and market leadership. ABOUT US OUR GROWTH STRATEGY Financials Framework Portfolio Performance Leadership Overview ANNUAL REPORT 2023 3

PROPERTY PORTFOLIO Since its IPO in 2006, CLCT’s portfolio has grown from seven shopping malls to a diversified portfolio of 19 properties1 across 12 tier 1 and leading cities in China. 1 Includes CapitaMall Shuangjing, which was divested in January 2024 but excludes CapitaMall Qibao, as the mall has ceased operations since the end of March 2023. 2 Based on effective stake as at 31 December 2023. The manager has recognised a fair value uplift to reflect the agreed property price of RMB842.0 million for the divestment of CapitaRetail Beijing Shuangjing Real Estate Co., Ltd., which holds CapitaMall Shuangjing. The completion of CapitaMall Shuangjing's divestment was announced on 23 January 2024. 3 Includes Shanghai, Suzhou, Kunshan and Hangzhou. 4 Includes Changsha, Chengdu, Xi'an, Wuhan, Harbin and Hohhot. * Number of properties has been indicated for cities with more than one property in the same asset class. Cities by AUM2 Retail 76.7% New Economy – Business Park 16.4% New Economy – Logistics Park 6.9% Retail Business Park Logistics Park Beijing 39.1% Guangzhou 14.4% Yangtze Delta3 15.3% Other Tier 2 and Provincial Cities4 31.2% New Economy 23.3% HARBIN 2 BEIJING 4 HOHHOT CHANGSHA GUANGZHOU XI'AN 2 WUHAN CHENGDU HANGZHOU 2 KUNSHAN SHANGHAI SUZHOU ASSET CLASS DIVERSIFICATION GEOGRAPHICAL DIVERSIFICATION Asset Class by AUM2 4 CAPITALAND CHINA TRUST

CLCT’s 10 retail properties1 are strategically located in densely populated areas with good connectivity to transportation amenities, which provide stable recurring shopper footfall. The malls are positioned as one-stop family-oriented destinations that offer essential services and house a wide range of lifestyle offerings that cater to varied consumer preferences in shopping, dining and entertainment. The retail tenant portfolio in CLCT comprises a diverse mix of leading brands including ZARA, Urban Revivo, UNIQLO, Xiaomi, Li-Ning, Bosideng, Haidilao, Nanjing Impressions, TANYU, Nike, Sephora, Starbucks Coffee and Chow Tai Fook. The malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; Rock Square in Guangzhou; CapitaMall Xinnan in Chengdu; CapitaMall Nuohemule in Hohhot; CapitaMall Xuefu and CapitaMall Aidemengdun in Harbin; and CapitaMall Yuhuating in Changsha. 10 RETAIL MALLS OCCUPANCY5, 6: 98.2% The portfolio of four logistics parks is located in key logistics hubs near transportation nodes such as seaports, airports and railways to serve the growing domestic logistic needs of China's Eastern, Central and Southwest regions. Fitted to meet a wide range of e-commerce and logistics requirements, the properties are anchored by strong domestic tenants, including China's leading technology-driven supply chain solutions and logistics services providers. The tenants cater to a variety of sectors from logistics and warehouse, pharmaceuticals, manufacturing to e-commerce. The properties are Shanghai Fengxian Logistics Park in Shanghai; Kunshan Bacheng Logistics Park in Kunshan; Wuhan Yangluo Logistics Park in Wuhan; and Chengdu Shuangliu Logistics Park in Chengdu. 4 LOGISTICS PARKS OCCUPANCY5: 82.0% CLCT has a portfolio of five business parks that is situated in highgrowth economic zones, with high quality and reputable domestic and multinational corporations operating in new economy sectors such as biomedical sciences, electronics, engineering, e-commerce, information and communications technology and financial services. The business parks and industrial properties exhibit excellent connectivity to transportation hubs, and are easily accessible via various modes of transport. The properties are Ascendas Xinsu Portfolio in Suzhou; Ascendas Innovation Towers and Ascendas Innovation Hub in Xi'an; and Singapore-Hangzhou Science & Technology Park Phase I and Phase II in Hangzhou. 5 BUSINESS PARKS OCCUPANCY5: 91.0% 5 Based on committed leases as at 31 December 2023. 6 Excludes CapitaMall Shuangjing. ANNUAL REPORT 2023 5 Financials Framework Portfolio Performance Leadership Overview

Rising up to the challenging macroeconomic landscape, CLCT remained steadfast in the vision of building a future-ready portfolio. The year 2023 saw significant breakthroughs in capital management, portfolio reconstitution, and sustainability. As China's economy continues to pick up, CLCT is well-positioned to ride the momentum and seize opportunities to continue delivering value to its investors. Ascendas Innovation Towers (AIT) 6 CAPITALAND CHINA TRUST

PERFORMANCE SNAPSHOT OF 2023 1 Excludes CapitaMall Shuangjing, which was divested in January 2024 and CapitaMall Qibao, as the mall has ceased operations since the end of March 2023. 2 Based on committed leases as at 31 December 2023. 3 Excludes Money Market Lines and onshore RMB loans. 4 Ratio of the consolidated interest expense over weighted average borrowings on balance sheet for that financial year. 5 In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings over deposited properties. CAPITAL MANAGEMENT FINANCIAL PERFORMANCE % OF FIXED RATE3 82% FY 2022: 71% GROSS REVENUE RMB1,912.5 m FY 2022: RMB1,851.5 m COST OF DEBT4 3.57% FY 2022: 2.97% NET PROPERTY INCOME RMB1,293.7 m FY 2022: RMB1,228.4 m AGGREGATE LEVERAGE5 41.5% FY 2022: 39.6% DISTRIBUTION PER UNIT 6.74 S cents FY 2022: 7.50 S CENTS BUSINESS OPERATIONS NO. OF LEASES1 3,044 FY 2022: 2,804 SHOPPER TRAFFIC 45.8% YoY TENANT SALES 41.5% YoY OCCUPANCY2 91.4% Retail: 98.2%1 Business Park: 91.0% Logistics Park: 82.0% Financials Framework Portfolio Performance Leadership Overview ANNUAL REPORT 2023 7

