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CapitaLand Mall Trust
Annual Report 2015
CapitaLand Retail China Trust
CMT holds 122.7 million units in CapitaLand Retail
China Trust (CRCT), which translates to an approximate
14.55% stake as at 31 December 2015. The fair value
of CMT’s investment in CRCT represents 1.8% of CMT
and its subsidiaries’ (CMT Group) total asset size as at
31 December 2015. Through its investment in CRCT,
CMT’s Unitholders are provided with an opportunity to
enjoy the upside from China’s growth potential without
CMT’s risk profile being significantly altered.
CRCT is the first China shopping mall real estate
investment trust (REIT) listed in Singapore, with a
portfolio of 10 income-producing shopping malls.
Listed on the Singapore Exchange Securities Trading
Limited (SGX-ST) on 8 December 2006, it is established
with the objective of investing on a long-term basis in
a diversified portfolio of income-producing real estate
used primarily for retail purposes and located primarily
in China, Hong Kong and Macau.
CRCT’s geographically diversified portfolio of quality
shopping malls is located in six of China’s cities.
The malls are CapitaMall Xizhimen, CapitaMall
Wangjing, CapitaMall Grand Canyon, CapitaMall
Anzhen and CapitaMall Shuangjing in Beijing;
Cap i t aMa l l Q i bao i n Shangha i; Cap i t aMa l l
Minzhongleyuan in Wuhan, Hubei Province; CapitaMall
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Saihan in Hohhot, Inner Mongolia; and CapitaMall
Wuhu in Wuhu, Anhui Province. As at 31 December
2015, the total asset size of CRCT was approximately
S$2.6 billion.
All the malls in the portfolio are positioned as one-stop
family-oriented shopping, dining and entertainment
destinations for the sizeable population catchment
areas in which they are located, and are accessible
via major transportation routes or access points.
A significant portion of the properties’ tenancies
consists of major international and domestic retailers
such as Beijing Hualian Group (BHG), Carrefour
and Wal-Mart under master-leases or long-term
leases, which provide CRCT’s Unitholders with stable
and sustainable returns. The anchor tenants are
complemented by popular specialty brands such as
BreadTalk, innisfree, KFC, Nanjing Impressions, Nike,
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CRCT has long-term growth potential through its right
of first refusal arrangements to acquire assets held by
CapitaLand Mall China Income Fund I, CapitaLand
Mall China Income Fund II, CapitaLand Mall China
Income Fund III, CapitaLand Mall Development Fund
III, as well as CapitaLand Mall Asia, which is the wholly-
owned shopping mall business unit of CapitaLand
Limited, one of Asia’s largest real estate companies
headquartered and listed in Singapore.
CRCT delivered a healthy set of results for the financial
year 2015 (FY 2015). Gross revenue and net property
income were RMB1,005.0 million (S$220.3 million) and
RMB643.5 million (S$141.1 million), up 1.8% and 0.1%
year-on-year respectively. Distributable income grew
10.3% year-on-year to S$89.2 million. Distribution per
unit (DPU) in FY 2015 was 10.60 Singapore cents.
Average daily shopper traffic and average monthly
tenants’ sales per square metre at CRCT’s malls
grew 1.8%
1
and 11.6%
1
year-on-year respectively.
Across the portfolio, CRCT achieved healthy rental
reversion of 8.1% and operated at a high occupancy
rate of 95.1%.
1 Including multi-tenanted malls except CapitaMall Minzhongleyuan, which was reopened on 1 May 2014 after the completion of asset enhancement
works from 1 July 2013 to 30 April 2014.
