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Because Tomorrow Matters

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Because Tomorrow Matters BECAUSE TOMORROW MATTERS ANNUAL REPORT 20 20 Underpinning the breadth of CapitaLand China Trust's activities is our continuous dialogue with our stakeholders which helps to shape our business as we aim to build sustainable communities. We place significance on our conversations and share our story with care and consideration for all involved. This annual report is part of that process and the motif we have chosen for this year’s report reflects our focus on maintaining communication with our stakeholders with transparency and clarity. WE WILL CONTINUE TO SHARPEN OUR STRATEGIES, EMBRACE NEW OPPORTUNITIES AND POSITION OURSELVES AS THE PROXY FOR GROWTH IN CHINA’S FUTURE ECONOMY. TAN TZE WOOI CEO CAPITALAND CHINA TRUST MANAGEMENT LIMITED BECAUSE TOMORROW MATTERS BECAUSE CHANGE CREATES OPPORTUNITY GLOBAL EVENTS THIS YEAR ACCELERATED THE NEED FOR BUSINESSES TO DEVELOP INNOVATIVE WAYS TO STAY AHEAD. AT CLCT, WE EMBRACED NEW MEANS OF CUSTOMER ENGAGEMENT, STRENGTHENED CONNECTIONS THROUGH OMNICHANNEL MARKETING INITIATIVES, AND LEVERAGED ON DIGITALISATION WITH OUR ESTABLISHED CAPITASTAR PROGRAMME. STAYING NIMBLE TO CAPTURE EVOLVING RETAIL TRENDS HELPS TO FUTURE PROOF OUR BUSINESS AND ENHANCE CUSTOMERS’ STICKINESS TO OUR MALLS. BECAUSE EXPANSION OPENS POSSIBILITIES WE EXPANDED OUR INVESTMENT MANDATE TO COVER RETAIL, OFFICE AND INDUSTRIAL ASSETS, INCLUDING BUSINESS PARKS, LOGISTICS FACILITIES, DATA CENTRES, AND INTEGRATED DEVELOPMENTS. CLCT IS THE DEDICATED SINGAPORE-LISTED REIT (S-REIT) FOR CAPITALAND GROUP’S NON-LODGING CHINA BUSINESSES, WITH ACQUISITION PIPELINE ACCESS TO CAPITALAND’S CHINA ASSETS. WE CAN CAPTURE OPPORTUNITIES FROM BOTH OUR SPONSOR AND THIRD-PARTY VENDORS TO RIDE THE WAVE OF CHINA’S CONSUMPTION-DRIVEN, HIGHER-VALUED, SERVICE-LED ECONOMY. Skyline of Suzhou Industrial Park ASCENDAS XINSU SQUARE R&D BECAUSE WE SHAPE THE FUTURE AS CLCT’S BIGGEST ACQUISITION TO-DATE, THE ACQUISITION OF THE 5 BUSINESS PARKS AND REMAINING 49% INTEREST IN ROCK SQUARE HAS ENHANCED OUR VALUE PROPOSITION AND PROVIDED US WITH A GREATER PLATFORM TO GROW. THIS MOVE HAS FORTIFIED OUR POSITION AS THE LARGEST CHINA FOCUSED S-REIT AND POSITIONED US TO BE THE PROXY TO CAPTURE CHINA’S GROWTH. WELL-PLACED TO SHAPE OUR FUTURE, WE ARE FOCUSED ON OUR RECONSTITUTION JOURNEY AND WILL CONTINUE TO CREATE A RESILIENT AND QUALITY PORTFOLIO OF ASSETS TO DELIVER SUSTAINABLE RETURNS TO OUR UNITHOLDERS. WHO WE ARE VISION CapitaLand China Trust (CLCT)1 is Singapore’s largest China-focused Sustainable and resilient REIT with a real estate investment trust (REIT). Upon the completion of the professionally managed portfolio of transformational acquisition2 of five business parks and balance 49% quality real estate across China. interest in Rock Square, CLCT’s enlarged portfolio constitutes 13 shopping malls3 and five business park properties. The geographically diversified portfolio has a total gross floor area (GFA) of approximately 1.8 million square metre (sq m), located across 11 leading Chinese MISSION cities. CLCT was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, and established with the Deliver sustainable income growth objective of investing on a long-term basis in a diversified portfolio to our Unitholders and value-add to of income-producing real estate and real estate-related assets in the community and stakeholders by China, Hong Kong and Macau that are used primarily for retail, office enhancing organic growth through and industrial purposes (including business parks, logistics facilities, proactive asset management; creating data centres and integrated developments). new value through innovative asset enhancement strategies; and capitalising CLCT’s retail properties are strategically located in densely populated on yield-accretive acquisition growth. areas with good connectivity to public transport. The malls are positioned as one-stop family-oriented destinations