105.9 1.0 74.1 0.10 91.2 65.8 1,202.6 105.6 835.0 9.80 1,056.2 678.2 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 1,308.5 106.6 3.8 909.1 9.90 1.55 1,826.1 135.5 5.6 1,209.9 8.73 1.56 1,147.4 79.7 4.3 744.0 6.35 1.49 1,851.5 125.6 5.2 1,228.4 7.50 1.38 1,912.5 113.9 5.0 1,293.7 6.74 1.21 CLCT group Joint venture1 Income distribution Capital distribution CLCT group Joint venture1 Income distribution Capital distribution GROSS REVENUE (RMB MILLION) DISTRIBUTABLE INCOME (S$ MILLION) TOTAL ASSETS (S$ BILLION) NET PROPERTY INCOME (RMB MILLION) DISTRIBUTION PER UNIT (S CENTS) NET ASSET VALUE PER UNIT (S$) FINANCIAL HIGHLIGHTS 1 Joint venture refers to CLCT's 51% interest in Rock Square. 8 CAPITALAND CHINA TRUST

5-YEAR FINANCIAL HIGHLIGHTS As at 31 December 2019 2020 2021 2022 2023 Financial Performance Gross Revenue (RMB million) 1,308.5i 1,147.4i 1,826.1 1,851.5 1,912.5 Gross Revenue (S$ million) 259.2i 228.7i 378.0 383.2 364.7 Net Property Income (RMB million) 909.1i 744.0i 1,209.9 1,228.4 1,293.7 Net Property Income (S$ million) 180.1i 148.3i 250.4 254.2 246.7 Distributable Income (S$ million) 106.6 79.7 135.5 125.6 113.9 Distribution per Unit (DPU) (S cents) 9.90ii 6.35 8.73 7.50iii 6.74iii Earnings per Unit (EPU) (S cents) 15.45 (0.96) 6.92 7.36 2.42 Diluted EPU (S cents) 15.39 (0.96) 6.86 7.30 2.40 Key Financial Position Total Assets (S$ million) 3,805.7 4,310.3 5,575.9 5,226.1 4,995.8 Portfolio Property Valuation(S$ million)iv 3,223.9 3,895.3 5,239.0 4,904.3 4,700.1 Total Deposited Properties (S$ million)v 3,883.5 4,281.9 5,226.6 4,893.4 4,670.3 Net Assets Attributable to Unitholders (S$ million) 1,873.7 2,245.2 2,588.2 2,306.2 2,039.9 Net Asset Value per Unit (S$) - Before Income Distribution 1.55 1.49 1.56 1.38 1.21 - After income Distribution 1.51 1.48 1.54 1.34 1.18 Total Borrowings (S$ million) 1,383.2 1,359.7 1,993.4 1,950.9 1,956.4 Market Capitalisation (S$ million) 1,946.6 2,093.9 1,974.8 1,889.9 1,585.5 Capital Management Aggregate Leverage (%)vi 36.7 31.8 37.7 39.6 41.5 Average Cost of Debt (%)vii 2.98 2.76 2.62 2.97 3.57 Average Term to Maturity (years) 2.8 3.0 3.4 3.4 3.5 Interest Coverage (times)viii 5.3 3.9 4.9 3.8 3.3 Adjusted Interest Coverage (times)viii 5.3 3.8 4.5 3.6 3.1 Management Expense Ratio (%)ix 1.1 0.8 0.9 0.8 0.9 i Includes contributions from joint venture in 2019 to 2020 (51% stake in Rock Square). Remaining 49% stake was acquired on 30 December 2020. ii Includes DPU from capital distribution of 0.10 S cents. iii Includes rental support of S$1.3 million in 2022 and S$0.6 million in 2023 (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park. The DPU impact of rental support is 0.08 S cents in 2022 and 0.04 S cents in 2023. iv Based on valuation on a 100% basis as at 31 December 2023. The portfolio property valuation includes the valuation of 10 retail malls, 5 business parks and 4 logistics parks. For more details, please refer to page 45. v All the assets of CLCT, including CLCT's proportionate share of Project Companies (if the ownership is less than 100%). vi The aggregate leverage is calculated based on proportionate total borrowings over the deposited properties in accordance to Property Funds Appendix. vii Ratio of the consolidated interest expense over weighted average borrowings on balance sheet for that financial year. viii Ratio of EBITDA over consolidated interest expenses (excludes finance lease interest expenses under FRS 116) in accordance with Monetary Authority of Singapore (MAS) guidelines. Ratio is calculated by dividing the trailing 12 months EBITDA by the trailing 12 months interest expense (excluding FRS 116 finance expense). The interest coverage ratios for 2019 and 2020 have been restated to exclude FRS 116 finance expense. Adjusted Interest Coverage Ratio includes the perpetual securities distributions (per guidelines from the MAS). ix Refers to the expenses of CLCT excluding property expenses and interest expenses but including the performance component of CLCTML’s management fees, expressed as a percentage of weighted average net assets. ANNUAL REPORT 2023 9 Financials Framework Portfolio Performance Leadership Overview

