Annual Report 2025 A Annual Report 2025 CapitaLand China Trust
Grounded in resilience and governance, our values keep us steadfast through business cycles while propelling us to seize opportunities with clarity and confidence. We are advancing through innovation, partnerships, and sustainable growth. With strategic focus and effective execution, we continue to seed new opportunities and strengthen growth engines to deliver enduring value for our stakeholders. Overview About Us 1 Property Portfolio 2 2025 Highlights 4 Financial Highlights 5 ESG Highlights 6 Business Model 8 Chairman & CEO Message 10 Trust Structure 17 Board of Directors 18 Management Team 23 Performance Financial Review 24 Capital Management 27 Operations Review 29 Investor Relations 37 Trading Performance 39 Portfolio Details 40 Governance Corporate Governance 56 Risk Management 80 Sustainability Management 85 Financial Statements Financial Statements 86 Other Information Additional Information 170 Statistics of Unitholdings 172 Portfolio Directory 175 Corporate Information IBC Contents Seeding Growth, Creating Enduring Value
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 estaterelated assets in China, Hong Kong 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 Singaporelisted CapitaLand Investment Limited (CLI), which is a leading global real asset manager with a strong Asia foothold. Our Vision To be the leading China-focused real estate investment trust, with a diversified and professionally managed portfolio of quality assets, capturing long-term growth drivers. Our Mission To deliver resilient distributions and sustainable total returns to Unitholders. For more information, please visit our corporate website at www.clct.com.sg. Reporting Suite 2025 Scan the QR code or visit https://investor.clct.com.sg/home.html to view the reports online. About Us To be published by end-April 2026. Annual Report 2025 1 Annual Report 2025 CapitaLand China Trust Independent Market Research 2025 CapitaLand China Trust Sustainability Report 2025 CapitaLand China Trust
Property Portfolio Since its IPO in 2006, CLCT’s portfolio1 has grown from seven shopping malls to a diversified portfolio of 17 properties across 11 tier 1 and leading cities in China, comprising eight retail malls, five business parks, and four logistics parks. Retail 3 Beijing CapitaMall Xizhimen CapitaMall Wangjing CapitaMall Grand Canyon 1 Guangzhou Rock Square 1 Chengdu CapitaMall Xinnan 1 Hohhot CapitaMall Nuohemule 2 Harbin CapitaMall Xuefu CapitaMall Aidemengdun Business Parks 1 Suzhou Ascendas Xinsu Portfolio 2 Hangzhou Singapore-Hangzhou Science & Technology Park Phase I Singapore-Hangzhou Science & Technology Park Phase II 2 Xi’an Ascendas Innovation Towers Ascendas Innovation Hub Logistics Parks 1 Shanghai Shanghai Fengxian Logistics Park 1 Chengdu Chengdu Shuangliu Logistics Park 1 Wuhan Wuhan Yangluo Logistics Park 1 Kunshan Kunshan Bacheng Logistics Park Indicates number of properties within the same asset class in each city Eight Retail Malls The eight retail malls 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. Five Business Parks The five business parks are situated in high-growth economic zones, with quality and reputable domestic and multinational corporations operating in new economy sectors. The business parks and industrial properties have excellent connectivity to transportation hubs and are easily accessible via various modes of transport. Four Logistics Parks The four logistics parks are located in key logistics hubs near transportation nodes such as seaports, airports and railways to serve the growing domestic logistics needs of China’s Eastern, Central and Southwest regions. The properties are anchored by strong domestic tenants, including China’s leading technology-driven supply chain solutions and logistics service providers. 1 Unless otherwise disclosed, please note that the disclosures in this Annual Report on CLCT’s portfolio exclude CapitaMall Yuhuating, which is located in Yuhua District in Changsha. The divestment by CLCT of CapitaMall Yuhuating was completed on 31 October 2025. CapitaLand China Trust 2
1 Hohhot 1 1 Chengdu 2 2 Xi'an Hangzhou 1 1 1 1 1 Wuhan Guangzhou 2 Harbin 3 Beijing Kunshan Shanghai Suzhou Retail Business Park Logistics Park Annual Report 2025 3
2025 Highlights Business Operations Capital Management 3,159 No. of Leases 40.7%2 Aggregate Leverage 91.7%1 Portfolio Occupancy 3.32%3 Average Cost of Debt +2.1% YoY Tenant Sales 2.8x4 Interest Coverage Ratio +2.7% YoY Shopper Traffic 3.5 years Average Term To Maturity Gross Revenue (RMB billion) 2021 2022 2023 2024 2025 1.83 1.85 1.91 1.84 1.67 Net Property Income (RMB billion) 2021 2022 2023 2024 2025 1.21 1.23 1.29 1.22 1.10 Distribution Per Unit (S cents) 2021 2022 2023 2024 2025 8.73 7.50 6.74 5.65 4.82 Total Assets (S$ billion) 2021 2022 2023 2024 2025 5.58 5.23 5.00 4.72 4.48 1 Based on committed leases as at 31 December 2025. 2 Please refer to page 5 for the definition of aggregate leverage. 3 Based on the consolidated interest expense for the respective financial period over weighted average borrowings on balance sheet for that financial period. 4 Please refer to page 5 for the definition of interest coverage ratio. 5 Based on a 100% basis as at 31 December 2025. 6 Amounts may not sum to 100% due to rounding. 7 Includes Shanghai, Suzhou, Kunshan and Hangzhou. 8 Includes Chengdu, Xi’an, Wuhan, Harbin and Hohhot. Beijing 35.1% Guangzhou 13.9% Yangtze Delta Cities7 22.9% Other Key Cities8 28.0% Retail 69.3% Business Park 27.0% Logistics Park 3.7% Geographical Diversification (by GRI5,6) Asset Class Diversification (by GRI5) Business Park 86.7% Logistics Park 98.1% Retail 97.2% CapitaLand China Trust 4
