Page 181 - ar2013

Financial
Statements
179
8 ASSOCIATE AND JOINT VENTURES
Group Trust
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Investment in associate 178,808 152,592 130,836 130,836
Investments in joint ventures – – 563,633 558,048
Loans to joint ventures 96,647 74,884 146,131 112,498
275,455 227,476 840,600 801,382
The loans to joint ventures are not expected to be repaid in the next twelve months from the reporting date. The
loan bears interest rate of 2.12% (2012: 2.12% to 2.44%) per annum. Interest rate is repriced at intervals of less than
twelve months.
Details of the associate and joint ventures are as follows:
Place of constitution/
incorporation/
business
Effective equity
interest held by the Trust
2013 2012
Name of associate and joint ventures % %
Associate 1
CapitaRetail China Trust Singapore 15.3 2 16.4 2
Joint ventures 1
Infinity Mall Trust and Infinity Office Trust Singapore 30.0 30.0
RCS Trust Singapore 40.0 40.0
1 Audited by KPMG LLP Singapore
2 The dilution of interest in associate is mainly due to the equity fund raising on 2 November 2012 and the preferential offering on 20 November 2013
conducted by CapitaRetail China Trust in which the Trust did not participate.
Associate
CapitaRetail China Trust
CapitaRetail China Trust (“CRCT”) is a real estate investment trust constituted in Singapore by a trust deed dated 23
October 2006 (as amended). CRCT was formally admitted to SGX-ST on 8 December 2006. CRCT is established
with the objective of investing on a long term basis in a diversified portfolio of income producing real estate and
primarily for retail purposes and located primarily in the People’s Republic of China.
On a recurring basis, as the results of CRCT are not expected to be announced in sufficient time to be included
in the Group’s results for the same calendar quarter, the Group will equity account the results of CRCT based on
a 3-month lag time.
At the reporting date, the fair value of both the Group’s and the Trust’s investment in CRCT is $163,198,000
(2012: $201,236,000).