YEAR IN BRIEF 1 Attained LEED Gold status for Block 1 to 3 of Singapore-Hangzhou Science & Technology Park Phase I – the remaining blocks are LEED Gold certified since 2014. 2 By portfolio gross floor area excluding carpark space. Cover CLCT properties managed by CLI. January » Improved MSCI ESG Ratings from B to BBB. February » Reported Distributable Income (DI) of S$125.6 million and Distribution per Unit (DPU) of 7.50 S cents for FY 2022. March » Completed the asset enhancement initiative (AEI) spanning ~8,900 sq m at CapitaMall Yuhuating, achieving a rental reversion of +112% for the zone. The enhanced array of offerings and experiences is aligned with the needs and preferences of today's shoppers. April » Unitholders approved all resolutions at Annual General Meeting. » Announced 1Q 2023 Business Updates. May » Attained LEED Gold certification for CapitaMall Xizhimen, Ascendas Innovation Towers, Ascendas Innovation Hub, and Singapore-Hangzhou Science & Technology Park Phase I1 as part of CLCT’s sustainability commitment. With this, 36%2 of CLCT’s portfolio is LEED Gold certified. June » Announced the retirement of Mr Lim Cho Pin Andrew Geoffrey as Non-Executive Non-Independent Director and he relinquished his roles as Chairman of the Executive Committee (EC) and member of the Nominating and Remuneration Committee (NRC), with effect from 16 June 2023. » Appointed Ms Quah Ley Hoon as NonExecutive Non-Independent Director, Chairman of the EC, and member of the NRC, with effect from 16 June 2023. 1st Quarter 2nd Quarter CapitaMall Yuhuating CLCT Annual General Meeting 2023 10 CAPITALAND CHINA TRUST

July » Reported DI of S$63.1 million and DPU of 3.74 S cents for 1H 2023. » Recovered 2,310 sq m of supermarket anchor space at Rock Square basement two and reconfigured the area to enhance overall shopping experience. Introduced popular lifestyle offerings, including Gifts & Toys and specialty F&B stores. The return on investment (ROI) for this new reconfiguration was more than 13%. August » Appointed Mr Tan Tee How as NonExecutive Independent Director, with effect from 1 August 2023. September » Appointed Ms Wan Mei Kit as NonExecutive Independent Director, with effect from 1 October 2023. » Improved Sustainalytics ESG Risk Rating from Low Risk to Negligible Risk. October » Awarded 5 Star rating in the GRESB Real Estate Assessment 2023 with a score of 91, placing CLCT in the top 20% of the global benchmark (2022: 2 Star rating, score of 71). » Received an A for GRESB Public Disclosure 2023, ranked 1st out of 8 in the peer group. » Established the Sustainability-Linked Finance Framework and obtained a Second-Party Opinion from Moody’s Investors Service. » Launched the inaugural RMB600 million free trade zone (FTZ) three-year tenor offshore bonds with a coupon rate of 3.8% per annum. First Singapore-based issuer to launch FTZ offshore bonds, diversifying funding sources to fuel longterm growth. » Announced 3Q 2023 Business Updates. December » Completed the AEI at basement one of CapitaMall Grand Canyon, with a refreshed tenant mix spanning ~7,800 sq m that includes a new retail concept supermarket, 7FRESH, by China’s, as well as 60 popular F&B outlets and trendy retail & amenity stores. Post AEI, rental income for the area grew approximately 50%. » Announced divestment of CapitaMall Shuangjing at the agreed price of the property of RMB842.0 million (around S$157.8 million3), representing an exit yield of 2.8%4. The strategic divestment presented a good opportunity to unlock value, strengthen the balance sheet, and provide greater financial flexibility to pursue capital recycling and portfolio reconstitution initiatives. » Announced the retirement of Ms Kuan Li Li as Non-Executive Independent Director and she relinquished her role as member of the Audit Committee (now known as Audit and Risk Committee (ARC)), with effect from 1 January 2024. » Announced the appointment of Mr Tan Tee How and Ms Wan Mei Kit as member of the NRC and ARC respectively, with effect from 1 January 2024. 3 Based on an assumed exchange rate of S$1 to RMB5.3348 unless otherwise stated. CapitaMall Shuangjing was divested to Inner Mongolia Haiyu Shengyuan Operation and Management Company Limited via CLCT’s divestment of its entire equity interest in CapitaRetail Beijing Shuangjing Real Estate Co., Ltd.. An independent valuation, carried out using the Income Capitalisation Analysis and Discounted Cashflow Analysis methods, valued CapitaMall Shuangjing at RMB 621.0 million (approximately S$116.4 million) as at 31 October 2023. 4 This is based on annualising the net property income of CapitaMall Shuangjing from 1 January 2023 to 30 September 2023 and divided by the agreed price of RMB842.0 million (around S$157.8 million). 3rd Quarter 4th Quarter Rock Square ANNUAL REPORT 2023 11 Financials Framework Portfolio Performance Leadership Overview

MESSAGE TO UNITHOLDERS TAN TZE WOOI Chief Executive Officer Executive Non-Independent Director From left SOH KIM SOON Chairman Non-Executive Independent Director