Financial Highlights As at 31 December 2021 2022 2023 2024 2025 Financial Performance Gross Revenue (RMB million) 1,826.1 1,851.5 1,912.5 1,837.6 1,670.0 Gross Revenue (S$ million) 378.0 383.2 364.7 341.5 303.7 Net Property Income (RMB million) 1,209.9 1,228.4 1,293.7 1,219.1 1,104.6 Net Property Income (S$ million) 250.4 254.2 246.7 226.6 200.9 Distributable Income (S$ million) 135.5 125.6 113.9 96.8 83.9 Distribution Per Unit (DPU) (S cents) 8.73 7.50i 6.74i 5.65 4.82i Key Financial Position Total Assets (S$ million) 5,575.9 5,226.1 4,995.8 4,722.8 4,484.8 Portfolio Property Valuation (S$ million)ii 5,239.0 4,904.3 4,700.1 4,443.9 4,204.4 Total Deposited Properties (S$ million)iii 5,226.6 4,893.4 4,670.3 4,390.1 4,146.2 Net Assets Attributable to Unitholders (S$ million) 2,588.2 2,306.2 2,039.9 1,926.6 1,789.6 Net Asset Value Per Unit (S$) - Before Income Distribution 1.56 1.38 1.21 1.12 1.03 - After Income Distribution 1.54 1.34 1.18 1.09 1.00 Total Gross Borrowings (S$ million)iv 1,993.4 1,950.9 1,956.4 1,857.3 1,703.0 Market Capitalisation (S$ million) 1,974.8 1,874.8 1,570.6 1,238.7 1,349.2 Capital Management Aggregate Leverage (%)v 37.7 39.6 41.5 41.9 40.7 Average Cost of Debt (%)vi 2.62 2.97 3.57 3.51 3.32 Average Term to Maturity (Years) 3.4 3.4 3.5 3.4 3.5 Interest Coverage Ratio (times)vii 4.5 3.6 3.1 3.0 2.8 Management Expense Ratio (%)viii 0.9 0.8 0.9 0.9 0.9 i 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. No rental support was received in 2024 and 2025. In 2025, there is a distribution top-up of approximately the distribution income from CapitaMall Yuhuating, which would have been contributed from 1 April 2025 to 31 December 2025, proportionally adjusted based on its distribution income in 1Q 2025. It is drawn from past divestment gains from CLCT and is funded through debt. ii Based on valuation on a 100% basis as at 31 December 2025. The portfolio property valuation includes the valuation of eight retail malls, five business parks and four logistics parks. For more details, please refer to page 26. iii Total consolidated assets of CLCT and excludes share attributable to the non-controlling interest of the project companies if the ownership is less than 100%. iv Excludes unamortised transaction costs and modification gain. v In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings and deferred payments over deposited properties. CLCT does not have any deferred payments. vi Based on the consolidated interest expense for the respective financial year reflected over weighted average borrowings on balance sheet for that financial year. vii The ratio is calculated by dividing the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities (i.e. perpetual securities) in accordance with the Property Funds Appendix. EBITDA refers to earnings before interest, tax, depreciation and amortisation. viii 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 2025 5
ESG Highlights Accolades Third Consecutive Year with 5-Star Rating 2025 GRESB Real Estate Assessment Seventh Consecutive Year with A Rating 2025 GRESB Public Disclosure Low Risk Sustainalytics ESG Risk Rating BBB MSCI ESG ratings Environmental and Social Highlights ~70%1 of CLCT’s portfolio (by GFA) are LEED Gold certified, where a new certification was obtained for the Ascendas Xinsu Portfolio2 ~12% of the portfolio’s electricity consumption are from renewable energy sources 100% of the main contractors appointed this year are ISO 14001 and ISO 45001 certified 100% of the supply chain agreed to abide by CLI’s Supply Chain Code of Conduct Zero incidents resulting in fatality and permanent disability for CLCT employees, property management teams and contractors 50% of total debts are sustainability-linked loans 1 By portfolio gross floor area excluding carpark space. Refers to CLCT properties managed by CLI (by sq m). 2 Attained LEED GOLD certification for industrial Block A to D of Ascendas Xinsu Portfolio. CapitaLand China Trust 6
Governance Highlights as at date of this Report Board Composition (9 Directors) Compliance with the Code of Corporate Governance 6 Board 5 Audit and Risk Committee 2 Nominating and Remuneration Committee 1 Executive Committee 1 AGM 1 EGM 67% (6) Independent 33% (3) Non-Independent Gender Diversity Tenure Mix 67% (6) Males 33% (3) Females Board Independence Age Profile 56% (5) 61 years & above 22% (2) 51-60 years old 22% (2) 50 years & below 67% (6) 0-3 years 33% (3) 3-6 years 0% (0) >6 years Committee Composition Audit and Risk Committee Executive Committee Nominating and Remuneration Committee Members 100% Independent 100% Non-Independent Members Members 67% Independent 33% NonIndependent Number of Meetings For more information, please refer to the relevant pages in this annual report. Board Matters 57 Remuneration Matters 65 Accountability and Audit 70 Unitholder Rights and Engagement 74 Annual Report 2025 7
