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Financial
Statements
181
8 ASSOCIATE AND JOINT VENTURES (continued)
Joint Ventures (continued)
RCS Trust (continued)
(a) Property management fees
Under the property management agreement, property management fees are charged as follows:
(i) 2.00% per annum of the property income of the property; and
(ii) 2.50% per annum of the net property income of the property.
The property management fees are payable monthly in arrears.
(b) Asset management fees
Pursuant to the RCS Trust Trust Deed, the asset management fees comprise a base component of 0.25% per
annum of the value of deposited property of RCS Trust and a performance component of 4.00% per annum
of the net property income of RCS Trust, including all its authorised investments for the time being held or
deemed to be held upon the trusts of the RCS Trust Trust Deed.
The asset management fees shall be paid entirely in the form of units or, with the unanimous approval
of the Manager and CCTML, either partly in units and partly in cash or wholly in cash.
The asset management fees are payable quarterly in arrears.
(c) RCS Trust Trustee-Manager’s fees
Pursuant to the RCS Trust Trust Deed, the RCS Trust Trustee-Manager’s fees shall not exceed 0.10% per
annum of the value of Deposited Property of RCS Trust, as defined in the RCS Trust Trust Deed (subject to
a minimum sum of $15,000 per month), payable out of the Deposited Property of RCS Trust. The RCS Trust
Trustee-Manager is also entitled to reimbursement of expenses incurred in the performance of its duties
under the RCS Trust Trust Deed.
The RCS Trust Trustee-Manager’s fees are payable quarterly in arrears.
The summarised financial information relating to the associate is not adjusted for the percentage of ownership
held by the Group. The summarised financial information of the joint ventures represents the Group’s share in the
joint ventures.