Chairman & CEO Message Setting New Benchmarks for Sustainability Sustainability continues to be a fundamental pillar of our long-term strategy. In the 2024 GRESB Real Estate Assessment, CLCT was awarded a 5-star rating for the second consecutive year. CLCT also scored an ‘A’ rating for the 2024 GRESB Public Disclosure for the sixth year running. Besides this, we solidified our portfolio’s green credentials by securing LEED Gold certification for four assets – CapitaMall Nuohemule, CapitaMall Xuefu, Ascendas Xinsu Portfolio7 and Singapore-Hangzhou Science & Technology Park Phase II. This increased the proportion of our greencertified assets to around 60%8 of our gross floor area (GFA) as at 31 December 2024, underlining our dedication to environmental stewardship. More details on our sustainability initiatives can be found in the “ESG Highlights” section of this report. Outlook China’s economy grew 5% in 20249. During the year, Chinese policymakers introduced a series of fiscal and monetary stimulus measures, including a 60 basis point reduction in the 5-year Loan Prime Rate (LPR) to 3.6%, liquidity injections and private sector support pledges. Early 2025 saw additional measures, such as nationwide civil servant salary adjustments and the launch of the “dual upgrade programme” to encourage consumer goods trade-ins and equipment upgrades, with further stimulus anticipated. Although these initiatives are anticipated to gain traction in 2025 and progressively rejuvenate the economy, the recovery of business and consumer confidence may take time. We will continue to monitor geopolitical developments, international trade dynamics and China’s economic support measures, as they play a key role in shaping the country’s trajectory. Moving forward, we remain positive about China’s long-term prospects and will focus on leveraging these opportunities to drive value creation at CLCT. Awards and Board Renewal In recognition of our commitment to transparency and excellence in reporting, CLCT was honoured with the Best Annual Report (Small Cap) award at the IR Magazine Forum & Awards – South East Asia in December 2024. Additionally, CapitaMall Xizhimen was named one of China’s top 100 most popular malls by Winshang.com, bearing testament to our operational excellence. As part of our leadership renewal, Mr Tan Tze Wooi stepped down as CEO on 1 January 2025. We extend our gratitude to Mr Tan for his leadership over the past seven years, during which he guided CLCT from strength to strength. We wish him every success in his new role at CapitaLand Investment. At the same time, we would like to warmly welcome Mr Chua Keng Kim, who came onboard as a Non-Executive Independent Director and member of the Audit and Risk Committee on 1 January 2025. He brings with him diverse and extensive real estate experience and expertise. On behalf of the board, we extend our appreciation to our Unitholders, business partners, tenants and employees for their unwavering support during the past year. Looking ahead, CLCT’s prudent capital management and wellestablished track record bode well for our ability to navigate China’s evolving retail and commercial landscape, while seizing emerging opportunities to deliver sustainable returns to Unitholders. TAN TEE HOW Chairman CHAN KIN LEONG GERRY Chief Executive Officer 7 Attained LEED Gold for research & development blocks one to six of Ascendas Xinsu Portfolio. 8 Includes CLCT properties that are managed by its Sponsor, CapitaLand Investment. 9 Source: China National Bureau of Statistics. 12 CapitaLand China Trust
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