Business Model At CLCT, we focus on creating, unlocking, and extracting value, underpinned by proactive capital management. Through disciplined portfolio reconstitution, asset enhancement initiatives (AEIs), and a commitment to sustainability, we leverage our market expertise and operational strengths to drive long-term value creation. Investment & Portfolio Management Employ a disciplined portfolio reconstitution strategy to build a resilient, diversified and future-ready asset mix, attracting leading tenants to high-quality spaces. Risk & Sustainability Management Incorporate ESG practices into CLCT’s operations and identify material risks with key controls to mitigate those risks. Value Drivers Where value was created Create Value Enhance revenue diversification and resilience through strategic, yield-accretive acquisitions. Extract Value Execute AEIs and unit reconfigurations to drive organic growth, supported by customercentric initiatives. Unlock Value Identify the optimal stage to divest mature assets to strengthen the balance sheet or reinvest in higher-growth opportunities. Proactive Capital Management Maintain a strong financial position by managing aggregate leverage, reducing the overall average cost of debt and increasing natural hedge. Capital Management Maintain CLCT’s robust financial position by diversifying funding sources, minimising debt costs, optimising aggregate leverage levels, and mitigating risks associated with interest rates, currency, and liquidity. Investor Relations Foster transparent and timely two-way communication with investors, providing clear insights into CLCT’s performance and strategy. Tenants and Shoppers Business Strategy How we create value 01 02 03 04 01 02 03 04 Business Strategy Employees Investment Community CapitaLand China Trust 8
Value Created Value Created in FY 2025 Completed the Full Investment Cycle at CapitaMall Yuhuating, Unlocking Asset Value through AEI Before Recycling it at a Higher Valuation Post-Acquisition Value Creation (2019–2022) E Following the acquisition of CapitaMall Yuhuating in 2019, CLCT unlocked value in 2022 by converting ~8,900 sq m of anchor supermarket space into specialty tenant space. This introduced enhanced lifestyle offerings and experiences across 70+ stores, achieving an Return on Investment (ROI) of ~15%. Strategic Divestment via CLCR (2025) U In 2025, CapitaLand Commercial C-REIT (CLCR) was listed on the Shanghai Stock Exchange. CLCT divested CapitaMall Yuhuating to CLCR at ~4% above the 2024 book value, realising an exit NPI yield of 6.2%1 and completing the full investment cycle. Capital Recycling & Strategic Advantage (2026 and beyond) C By subscribing to 5% of CLCR units, CLCT retains a strategic stake in the C-REIT, leveraging it as a platform to recycle mature assets and redeploy capital into higher-yielding, growth-oriented opportunities. Supply Chain Stakeholders Internal and External Stakeholders 1 The exit NPI yield is calculated using CapitaMall Yuhuating's FY 2024 NPI of RMB50.7 million. 2 For whole AEI area, including supermarket. C Create Value E Extract Value U Unlock Value Strategically Repositioned Traditional Anchor Spaces into High-Yield, Experiential Areas CapitaMall Xizhimen E Transformed ~10,100 sq m of basement supermarket space into a design-led, multi-functional DT-X concept store, driving footfall from younger shoppers. CapitaMall Wangjing E Converted ~8,800 sq m of conventional supermarket area into a new retail concept supermarket, 7Fresh and more than 20 popular retail, Food & Beverage (F&B), and experiential brands, achieving a 12.6% ROI. CapitaMall Xuefu E Replaced a traditional supermarket with local B.U.T Supermarket (~6,600 sq m) and launched an Animation, Comics & Games themed street (~2,100 sq m), achieving a total rental increase of 13.1%2. Proactive Capital Management • Improved aggregate leverage of 40.7% and improved average cost of debt of 3.32%. • Issued 3-year RMB600 million bond at 2.88% and secured RMB1,600 million loan facilities at competitive margins. • Issued S$150 million Fixed Rate Subordinated Perpetual Securities. • Exceeded target of at least 50% RMB-denominated debt by 2025. Community Annual Report 2025 9
Chairman & CEO Message Dear Unitholders, FY 2026 marks a significant milestone for CapitaLand China Trust (CLCT) as we commemorate our 20th anniversary. Since our listing on the Singapore Exchange in 2006, we have navigated China’s economic cycles and pursued disciplined growth, with a clear focus on building a high-quality portfolio to deliver income resilience and sustainable long-term returns to Unitholders. CLCT has evolved from a retail-focused REIT across five cities into a diversified multi-asset platform spanning 11 cities across China, with our total property value growing six-fold from S$0.7 billion to S$4.2 billion, a testament to the disciplined execution of our long-term growth strategy. Building on 20 Years of Driving Long-term Value FY 2025 was marked by heightened global trade tensions and continued economic headwinds in China. Against this backdrop, we remained focused on proactive asset