Dear Unitholders, CapitaLand China Trust (CLCT) delivered creditable results in FY 2023. This comes amidst an uncertain macro-economic environment marked by geopolitical tensions, elevated global interest rates and challenges in China’s property sector. Over the past three years, our forward-looking portfolio reconstitution strategy has strengthened our resilience and diversified our income streams – allowing us to navigate different market cycles. During the year, we achieved new milestones across various pillars from capital management, sustainability to portfolio reconstitution. This was driven by our unwavering commitment to create value for Unitholders. We broke new ground as the first Singapore-based issuer to launch Free Trade Zone (FTZ) offshore bonds. As testament to this accomplishment, we were awarded the Top Contributors of International Business – The Pearl Bond at the 2023 China Interbank Bond Market (CIBM) Participants Performance Evaluation by the China Central Depository and Clearing Co., Ltd. On the sustainability front, our consistent efforts resulted in improved scores in the GRESB Assessment, Morgan Stanley Capital International Environmental, Social and Governance (MSCI ESG) ratings and Sustainalytics. Alongside this, we made tangible progress via the installation of solar panels at the Kunshan Bacheng Logistics Park, underscoring our commitment to sustainability. We closed the year with the timely divestment of CapitaMall Shuangjing, further exemplifying our dynamic portfolio optimisation strategy. Our focus remains on building a solid foundation for the future. On the retail front, we actively extracted value through strategically timed asset enhancement initiatives (AEIs), which has enabled us to capture China’s consumer spending recovery. Our proactive approach allowed us to harness the positive momentum, leading to the improvement of our retail operating metrics in the second half of 2023. As our AEIs were completed in phases during the year in review, we expect positive retail contributions to continue into 2024. We will persist in solidifying and positioning CLCT to adapt and seize future growth opportunities. DELIVERING A RESILIENT PERFORMANCE In FY 2023, gross revenue registered a 3.3% year-onyear (YoY) increase to RMB1,912.5 million, while net property income (NPI) rose 5.3% to RMB1,293.7 million. This growth was driven by the improved performance of CLCT’s retail portfolio, despite lower contributions from our new economy assets. In Singapore Dollar (SGD) terms, CLCT’s financials were impacted by foreign currency translation arising from the strength of the SGD against the Renminbi (RMB) as well as the rising interest rate environment. This translated into FY 2023 NPI of S$246.7 million and distributable income of S$113.9 million. Distribution per Unit for this financial year stood at 6.74 Singapore cents. The portfolio occupancies at the end of the year were 98.2%, 91.0% and 82.0% for retail, business park and logistics park assets, respectively. Our retail portfolio registered the highest occupancy since December 2019, with all retail properties reflecting improved occupancy YoY1. Further, we recorded a 45.8% YoY improvement in shopper traffic2 and a 41.5% YoY increase in tenant sales2, surpassing pre-COVID levels. FY 2023 saw our retail assets gradually rebound in tandem with improving essentials and lifestyle spending. Through active management, we enhanced our portfolio stability by diversifying our tenant base, with contributions from our top 10 tenants reducing by 2.3% to 10.7%3. With the retail sector contributing 75.9% of our portfolio assets under management (AUM)4, we are poised to benefit from the positive momentum and full-year contributions as we enter 2024. Despite the weaker business sentiments, our business park portfolio achieved a positive rental reversion of 1.6%. We leveraged our strong relationships with tenants to support their retention and expansion, while also leveraging our industry network to target new sectors poised for growth. The business park portfolio, which constitutes 17.0% of our portfolio AUM4, continued to attract high-quality tenants in key sectors in 2023. These spanned electronics, engineering, e-commerce, information and communications technology, financial services, biomedical sciences and pharmaceuticals. Meanwhile, the logistics park portfolio experienced cautiousness on lease renewals due to new supply and subdued economic activities. However, with the logistics park portfolio contributing around 7.1% of our portfolio AUM4, its performance was offset by the overall improvement in our diversified portfolio. 1 Excludes CapitaMall Minzhongleyuan as its operations were under review. The divestment of the mall was completed on 10 February 2021. 2 Shopper Traffic and Tenant Sales exclude CapitaMall Qibao as the mall has ceased operations since the end of March 2023. 3 By total rental income based on effective stake. 4 Based on effective stake as at 31 December 2023 and post-completion of the divestment of CapitaMall Shuangjing as announced on 23 January 2024. ANNUAL REPORT 2023 13 Financials Framework Portfolio Performance Leadership Overview

MESSAGE TO UNITHOLDERS REJUVENATING OUR PORTFOLIO Driven by our proactive portfolio management strategy, we refreshed our retail assets through strategically timed AEIs and unit reconfigurations. This allowed us to keep pace with the evolving lifestyles and spending patterns of Chinese consumers. Staying nimble, we continued to vary our malls’ offerings and curate experiences to align with the latest trends among China’s growing middleclass. This has allowed us to attract and retain tenants across sectors, while injecting vibrancy to enhance the overall appeal of our retail assets. In 1Q 2023, we wrapped up our AEI at CapitaMall Yuhuating. This involved reconfiguring approximately 8,900 square metres (sq m) of anchor supermarket space to create a vibrant specialty tenant space and inject more lifestyle offerings and experiences. The enhanced NLA mix in the AEI zone resulted in approximately +112% rental reversion while providing more varieties to support the community’s preferences. Over at Rock Square, we recovered 2,310 sq m of anchor supermarket space at basement two and reconfigured it into a hub for trendy lifestyle stores and specialty F&B offerings. Concluded in July 2023, the AEI achieved a return on investment (ROI) of over 13%. Meanwhile, we divided two large F&B units totalling 1,699 sq m on level three into six smaller ones, catering to diverse cuisines while attracting family and social gatherings. Following its completion in August 2023, the rejuvenated space generated more than 18% ROI. Revitalising the shopping experience at CapitaMall Grand Canyon, we converted level one of the anchor sublease and surrounding area into 1,025 sq m of experiential space that hosts a diverse tenant mix spanning retail, F&B and electric vehicle trade categories. Since its completion in July 2023, the redesigned area boosted rental income by 67%. Additionally, we transformed a conventional anchor supermarket space at basement one into approximately 7,800 sq m of refreshed tenant mix featuring around 60 new F&B, trendy retail and amenity stores as well as a new retail concept supermarket, 7FRESH. Post-launch in December 2023, this reimagined space recorded an approximately 50% increase in rental income. During the year, we continued holding regular tenant engagement initiatives across our business parks to nurture a cohesive community. These efforts included thoughtfully curated events that ranged from annual sports meets, to food festivals and festive celebrations. SHAPING SUSTAINABLE GROWTH As we fortify our position as Singapore’s largest Chinafocused REIT and maintain alignment with the country’s growth pillars, CLCT remains well-positioned to leverage China’s long-term development. Concurrently, we will enhance our presence in asset classes associated with consumption, high-quality development and emerging industries. To generate value, we actively seek to monetise noncore, matured assets and recycle the proceeds to enhance our portfolio. In December 2023, we announced the divestment of CapitaMall Shuangjing for RMB842.0 million, representing an exit yield of 2.8%5. As the mall is a predominantly master-leased mall that requires significant capital outlay to repurpose the building and remain competitive, this divestment presents a good opportunity to unlock value and strengthen our financial position, while bolstering our financial flexibility to drive further portfolio reconstitution initiatives. Meanwhile, we took decisive action to optimise our portfolio by ceasing operations at CapitaMall Qibao in March 2023 ahead of the mall’s master lease expiry in January 2024, which led to savings in operating expenses. These efforts to divest our mature, non-core retail malls, while ceasing operations at weaker malls, allow us to optimise our resources to further strengthen the portfolio. In line with our business park leasing strategy, we will target and retain resilient sectors poised for growth and encourage existing tenants to upscale their footprint. During the year, our Xi’an business park assets - Ascendas Innovation Towers and Ascendas Innovation Hub - received property tax incentives after being conferred incubator fund status for 2023 and 2024. This stemmed from our efforts to support the government’s drive to nurture local businesses and propel innovationled growth. We will continue to implement targeted leasing strategies across our business park assets, while identifying high-quality tenants and partnering them to support their growth journey. For our logistics parks, we will focus on tenant retention and driving occupancy rates, while collaborating with government agencies and tenant community to strengthen demand pipeline. 5 This is based on annualising the net property income of the Property from 1 January 2023 to 30 September 2023 and divided by the agreed price of RMB842.0 million (around S$157.8 million). 14 CAPITALAND CHINA TRUST

