Notes to the financial statements Year ended 31 December 2024 16. UNITS IN ISSUE AND PERPETUAL SECURITIES (continued) (b) Perpetual securities (continued) In terms of distribution payments or in the event of winding-up of the Trust: • These perpetual securities will constitute direct, unconditional, subordinated and unsecured obligations of the Trust and shall at all times rank pari passu, without any preference or priority among themselves and with any parity obligations of the Trust. • The Trust shall not declare or pay any distributions to the Unitholders, or make redemptions, unless the Trust fully redeems all the outstanding perpetual securities; pays in full an Optional Distribution equal to the amount of the distribution payable that was unpaid in full or in part; pays the next schedule distribution to the holders of the perpetual securities in full; or obtains an extraordinary resolution of the holders of the perpetual securities permitting the Trust to do so. These perpetual securities are classified as equity instruments and recorded within the Statements of movements in Unitholders’ funds. The $99.6 million (2023: $99.6 million) presented on the Statements of financial position represents the $99.6 million (2023: $99.6 million) perpetual securities net of issue costs and include total return attributable to perpetual securities holders from issue date. 17. NON-CONTROLLING INTERESTS The following subsidiaries have NCI that are material to the Group. Name Place of incorporation/ business Operating segment Ownership interests held by NCI 2024 2023 Xinsu subgroup(1) Singapore/China Business parks 49 49 Ascendas Hangzhou Science & Technology Co., Ltd. China Business parks 20 20 Ascendas Hangzhou Data Processing Co., Ltd. China Business parks 20 20 Xi An Ascendas-Science Technology Investment Co., Ltd. China Business parks 20 20 (1) Includes Singapore Suzhou Industrial Holdings Pte. Ltd. and Ascendas–Xinsu Development (Suzhou) Co., Ltd. The following summarises the financial information of the Group’s significant subsidiaries with material NCI. 138 CapitaLand China Trust
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