management, prudent capital management and disciplined portfolio reconstitution to safeguard CLCT’s income resilience. We also positioned CLCT for long-term growth by aligning our strategies and portfolio with China’s economic priorities on driving domestic consumption and high-quality, technology-driven growth, while capturing opportunities arising from the development of domestic capital markets. This year, we made significant progress in refreshing our retail offerings. Through strategically timed AEIs across four retail malls1, we introduced unique consumer-centric retail concepts that cater to evolving preferences. These initiatives have improved tenant sales and positioned our assets for growth. In addition, we welcomed new business park and logistics park tenants that reinforce our alignment with China’s growth sectors. Efforts to attract high-tech and other emerging companies to our business parks have also allowed us to increase our occupancies and outperform market standards. With constructive domestic capital markets and lower interest rates, we expanded our RMB-denominated debt to 60% at the close of FY 2025, strengthening our natural hedging and enhancing our financial position. 1 In FY 2025, CLCT completed four AEIs at CapitaMall Xizhimen, Rock Square, CapitaMall Wangjing and CapitaMall Xuefu. Tan Tee How Chairman Chan Kin Leong Gerry Chief Executive Officer CapitaLand China Trust 10
During the year, CLCT marked a defining milestone in its next phase of growth. Together with our sponsor, we strengthened our presence in China’s capital markets through the listing of CapitaLand Commercial C-REIT (CLCR), the first internationally sponsored retail C-REIT on the Shanghai Stock Exchange. CLCT remains the only S-REIT offering exposure to China’s expanding C-REIT market. In connection with the listing, CLCT seeded the platform with its mature asset, CapitaMall Yuhuating, unlocking value and strengthening our balance sheet. Since acquiring the mall in 2019, we have executed a disciplined acquire–enhance–divest strategy, including an AEI that reclaimed 8,900 sq m of anchor supermarket space for specialty retail, lifestyle and experiential offerings. The asset was subsequently injected into CLCR at a premium to its valuation, underscoring our disciplined capital recycling approach while reinforcing portfolio resilience. Concurrently, we subscribed to a strategic 5% stake in CLCR. This forward-looking move establishes a sustainable capital recycling platform to support ongoing portfolio reconstitution, enhance financial flexibility and provide potential upside from China’s evolving REIT landscape. CLCR debuted strongly, opening 19.6% above its IPO price of RMB5.718 per unit. Our 5% stake deepens access to domestic capital markets and positions CLCT to benefit from the growth of China’s C-REIT sector, supporting long-term portfolio optimisation. Steadfast Results For FY 2025, distributable income totalled S$83.9 million, resulting in a distribution per unit of 4.82 Singapore cents and a distribution yield of 6.2%2. Gross Revenue decreased 9.1% year-on-year (YoY) to RMB 1,670.0 million, while Net Property Income (NPI) was 9.4% lower at RMB 1,104.6 million. This was primarily due to the absence of contributions from CapitaMall Yuhuating from 1 April 2025 to 31 December 2025, following its divestment, AEI downtime at four malls1 as well as softer occupancy and rents at our business parks and weaker retail environment for CapitaMall Xinnan, CapitaMall Grand Canyon and CapitaMall Wangjing. These pressures were partially mitigated by the resilient performance of CapitaMall Nuohemule and Ascendas Xinsu Portfolio alongside improved contributions from our logistics parks. The softer revenue performance was partially mitigated by a 4.3% YoY reduction in operating expenses across CLCT’s portfolio on a same-store basis, reflecting continued operational efficiency. To ensure income stability for Unitholders, we have provided a one-off topup for 2H 2025 distribution from past divestment gains in the interim to make up for the absence of income from CapitaMall Yuhuating. Through active leasing and asset management, occupancy remained resilient for our retail, business parks and logistics parks portfolios at 97.2%, 86.7% and 98.1% respectively. Retail malls, which account for 69.3% of our portfolio’s Gross Rental Income (GRI), recorded a 2.7% increase in shopper traffic and a 2.1% rise in tenant sales. This was supported by robust demand in key trade sectors such as Toys & Hobbies, Jewellery & Watches, IT & Telecommunications and Food & Beverage (F&B). Government-issued consumption vouchers have stimulated domestic spending. Our retail portfolio recorded a rental reversion of -2.4% in FY 2025, reflecting a strategic shift away from the automobile sector amid evolving electric vehicle (EV) tenant strategies. Excluding the automobile trade category, reversion was contained at -0.6%, underscoring a more diversified and resilient tenant mix. Business parks, which contribute 27.0% of our GRI, achieved occupancy that outperformed submarket benchmarks. During the year, our business parks welcomed increased commitments from tenants in the engineering as well as culture, sports and entertainment