UPHOLDING PRUDENT CAPITAL MANAGEMENT Our disciplined approach to capital management enables us to maintain a healthy financial position and stable cost of debt among China focused S-REITs. During the year, we pioneered a landmark initiative as the first S-REIT to launch FTZ offshore bonds. Due in 2026, the RMB600 million bonds have a three-year tenor, offering a coupon rate of 3.8% per annum. This allowed us to achieve approximately 100 basis points (bps) in interest savings through early refinancing of our existing SGD-denominated offshore debt. The bonds broadened our funding sources, while optimising our capital structure to fuel long-term growth. In 2023, we expanded our RMB-denominated facilities to 20%, an improvement from 13% as at 31 December 2022. Having refinanced our 2023 loans ahead of schedule, we have also secured the refinancing for borrowings due in 2024 well in advance of their maturity dates. As part of risk management, we will continue to look at ways to optimise our onshore and offshore debt mix to increase our natural hedge while strengthening overall financial position. At the close of 2023, around 82%6 of our total term loans were on fixed rates, providing certainty on interest expenses. Interest coverage ratio of 3.3 times7 remained well above the regulatory requirement of 2.5 times8 while gearing came in at 41.5%9. Should the net proceeds from the divestment of CapitaMall Shuangjing be used to pare down debt, CLCT’s gearing would have improved to approximately 40% as at 31 December 2023. In addition, we maintained a well-staggered debt maturity profile and our average term to maturity stood at 3.5 years. As testament to CLCT’s increasing green focus, we significantly raised the proportion of our Sustainability-Linked Loans from 13% of our total debt in FY 2022 to 31% this financial year. SCALING NEW HEIGHTS IN SUSTAINABILITY At CLCT, we believe that a sustainable approach to business is integral to our long-term success. In alignment with CapitaLand’s 2030 Sustainability Master Plan, we constantly strive to minimise our environmental impact, while contributing to the communities we operate in. We reached numerous sustainability milestones during the year and have detailed these accomplishments under the “In Conversation with CEO” and “Sustainability Highlights” sections. OUTLOOK China’s GDP expanded by 5.2%10 while retail sales grew by 7.2% in 202311. Chinese policymakers are actively implementing targeted measures to bolster economic growth and most of the country’s largest provinces have set growth targets of 5% or more in 202412. At the beginning of 2024, China’s central bank announced a 50 bps cut to bank reserves, which will provide RMB1 trillion of long-term liquidity to the financial market13. In February 2024, China decreased the five-year loan prime rate (LPR) by 25 bps to 3.95%, the first cut since June 202314. Additionally, China is focusing on promoting consumption15 and boosting investments in the private sector16, which are anticipated to bode well for the country’s economic climate. Although market volatility and uncertainty remain, we maintain a positive outlook on the country’s opportunities in the long term. Underpinned by our proactive capital and asset management, CLCT’s diversified portfolio positions us to capitalise on business and consumption flows as the macroenvironment and consumer confidence improve. At the same time, we will actively look out for opportunities to rebalance our portfolio and strengthen our financial capacity, while seizing investment prospects to propel our portfolio reconstitution efforts. 6 Excludes Money Market Lines and onshore RMB loans. The fixed to floating ratio rose from 71% to 82%, reflecting the impact of the FTZ Bonds and Cross Currency Interest Rate Swap (CCIRS) on the total debt composition. 7 Ratio is calculated by dividing the trailing 12 months EBITDA over the trailing 12 months interest expense (exclude finance lease interest expenses under FRS 116) in accordance with MAS guidelines. 8 With effect from 1 January 2022, S-REITs are required to have a minimum ICR of 2.5 times before they are allowed to increase their leverage to beyond the prevailing 45% limit (up to 50%). 9 In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings over deposited properties. 10 CNN, China’s economy grew by about 5.2% in 2023, Premier Li says, 16 January 2024. 11 China National Bureau of Statistics 12 Bloomberg, China’s provinces mostly target GDP growth of 5% or more in 2024, 24 January 2024. 13 Reuters, China cuts bank reserves to defend markets, spur growth, 24 January 2024. 14 The Straits Times, China cuts mortgage reference rate by most on record to revive property market, 20 February 2024. 15 Xinhua, China plans to further boost consumption for economic recovery, 19 January 2024. 16 The State Council of the People’s Republic of China - China pledges more support for private sector, 18 January 2024. ANNUAL REPORT 2023 15 Financials Framework Portfolio Performance Leadership Overview