sectors. Rental reversion came in at -8.1% as we adopted a targeted leasing approach to protect asset value and ensure sustainable tenancy in a softening market. We will deepen efforts to attract tenants in key sectors aligned with China’s technology-driven growth, positioning our business parks portfolio to capture growth opportunities. Constituting 3.7% of GRI, our logistics parks maintained a strong occupancy rate of 98.1%, supported by the early renewal of strategic anchor tenants, in line with our strategy to prioritise occupancy across the portfolio. Three of the four properties – Shanghai Fengxian Logistics Park, Kunshan Bacheng Logistics Park and Wuhan Yangluo Logistics Park – were fully leased, supported by sustained demand from e-commerce players and third-party logistics providers. Notably, Shanghai Fengxian logistics park secured a third-party logistics tenant on an eightyear lease, effectively addressing the vacancy challenge the asset faced in 2024. Enhancing and Unlocking Value for Growth Our strategy of portfolio rejuvenation through targeted AEIs remains a key driver of value creation and organic growth. In FY 2025, we completed four AEIs, revitalising CapitaMall Xuefu, CapitaMall Xizhimen, CapitaMall Wangjing, and 2 Based on the closing price of S$0.775 on 31 December 2025. Annual Report 2025 11
Rock Square with higher-yielding retail concepts designed to meet evolving consumer preferences. At CapitaMall Xuefu, we upgraded 8,700 square metres (sq m) of supermarket space. Launched in 2Q and 3Q 2025, the refreshed space now houses a leading local supermarket B.U.T. as well as a themed zone centred on animation, comics and gaming, designed to appeal to younger shoppers. Following the AEI, this differentiated concept drove higher footfall, secured full occupancy and lifted total rents by 13.1%. Elevating shopper experience at CapitaMall Xizhimen, we converted 10,100 sq m of supermarket space to house DT-X, a new retail concept inspired by SKP, one of China’s most successful department stores. Opened in 4Q 2025, DT-X has transformed the well-patronised mall into a sophisticated lifestyle destination, uplifting the mall’s brand positioning with a high-end concept anchored by the introduction of premium labels, including new-to-market and upscale boutique brands aimed at attracting mid to high-income consumers. CapitaMall Xizhimen saw shopper traffic rise 14% YoY and gross turnover per sq m grow 20% YoY in December 2025 following the launch. In the same quarter, we revitalised 8,800 sq m of anchor space at CapitaMall Wangjing to feature a new retail concept supermarket, 7Fresh by JD.com, together with more than 20 popular retail and F&B outlets. The initiative achieved 100% leasing and a return on investment of approximately 12.6%, underscoring the effectiveness of our AEI strategy. For Rock Square, we optimised 2,110 sq m at Basement 1, transforming the area from a cluster of older beauty-focused brands to introduce a high-profile minianchor tenant, Decathlon. Completed in 4Q 2025, this repositioning strengthened the mall’s appeal as a vibrant lifestyle hub and broadened its shopper base and tenant mix. Following the launch of Decathlon, Rock Square’s shopper traffic grew 4.6% YoY, with gross turnover3 per sq m for the AEI area increasing over 40%. Disciplined Financial Stewardship CLCT’s healthy financial position is anchored in our proactive and prudent capital management approach. Leveraging China’s easing interest rate environment, we increased the proportion of RMB-denominated debt from 35% in FY 2024 to 60% in FY 2025, surpassing our earlier target of 50%. This strengthens our natural hedge, mitigates foreign exchange fluctuations and optimises funding costs. In April 2025, CLCT completed a RMB600 million bond offering due in 2028, at a competitive interest rate of 2.88%. In September 2025, we launched S$150 million of threeyear fixed rate subordinated perpetual securities, with a distribution rate of 3.95%. These issuances expanded our funding sources, providing further capacity to drive longterm growth. A portion of our 2026 refinancing obligations has already been completed, leaving only a minimal amount outstanding next year, reinforcing our strong position for prudent and efficient capital management. Our average cost of debt lowered to 3.32% as at 31 December 2025, from 3.51% a year ago. We maintained a healthy interest coverage ratio4 of 2.8 times, and our gearing ratio of 40.7% is well within the regulatory requirements5, down from 41.9% as at 31 December 2024. Our well-staggered debt maturity profile has an average term to maturity of 3.5 years. Additionally, 72% of our undistributed distributable income was hedged into SGD, mitigating foreign currency risk and enhancing the stability of Unitholder returns. Championing Sustainability Sustainability remains a fundamental pillar of our long-term strategy. In the GRESB Real Estate Assessment, CLCT attained a 5-star rating for the third consecutive year in 2025 and out-performed both the GRESB and peer averages. We also secured LEED Gold certification for a portion of our Ascendas Xinsu Portfolio, bringing the proportion of our green-certified assets to approximately 70% of gross floor area as at 31 December 2025. Reflecting our continued focus on sustainable financing, sustainability-linked loans now account for 50% of total debt, up from 42% a year ago.6 3 Excluding automobile tenant in the previous area. 4 Please refer to page 5 for the definition of interest coverage ratio. 5 The Monetary Authority of Singapore stipulates a minimum interest coverage ratio of 1.5 times and an aggregate leverage limit of 50% for all REITs. 6 For more details on CLCT’s sustainability initiatives, please refer to the “ESG Highlights” section of this report. Chairman & CEO Message CapitaLand China Trust 12
7 Source: China National Bureau of Statistics. Outlook Looking ahead, China continues to offer compelling opportunities, underpinned by robust domestic demand, extensive supply chains and strong cost competitiveness. In 2025, the country’s GDP expanded by 5.0%, while industrial output grew 5.9%.7 During the year, policymakers rolled out fiscal and monetary stimulus initiatives, including a reduction in the Loan Prime Rate as well as programmes encouraging large-scale equipment upgrades and consumer goods trade-ins. These measures are expected to progressively bolster business confidence and consumption. While the direct impact of US tariffs on CLCT’s operations remains limited, we will remain vigilant in monitoring geopolitical developments, global trade trends and China’s economic policies. We will actively pursue opportunities to expand our presence across diversified asset classes, including retail in tier 1 and 2 cities, seek targeted AEIs to elevate our retail portfolio for existing and new assets, and sustain strong occupancy rates across business parks and logistics parks. Our dual connection to both the S-REIT and C-REIT markets differentiates CLCT. It provides us with a distinct advantage in sourcing, structuring and executing accretive transactions, while enabling capital recycling into higher-yielding opportunities. At the same time, we will seek strategic investments that strengthen portfolio resilience and drive value creation. Board Renewal With effect from 1 November 2025, Mr Tan Tze Wooi relinquished his positions as Non-Executive Non-Independent Director and member of the Executive Committee. Mr Neo Poh Kiat also stepped down as Non-Executive Independent Director, Chairman of the Audit and Risk Committee (ARC) and member of the Nominating and Remuneration Committee. On behalf of the Board, we extend our deepest appreciation for their dedicated service and invaluable contributions. Succeeding Mr Neo in his roles is Mr Chua Keng Kim, who has served as a Non-Executive Independent Director and member of the ARC since 1 January 2025. As part of our Board rejuvenation efforts, we welcomed Mr Liu Sing Cheong on 1 November 2025 as Non Executive Independent Director. He was appointed as a member of the ARC on 5 February 2026. Mr Liu brings extensive experience in real estate, leadership and governance, as well as deep knowledge of the China market. Their expertise will add to the Board’s bench strength. We thank our Unitholders, business partners, tenants and staff for their unwavering support. As we mark our 20th anniversary, we remain steadfast building a diversified, resilient and future-ready portfolio, while pursuing strategies that generate sustainable long-term value for our Unitholders. Tan Tee How Chairman Chan Kin Leong Gerry Chief Executive Officer Annual Report 2025 13
致信托单位持有人之信函 尊敬的信托单位持有人 二零二六年对凯德中国信托而言意义非凡，因为我们迎来了 成立二十周年这一重要里程碑。自二零零六年在新加坡交易 所上市以来，我们穿越了中国经济的不同周期，始终坚持稳健 的增长策略，专注于打造优质的投资组合，提高收入的抗风险 能力，为信托单位持有人实现可持续的长期回报。 凯德中国信托已从最初专注于商场、布局中国五个城市的房 地产投资信托，发展成为覆盖中国十一个城市的多元资产类 别平台。我们的总资产规模增长了六倍，从7亿新元增至42亿 新元，这充分印证了我们对长期增长策略的严格执行。 立足二十年，持续创造长期价值 二零二五财政年，全球贸易紧张局势加剧，中国经济也持续面 临逆风。在此背景下，我们始终专注于主动的资产管理、审慎 的资本管理以及稳健的投资组合重组，强化凯德中国信托的 收入抗风险能力。同时，我们结合中国推动国内消费及高质 量、技术驱动型增长的经济政策方向，调整信托的策略和投 资组合，同时把握中国国内资本市场发展带来的机遇，为凯 德中国信托的长期增长做好准备。 本年度，我们在调整零售业态方面取得了显著进展。通过对 四座零售商场适时开展资产增值计划1，我们针对持续变化 的需求，引入了以消费者为中心的有特色的零售概念。这些 举措提升了租户销售额，并为我们资产的进一步增长奠定了 基础。此外，我们把契合中国的经济增长领域的租户带进了 产业园和物流园。通过吸引高科技及其他新兴企业入驻我们 的产业园，我们得以提高物业出租率，取得高于市场平均的 表现水平。 得益于国内资本市场的有利环境以及较低的利率水平，我们 在二零二五财政年末将人民币计价债务比例提高至60%，增 加了货币自然对冲比例，强化了我们的财务状况。 本财政年度，凯德中国信托迎来了新增长阶段的重大里程碑。 我们与发起人携手，成功发行凯德商业REIT（CLCR），加强了 我们在中国资本市场的布局。这是上海证券交易所首只由国 际发起人发起的消费类基础设施公募REIT。凯德中国信托目 前仍是唯一一支参与中国方兴未艾的C-REIT市场的新加坡 REIT。 利用此上市机遇，凯德中国信托将其成熟资产凯德广场·雨 花亭作为首发资产注入该平台，释放了资产价值并增强了信 托的资产负债表。自二零一九年收购该商场以来，我们严格执 行了"收购-提升-出售"的策略。通过资产增值计划，将8,900 平方米的原主力超市空间调整改造为零售专卖店、生活方式 和体验式业态。该资产随后溢价注入CLCR，突显了我们严格 遵循的资本循环策略，同时增强了投资组合的韧性。 同时，我们认购了CLCR 5%的战略份额，旨在搭建一个可持 续的资本再循环平台，以持续支持投资组合重组，增强财务 灵活性，并获取潜在收益。CLCR上市首日表现强劲，开盘价 较每份5.718元人民币的发行价上涨19.6%。通过我们持有的 5%份额，CLCT得以深化获取中国资本市场的渠道，并使凯德 中国信托能够持续受益于中国C-REIT板块的增长，支持长期 的投资组合优化。 稳健表现 二零二五财政年度，可分派收入总计达8,390万新元，相当于 每单位派息为4.82新分，派息收益率为6.2%2。 总收入同比下降9.1%，至16.70亿元人民币；净资产收入同比 下降9.4%，至11.046亿元人民币。这主要是由于凯德广场·雨 花亭自2025年4月1日至2025年12月31日因出售而不再贡献收 入、四座商场部分面积因进行资产增值计划暂停营业、产业园 出租率和租金下降，以及凯德广场·新南、凯德MALL·大峡谷 和凯德MALL·望京面临较弱的零售环境所致。这些压力因凯 德广场·诺和木勒和腾飞新苏的稳定的表现以及物流园收入 的改善而得到部分缓解。 按可比同店口径计算，凯德中国信托投资组合的运营支出同 比下降4.3%，部分缓解了收入疲软的压力，这反映了持续的 运营效率改善。为确保单位持有人的收入稳定，我们从过往 资产出售收益中为二零二五年下半年派息提供了一次性补足， 以弥补凯德广场·雨花亭收入缺失的影响。 通过积极的租赁和资产管理，我们的商场、产业园和物流园 资产组合保持了稳健的出租率，分别达到97.2%、86.7%和 98.1%。占投资组合总租金收入69.3%的商场，客流同比增 长2.7%，租户销售额同比增长2.1%。这得益于玩具及爱好、 珠宝钟表、数码产品及餐饮等关键业态的稳定需求。政府发 放的消费券也刺激了国内消费。我们的商场投资组合在二零 二五年录得租金增长率为-2.4%，这反映了我们主动的战略 性调整电车租户，减少了对该业态的依赖。剔除汽车业态类 别后，租金增长率被控制在-0.6%，凸显了更加多元化和更具 韧性的租户组合。 占我们总租金收入27.0%的产业园，其出租率表现优于各自所 在子市场的平均水平。这一年，我们的产业园吸引了更多来自 工程以及文化、体育和娱乐行业的租户承租。产业园租金增长 率为-8.1%，主要是因为我们在市场疲软的大环境下采取了 有针对性的租赁策略来维持资产价值并确保租约的可持续 性。我们将加大力度，吸引符合中国技术驱动型增长的关键行 业租户，使我们的产业园投资组合能够抓住未来增长机遇。 占总租金收入3.7%的物流园，则保持了98.1%的强劲出租率， 这得益于主力租户的提前续约，体现我们优先考虑出租率的 策略。在电子商务企业和第三方物流供应商需求的持续支持 下，四处物业中的三处——上海奉贤物流园、昆山巴城物流园 和武汉阳逻物流园——实现了满租。值得注意的是，上海奉贤 物流园与一家第三方物流租户签订了为期八年的租约，有效 解决了该资产在二零二四年所面临的空置挑战。 2 1 基二零于二20五25财年政12年月，3凯1日德 收中 盘国 价信 0托 .7在75凯新德元M计A 算LL·。西直门、乐峰广场、凯德MALL·望京和凯德广场·学府完成了四项资产增值计划。 CapitaLand China Trust 14