MESSAGE TO UNITHOLDERS BOARD RENEWAL Mr Lim Cho Pin Andrew Geoffrey stepped down as NonExecutive Non-Independent Director, Chairman of the Executive Committee and member of the Nominating and Remuneration Committee with effect from 16 June 2023. Ms Kuan Li Li stepped down as Non-Executive Independent Director and member of the Audit and Risk Committee with effect from 1 January 2024. On behalf of the Board, we thank them for their dedicated service throughout their tenures. As part of our Board rejuvenation efforts, we welcomed three new Board members in FY 2023. Ms Quah Ley Hoon joined us as Non-Executive Non-Independent Director, Chairman of the Executive Committee and member of the Nominating and Remuneration Committee on 16 June 2023 while Mr Tan Tee How was appointed as a Non-Executive Independent Director on 1 August 2023 and as a member of the Nominating and Remuneration Committee on 1 January 2024. In addition, Ms Wan Mei Kit came onboard as a NonExecutive Independent Director on 1 October 2023 and was appointed as a member of the Audit and Risk Committee on 1 January 2024. We believe that their valuable experience and expertise will add to the Board’s bench strength. Amidst a challenging year, we are grateful to our Board for their steadfast guidance in driving CLCT forward. Our sincere appreciation goes to our Unitholders, business partners, tenants and staff for their unwavering support. With China’s economic recovery poised to gain traction in the coming year, we will continue to seize opportunities to secure a future-ready portfolio that is aligned with the country’s long-term economic focus. We will also build on our strong foundations to intensify our portfolio resilience, while generating sustainable value to all Unitholders and stakeholders. SOH KIM SOON Chairman TAN TZE WOOI Chief Executive Officer March 2024 NOTE OF APPRECIATION Mr Soh Kim Soon has served for seven years as Chairman of the Board with unwavering commitment. During this time, he made significant contributions in guiding CLCT through a transformative journey, evolving from a REIT with a pure retail focus to a thriving diversified multi-asset class REIT, including steering the REIT through the challenging COVID-19 environment and proactively positioning it to capture trends emerging post-pandemic. Under his stewardship, CLCT expanded its investment mandate as well as nearly doubled its total assets and city footprint. Mr Soh’s tenure as Chairman has been distinguished by his strong leadership and sound business judgement, underscored by a commitment to sustainable value creation. His stewardship has been instrumental in steering CLCT towards building a future ready portfolio that is well aligned with China’s long term economic development priorities. The Board and Management are deeply appreciative of Mr Soh's guidance and wise counsel, which have shaped CLCT's growth throughout his years of service. MESSAGE FROM THE CHAIRMAN Dear Unitholders, I will be retiring from the Board after the conclusion of the annual general meeting to be convened and held on 22 April 2024. Serving as Chairman of CapitaLand China Trust (CLCT) has been a remarkably rewarding journey and I feel privileged to have contributed to CLCT's transformation and growth. Over the years, CLCT has demonstrated resilience while continuously strengthening its portfolio attributes, transitioning from its retail focus to become a diversified multi-asset class REIT. I am thankful to have worked alongside the dedicated CLCT Board and Management team. To our Unitholders, I extend my gratitude for your unwavering support during my tenure as Chairman. My fellow Board member, Mr Tan Tee How, who will be appointed as Chairman following my retirement, brings with him extensive experience from various business sectors and the Singapore Civil Service. I am confident that under his leadership, CLCT will continue to strive towards new heights. SOH KIM SOON 16 CAPITALAND CHINA TRUST