提升价值，解锁增长机遇 通过有针对性的资产增值计划来焕新投资组合，仍然是我 们创造价值和推动有机增长的关键驱动力。在二零二五财政 年，我们推出旨在满足不断变化的消费者偏好的、收益率更高 的零售概念，完成了四项资产增值计划，焕新了凯德MALL· 学府、凯德MALL·西直门、凯德广场·望京和乐峰广场。 在凯德广场·学府，我们对8,700平方米的超市空间进行了升 级改造。焕新后的空间于二零二五年第二和第三季度分批推 出，现入驻了当地领先的比尤特超市以及一个旨在吸引年轻 消费者的二次元主题街区。资产增值计划完成后，这一新颖 概念带来了更高的客流量，实现了满租，并使总租金提升了 13.1%。 为提升凯德MALL·西直门的顾客体验，我们将10,100平方米 的超市空间改造为DT-X，这是一个受中国最成功的百货商店 之一SKP启发的全新零售概念。DT-X于2025年第四季度开业， 将这座客流旺盛的商场空间转变为一个精致的生活目的地， 通过引入高端品牌（包括首次进入市场的品牌和旨在吸引中 高收入消费者的高档精品店），提升了商场的品牌定位。开业 后，凯德MALL·西直门2025年12月的客流量同比增长14%, 单位面积销售额同比增长20%。 同季度，我们焕新了凯德MALL·望京8,800平方米的主力空 间，引入了京东旗下的新零售概念七鲜超市，以及超过20家 受欢迎的零售和餐饮门店。此项改造实现了100%的出租率， 投资回报率约为12.6%，我们资产增值计划策略成效显著。 在乐峰广场，我们优化了地下一层2,110平方米的区域，将该 区域从原先集中美容品牌的布局，转变为引入知名运动品牌 迪卡侬。这一重新定位于2025年第四季度完成，增强了商场 作为充满活力的生活枢纽的吸引力，并拓宽了其客群基础和 租户组合。迪卡侬开业后，乐峰广场客流量同比增长4.6%， 调整区域第四季度单位面积销售额3增长超过40%。 严谨的财务管理 凯德中国信托健康的财务状况根植于我们主动且审慎的资本 管理方法。借助中国宽松的利率环境，我们将人民币计价债务 比例从二零二四财政年的35%提升至二零二五财政年的60%, 超越了之前50%的目标。这增加了我们的货币自然对冲，减轻 了外汇波动的影响，并优化了融资成本。 二零二五年四月，凯德中国信托完成了6亿元人民币债券的发 行，该债券将于二零二八年到期，票面年利率为2.88%，具有 竞争力。二零二五年九月，我们发行了1.5亿新元的三年期固 定利率次级永续证券，年利率为3.95%。这些发行拓宽了我 们的融资渠道，为驱动长期增长提供了更多潜能。我们在二 零二六年的部分再融资义务已经完成，明年仅剩少量未偿还 债务，这巩固了我们在审慎高效资本管理方面的强势地位。 截至二零二五年十二月三十一日，我们的平均债务成本从一年 前的3.51%降至3.32%。我们保持了2.8倍健康的利息覆盖率4; 负债率为40.7%，较二零二四年十二月三十一日的41.9%有 所下降，优于监管要求5。我们的债务到期分布良好，平均到 期期限为3.5年。此外，我们72%的未分配可分派收入已对冲 为新元，以减轻外汇风险并增强单位持有人回报的稳定性。 树立可持续发展新标杆 可持续发展始终是我们长期策略的核心支柱。在二零二五年 全球房地产业可持续标准评估中，凯德中国信托连续第三年 荣获五星评级，并且表现优于GRESB及同业平均水平。我们 腾飞新苏资产组合的部分物业亦获得了LEED金级认证，这 使得截至二零二五年十二月三十一日我们取得绿色认证的资 产占比（按建筑面积计算）提升至约70%。可持续发展相关 贷款现占总债务的50%，高于一年前的42%6，反映了我们对 可持续融资的持续关注。 展望 展望未来，在稳定的国内需求、完善的供应链网络和强大的 成本竞争力支撑下，中国仍将继续提供引人瞩目的发展机 遇。二零二五年，中国国内生产总值增长5.0%，工业产出增 长5.9%7。本年度，政府推出了财政和货币刺激措施，包括 下调贷款市场报价利率以及推出鼓励大规模设备更新和消 费品以旧换新的计划。这些措施预计将逐步提振商业信心 和消费需求。 尽管美国施加关税对凯德中国信托运营的直接影响仍然有 限，但我们将保持警惕，密切关注地缘政治发展、全球贸易 趋势以及中国的经济政策。我们将积极把握机会，扩大在多 元资产类别的布局，包括在一线和二线城市的商场业务，有 针对性地寻求资产增值计划，以提升现有及新增投资组合； 并维持产业园和物流园的高出租率。 4 3 该指 比计算率中依已据《剔 房除 地汽 产车 基业 金态 附相 录关租》指约 引的 计影 算响 ，。具体方法为：将过去12个月的息税折旧摊销前利润（剔除衍生工具及投资物业公允价值变动以 5 新 及 加外汇坡折金算融的管影理响局）对除所以有过房去地1 产2个投月资的信利托息基支金出规、定借 最款 低相 利关 息费 覆用 盖及 率混 为合 1证 .5券倍（，并即 设永 定续 总证 杠券）杆的率分上配限金为额50。%。 7 6 资有关料凯来德源中：中国 国信 国托 家可 统持 计续 局发 。展举措的更多详情，请参阅本报告"环境、社会及治理亮点"章节。 Annual Report 2025 15
陳繼豪 主席 陈建良 首席执行官 我们与新加坡S-REIT和中国C-REIT市场的双重联系是凯德 中国信托的独特之处。这为我们寻找、构建和执行增值交易 提供了独特优势，同时能够将资本再循环投入到收益率更高 的机会中。与此同时，我们将寻求能够增强投资组合韧性和 推动价值创造的战略投资。 董事会更新 自二零二五年十一月一日起，陈子威先生卸任非执行非独立 董事及执行委员会成员职务。梁宝吉先生也卸任非执行独立 董事、审计与风险委员会主席以及提名与薪酬委员会成员职 务。我们谨代表董事会，对他们尽职尽责的服务和宝贵的贡 献深表感谢。 接替梁宝吉先生职务的是蔡敬金先生，他自二零二五年一月 一日起担任非执行独立董事及审计与风险委员会成员。作为 我们董事会焕新工作的一部分，我们于二零二五年十一月一 日欢迎廖胜昌先生加入，担任非执行独立董事。他于二零二 六年二月五日被任命为审计与风险委员会成员。廖先生拥有 丰富的房地产经验、领导力和企业治理经验，并对中国市场有 着深刻的了解。他们的专业知识将增强董事会的整体实力。 我们感谢信托单位持有人、业务伙伴、租户和员工给予我们 的坚定支持。在我们庆祝成立二十周年之际，我们将坚定不 移地致力于打造一个多元化、具有韧性和面向未来的投资组 合，同时致力执行能够为信托单位持有人创造可持续长期价 值的策略。 致信托单位持有人之信函 CapitaLand China Trust 16
Trust Structure Unitholders Singapore/Hong Kong/BVI Companies1 Holdings of Units Distributions The Manager The Property Managers CapitaLand China Trust Management Limited The Trustee HSBC Institutional Trust Services (Singapore) Limited Ownership and Shareholder’s Loans Ownership and Shareholder’s Loans Property Managers' Fees Property Management Services Dividends Dividends and Interest Income Ownership Net Property Income SINGAPORE/ HONG KONG/ BRITISH VIRGIN ISLANDS CHINA Project Companies2 1 Interest income and principal repayment of shareholder’s loans from the Project Companies are payable to the Singapore/Hong Kong/British Virgin Islands Companies (where applicable). 2 Includes Project Companies which are not wholly owned by CLCT. In such instances, CLCT receives a proportionate share of dividends, and principal repayment of shareholder’s loans from the Project Companies for the properties (where applicable). Properties Management services Management fees Acts on behalf of Unitholders Trustee fees Annual Report 2025 17
Board of Directors Tan Tee How, 66 Chairman Non-Executive Independent Director • Bachelor of Business Administration (Honours), National University of Singapore • Master of Public Administration, Harvard University, USA • Advanced Management Program, Wharton Business School, University of Pennsylvania, USA Date of first appointment as a Director 1 August 2023 Date of appointment as Chairman 23 April 2024 Length of service as a Director (as at 31 December 2025) 2 years 5 months Board committees served on Nominating and Remuneration Committee (Chairman) Present directorships in other listed companies • Hong Leong Finance Limited 1 Delisted from the official list of the Singapore Exchange Securities Trading Limited and privatised on 11 April 2023. Present principal commitments (other than directorships in other listed company) • CapitaLand China Trust Management Limited (Manager of CapitaLand China Trust) (Chairman) • Gambling Regulatory Authority (Chairman) • National Healthcare Group (Chairman) Other major appointments • MOH Holdings Pte Ltd (Director) • Nomura Singapore Ltd (Chairman) • Nomura Asia-Pacific Holdings Ltd (Director) • SPTel Pte Ltd (Director) • Temus Pte Ltd (Director) Past directorships in listed companies held over the preceding three years • Chip Eng Seng Corporation Ltd1 Awards • Public Administration Medal (Silver) • Public Administration Medal (Gold) • Meritorious Service Medal (2025) CapitaLand China Trust 18
Chua Keng Kim, 70 Non-Executive Independent Director Chan Kin Leong Gerry, 50 Chief Executive Officer Executive Non-Independent Director • Degree of Bachelor of Accountancy (Honours), The University of Singapore (now known as the National University of Singapore) Date of first appointment as a Director 1 January 2025 Length of service as a Director (as at 31 December 2025) 1 year Board committees served on Audit and Risk Committee (Chairman) Nominating and Remuneration Committee (Member) Present directorships in other listed companies Nil Present principal commitments Nil Past directorships in listed companies held over the preceding three years • Japan Hotel REIT Advisors Co., Ltd. (Asset Manager of Japan Hotel REIT Investment Corporation) • Bachelor of Accountancy (First Class Honours), Nanyang Technological University of Singapore • Master of Business, Nanyang Technological University of Singapore • Chartered Financial Analyst® and Member, CFA Institute Date of first appointment as a Director 1 January 2025 Length of service as a Director (as at 31 December 2025) 1 year Board committees served on Executive Committee (Member) Present directorships in other listed companies Nil Present principal commitments • Chief Executive Officer and Executive Director, CapitaLand China Trust Management Limited (Manager of CapitaLand China Trust) Past directorships in listed companies held over the preceding three years Nil Annual Report 2025 19
Board of Directors Professor Ong Seow Eng, 65 Non-Executive Independent Director Tay Hwee Pio, 57 Non-Executive Independent Director • Bachelor of Science (Estate Management) (First Class Honours), National University of Singapore • Master in Business (Finance), Indiana University, USA • PhD in Finance, Indiana University, USA • Chartered Financial Analyst® and Member, CFA Institute Date of first appointment as a Director 1 January 2022 Length of service as a Director (as at 31 December 2025) 4 years Board committees served on Audit and Risk Committee (Member) Present directorships in other listed companies Nil Present principal commitments • National University of Singapore (Professor of Real Estate) Past directorships in listed companies held over the preceding three years Nil • Member, Institute of Singapore Chartered Accountants • Fellow, Association of Chartered Certified Accountants, United Kingdom • Senior Accredited Director, Singapore Institute of Directors Date of first appointment as a Director 1 May 2022 Length of service as a Director (as at 31 December 2025) 3 years 8 months Board committees served on Audit and Risk Committee (Member) Present directorships in other listed companies • Plato Capital Limited Present principal commitments Nil Past directorships in listed companies held over the preceding three years Nil CapitaLand China Trust 20
Liu Sing Cheong, 70 Non-Executive Independent Director Wan Mei Kit, 66 Non-Executive Independent Director • Master of Business Administration, The Hong Kong University of Science and Technology Date of first appointment as a Director 1 November 2025 Length of service as a Director (as at 31 December 2025) 2 months Board committees served on Audit and Risk Committee (Member) Present directorships in other listed companies Nil Present principal commitments Nil Other major appointments Justice of the Peace of Hong Kong Special Administrative Region Past directorships in listed companies held over the preceding three years Nil • Fellow, Association of Chartered Certified Accountants, United Kingdom • Fellow, Institute of Singapore Chartered Accountants • Fellow and Senior Accredited Director, Singapore Institute of Directors Date of first appointment as a Director 1 October 2023 Length of service as a Director (as at 31 December 2025) 2 years 3 months Board committees served on Audit and Risk Committee (Member) Present directorships in other listed companies Nil Present principal commitments • Asia Philanthropic Ventures Pte Ltd (Director) • Liberty Specialty Markets Singapore Pte Limited (Director, Chair of Audit Committee, Member of Risk Committee, Member of Nomination Committee, Member of Remuneration Committee) • Singapore Pools (Private) Limited (Director, Chair of Audit and Risk Committee, Member of Technology Committee) • Tote Board, Singapore (Member of Audit and Risk Committee) • United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women), New York (Chair of the Advisory Committee on Oversight) Past directorships in listed companies held over the preceding three years Nil Annual Report 2025 21
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