1 不包括凯德新民众乐园,其业务当时正在战略检讨中。该商场已于二零二一年二月十日完成脱售。 2 客流和租户销售额不包括凯德广场•七宝,该商场已于二零二三年三月底停止运营。 3 根据有效资产计算的总租金收入。 4 基于截至二零二三年十二月三十一日的有效资产,以及二零二四年一月二十三日宣布的凯德广场•双井项目脱售完成后的情况。 致信托单位持有人之信函 尊敬的信托单位持有人, 二零二三财政年,在地缘政治局势紧张、全球利率上行以及中 国房地产行业面临挑战等不确定的宏观经济环境下,凯德中 国信托依然取得了良好的业绩。在过去的三年里,我们采取了 前瞻性的资产重组策略,增强了我们的抗风险韧性,收入来源 更趋向多样化。这大大帮助我们驾驭不同市场周期的能力。 在这一年里,我们在资本管理、可持续性发展和资产组合重组 等各个领域都取得了新的里程碑。这些成绩的取得始终来自 我们为信托单位持有人创造价值的坚定承诺。成为首家发行 中国自由贸易区离岸债券的新加坡发行商是我们在这一年突 破性的成就。这项成就也获得了业界肯定,我们在中国中央国 债登记结算有限责任公司举办的“二零二三年银行间债券市 场参与者绩效评估”中荣获“国际业务最佳贡献者——明珠债 券”奖。在可持续性方面,通过我们的不懈努力,我们在全球房 地产业可持续标准评估、MSCI环境、社会及公司治理评级和 Sustainalytics评估的得分均有所提高。此外,我们在昆山巴 城物流园安装太阳能板,彰显了我们对可持续发展的承诺。 年末,我们脱售了凯德广场•双井,再次证明了我们持续优 化资产组合的努力和承诺。 我们致力于不断为未来奠定坚实的基础。在零售业务方面,我 们通过适时的资产增值计划抓住中国消费复苏的机遇,从而 积极挖掘资产价值。我们积极主动借助市场回温的势头,改善 了我们在二零二三年下半年的零售经营表现。我们的资产增值 计划在本年度内已经分阶段完成,我们预计这些计划对零售 资产带来的积极贡献将持续惠及二零二四年。我们将坚持夯 实凯德中国信托的基本面,做好定位,把握未来的增长契机。 展现韧性表现 二零二三财政年,我们的总收入同比增长3.3%至19.125亿元 人民币,净资产收入同比增长5.3%至12.937亿元人民币。尽 管新经济资产的收入减少,但凯德中国信托零售资产组合的 表现有所改善,从而带动了净资产收入的增长。以新元计算的 凯德中国信托的财务数据受到了新元兑人民币汇率走强以及 全球利率上升所带来的影响,二零二三财政年的净资产收入 为2.467亿新元,可派发收入为1.139亿新元。本财政年度的每 单位派息为6.74新分。 截至年末,零售资产、产业园和物流设施的出租率分别为 98.2%、91.0%和82.0%。我们的零售资产组合出租率达到二 零一九年十二月以来的最高水平,所有零售物业的出租率均 有所提高1。此外,我们的客流2同比增长45.8%,租户销售额2同 比增长41.5%,均超越过了二零一九冠病疫情前的水平。二零 二三财政年,随着刚需和生活时尚方面的消费有所改善,我们 零售资产的表现也连带逐步回升。通过积极的管理,我们进 一步推动租户多元化,增强了投资组合的稳定性。二零二三 财政年,我们前十大租户的贡献收入下降2.3%至10.7%3。零 售业占了我们管理资产的75.9%4,进入二零二四年后,我们 预期将从零售资产更趋乐观的发展态势和全年贡献中获益。 尽管行业景气较弱,但我们的产业园投资组合仍实现了1.6% 的租金增长率。我们凭借与租户的稳固关系,留住租户,扩大租 用规模。同时我们善用行业网络在新领域中寻求增长机会。二 零二三年,占我们管理资产17.0%的产业园投资组合4继续吸 引来自主要行业包括电子、工程、电子商务、资讯通信科技、金 融服务、生物医学和制药业的优质租户。由于新增供应和经济 活动平缓,物流园区租户在续租方面表现谨慎。然而,物流园 区投资组合仅占我们管理资产约7.1%4,我们多元化投资组合 的整体上扬表现预期能有效地抵消物流园区在这方面的影响。 资产升级改造 我们推行积极主动的资产管理策略,适时进行资产增值计划 和租赁空间重新规划,为我们的零售资产带来焕然一新的面 貌。这使我们能够跟上中国消费者不断变化的生活时尚和消 费模式。我们保持灵活性,继续根据中国日益壮大的中产阶级 所追求的最新趋势,丰富我们的零售产品和体验。通过这个策 略,我们得以吸引并保留各领域的租户,为我们的零售资产注 入活力,提升整体吸引力。 二零二三年第一季度,我们完成了凯德广场•雨花亭的资 产增值计划。该计划重新配置约8,900平方米的主力超市空 间,从中打造出一个充满活力的特色租户空间,并引入更多 的生活时尚产品和体验。资产增值计划范围内的可租面积经 过重新配置后,租金增长达到约112%,同时为租户和消费者 提供了更多的选择。 在乐峰广场,我们从主力超市收回了位于地下二层的2,310平 方米空间,并将其改建为时尚生活商店和特色餐饮中心。该资 产增值计划于二零二三年七月完成,投资回报率超过13%。与 此同时,我们将三楼两个大型餐饮单位占据的1,699平方米空 间重新划分为六个小型餐饮单位,以提供不同风味的美食,吸 引家庭和社交聚会者。二零二三年八月竣工后,升级改造后的 空间带来超过18%的投资回报率。 为了提升凯德广场•大峡谷的购物体验,我们将一楼的主力 空间分租及周边区域,改造成1,025平方米的体验式空间,容纳 了零售、餐饮和电动车展售等不同类别的租户组合。自二零二 三年七月完工以来,重新设计的区域帮助我们将租金收入提 高67%。此外,我们还将地下一层约7,800平方米的传统主力 超市空间重新划分成约60家新的餐饮、时尚零售和生活设施 商店,以及一家全新零售概念超市七鲜超市。在二零二三年十 二月投入使用后,这个经过重新规划的空间为我们带来了约 50%的租金收入增长。 ANNUAL REPORT 2023 17 Financials Framework Portfolio Performance Leadership Overview

致信托单位持有人之信函 在这一年中,我们继续在各产业园定期举办租户互动活动,以 培养一个具有凝聚力的社区。这些活动包括精心策划的年度 运动会、美食节和节庆活动。 塑造可持续性增长 作为新加坡最大的专注于中国市场的房地产投资信托基金,凯 德中国信托将继续巩固我们的地位,并与中国的发展方向保持 一致,从而在中国的长期发展中受惠。与此同时,我们将在消 费、高质量产业和新兴行业相关的资产类别中,寻求更多机会。 为了实现价值,我们积极寻找机会,将非核心成熟资产脱售, 并将回笼资金用于升级改造我们的资产。二零二三年十二月, 我们以8.42亿元人民币的成交价脱售凯德广场•双井,退出 收益率为2.8%5。由于该商场以整租方式经营,为保持竞争力 重新规划建筑用途需要大量资本支出,此次脱售为我们提供 了一个释放资产价值、巩固财务状况的机会,同时也增强了我 们的财务灵活性,使我们能推动进一步的资产组合重组计划。 与此同时,我们在凯德广场•七宝的整租租约于二零二四年 一月到期之前,于二零二三年三月停止该商场的运营,从而节 省了运营开支。脱售成熟非核心零售商场,以及停止运营实力 较弱的商场,让我们能充分善用资源,进一步强化资产组合。 根据我们的产业园租赁策略,我们将目标锁定并长期维护具 有增长潜力的行业租户,并鼓励现有租户扩大规模。这一年, 我们位于西安的产业园——腾飞科汇城和腾飞创新中心,在获 颁二零二三年和二零二四年孵化器基金资格后,获得了房产 税优惠。这样的成果来自于我们支持政府培育本地企业和推 动创新驱动型增长所做的努力。我们将继续在各产业园实施 针对性的租赁策略,同时发掘高素质的租户并与他们合作,支 持他们成长前进。对于我们的物流园区,我们将重点放在保留 现有租户和提高出租率,同时与政府机构和租户社群合作,增 加我们的租户储备。 审慎的资本管理 我们审慎的资本管理使我们在所有专注于中国市场的新加 坡房地产投资信托基金中保持财务状况的健康和债务成本 的稳定。我们在二零二三年实现里程碑式的突破,在新加坡 房地产投资信托基金中首家发行6亿人民币的自贸区离岸债 券。该笔债券期限3年,于二零二六年到期,年利率为3.80%。 该笔自贸区债券用于提前偿付我们现有新元计价的债务, 实现了约100个基点的利息支出的节省。该笔债券的发行不 仅扩展了我们的资金来源,也优化了我们的资本结构,为长 期增长提供了动力。由于该笔债券的发行,我们二零二三年 人民币计价贷款的比例从二零二二年底的13%提高到20%。 另外,在对二零二三年到期的贷款进行提前再融资的基础上, 我们也对二零二四年到期的贷款成功的提前再融资。作为风 险管理策略的一部分,我们将继续研究如何优化我们的在岸 和离岸债务组合,从而增加我们持有资产和债务之间的自然 对冲,并加强整体财务状况。 二零二三年底,我们约 82%6的贷款是固定利率,确保了利息 支出的确定性。我们的利息备付率为3.3倍7,高于监管要求的 2.5倍8。我们的净负债比率为41.5%9。如果凯德广场•双井的 脱售收益用于削减债务,凯德中国信托在二零二三年底的净 负债比率将改善至约40%。此外,我们的债务到期日分布均衡, 平均到期期限为3.5年。有鉴于凯德中国信托越来越重视绿色 环保,我们大幅提高了可持续发展挂钩贷款在债务总额中的 比例,二零二三年该比例从二零二二年的13%提高到31%。 为可持续性发展创造新高峰 在凯德中国信托,我们相信可持续性经营是我们长期成功 不可或缺的因素。按照凯德集团2030年可持续发展总体规 划,我们将不断努力对环境的影响降至最低,同时为我们运 营所在的社区做出贡献。二零二三年,我们在可持续发展方 面取得了多项里程碑式的成就,详细介绍可参阅“CEO专访” 和“可持续发展亮点”。 展望 二零二三年,中国国内生产总值增长5.2%10 ,零售销售额增长 7.2%11。中国政府正在积极实施有针对性的措施来促进经济增 长,中国大部分最大省份将二零二四年的经济增长目标设定 为5%或更高12。二零二四年初,中国央行宣布将银行储备金下 调50个基点,这将为金融市场提供约1万亿人民币的长期流动 资金13 。二零二四年二月,中国将五年期贷款市场报价利率 降低25个基点至3.95%。这是自二零二三年六月以来的第一 次调降14 。此外,中国正着力促进消费15,并推动私营企业的 投资16,预计这将为中国的经济环境带来良好的景象。虽然 市场波动和不确定性依然存在,我们依然看好中国的长期 市场契机。 5 从二零二三年一月一日至二零二三年九月三十日期间该物业的净资产收入年化折算后除以物业成交价格得出。 6 货币市场借贷合约及在岸人民币贷款除外。固定与浮动利率的比率由71%上升至82%,反映了自贸区债券和交叉货币利率掉期对总债务结构的影 响。 7 根据新加坡金融管理局的指导原则,利息备付率是指将过去12个月的息税折旧摊销前利润除以过去12 个月的利息支出(不包括《财务报告准则》第 116条规定的融资租赁利息支出)。 8 从二零二二年一月一日起,新加坡房地产投资信托基金在满足最低利息备付率不少于2.5倍的前提下,可以将杠杆率提高到超过现行的45%(50%为 顶限)。 9 根据《物业基金附录》的规定,杠杆率是以借款总额与存入物业的比例计算得出。 10 根据美国有线电视新闻网于二零二四年一月十六日的报道,李总理称二零二三年中国经济增长约5.2%。 11 中国国家统计局 12 根据彭博社于二零二四年一月二十四日的报道,二零二四年中国大部分省份的国内生产总值增长目标为5%或以上。 13 根据路透社于二零二四年一月二十四日的报道,中国削减银行储备金以捍卫市场、刺激增长。 14 根据海峡时报于二零二四年二月二十日的报道,中国推出记录上最大幅度的房贷参考利率调降以振兴房地产市场。 15 根据新华社于二零二四年一月十九日的报道,中国计划进一步刺激消费以促进经济复苏。 16 中华人民共和国国务院于二零二四年一月十八日发表,中国承诺加大对私营企业的支持力度。 18 CAPITALAND CHINA TRUST