that offers essential services and houses a wide range of lifestyle offerings that cater to varied consumer preferences in shopping, dining and entertainment. CLCT’s portfolio comprises a diverse mix of more than 2,100 leases, which include leading brands UNIQLO, Xiaomi, ZARA, Haidilao, Nike, Perfect Diary, Starbucks Coffee and Li-Ning. The malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; Rock Square in Guangzhou; CapitaMall Xinnan in Chengdu; CapitaMall Qibao in Shanghai; CapitaMall Minzhongleyuan in Wuhan; CapitaMall Saihan and CapitaMall Nuohemule in Hohhot; CapitaMall Xuefu, CapitaMall Aidemengdun in Harbin and CapitaMall Yuhuating in Changsha. The portfolio of five business parks and industrial properties are situated in high-growth economic zones, which houses high quality and reputable domestic and multinational corporations operating in new economy sectors such as electronics, engineering, e-commerce, information and communications technology and financial services. The business parks and industrial properties exhibit excellent connectivity with close proximity to transportation hubs, and are easily accessible via various modes of transportation. The properties are Ascendas Xinsu Portfolio in Suzhou, Ascendas Innovation Towers and Ascendas Innovation Hub in Xi’an and Singapore-Hangzhou Science & Technology Park Phase I and Phase II in Hangzhou. CLCT is managed by CapitaLand China Trust Management Limited4, a wholly owned subsidiary of Singapore-listed CapitaLand Limited, one of Asia’s largest diversified real estate groups 1 CapitaLand Retail China Trust (CRCT) was renamed as CapitaLand China Trust (CLCT) with effect from 26 January 2021. 2 The announcement regarding the acquisition of 51% interest in Ascendas Xinsu Portfolio, 100% interest in Ascendas Innovation Towers, 80% interest in Ascendas Innovation Hub, 80% interest in Singapore-Hangzhou Science & Technology Park Phase I And Phase II and balance 49% interest in Rock Square was issued on 6 November 2020. The acquisitions of 51% interest in Ascendas Xinsu Portfolio, 100% interest in Ascendas Innovation Towers, 80% interest in Ascendas Innovation Hub and 49% interest in Rock Square were completed on 4 January 2021, 10 February 2021, 26 February 2021 and 30 December 2020, respectively. The acquisition of the remaining two business parks is expected to be completed in 2Q 2021. 3 The announcements regarding the divestment of CapitaMall Minzhongleyuan and CapitaMall Saihan were issued on 11 January 2021 and 1 February 2019 respectively. The divestment of CapitaMall Minzhongleyuan was completed in February 2021 while the divestment of CapitaMall Saihan is expected to be completed in 2Q 2021. With the completion of the divestment of CapitaMall Minzhongleyuan, CLCT has a portfolio of 12 retail malls. 4 CapitaLand Retail China Trust Management Limited (CRCTML) was renamed as CapitaLand China Trust Management Limited (CLCTML) with effect from 25 January 2021. 10 CONTENTS YEAR IN BRIEF 12 2020 HIGHLIGHTS 14 FINANCIAL HIGHLIGHTS 15 5-YEAR FINANCIAL HIGHLIGHTS 16 MESSAGE TO UNITHOLDERS 22 PROPERTY PORTFOLIO 26 GROWTH STRATEGIES 30 BOARD OF DIRECTORS 36 TRUST MANAGEMENT TEAM 37 TRUST STRUCTURE & ORGANISATION 12 STRUCTURE 2020 HIGHLIGHTS CapitaMall Xuefu BRIDGE+ at Singapore-Hangzhou Science & Technology Park Phase II 38 106 CORPORATE GOVERNANCE PORTFOLIO DETAILS 70 118 ENTERPRISE RISK MANAGEMENT MARKETING & PROMOTIONS 75 120 INVESTOR & MEDIA RELATIONS FINANCIAL STATEMENTS 78 209 UNIT PRICE PERFORMANCE ADDITIONAL INFORMATION 80 211 OPERATIONS REVIEW STATISTICS OF UNITHOLDINGS 86 214 FINANCIAL REVIEW PORTFOLIO DIRECTORY 89 CAPITAL MANAGEMENT IBC CORPORATE INFORMATION 92 MANAGING SUSTAINABILITY 102 PORTFOLIO SUMMARY 78 UNIT PRICE PERFORMANCE 10 CAPITALAND CHINA TRUST • ANNUAL REPORT 2020 YEAR IN BRIEF › Announced the divestment of capabilities by the management CapitaMall Erqi, a non-core team while having to tackle JANUARY master-leased asset, at an agreed challenges posed by a pandemic. › Cluster of COVID-19 cases were value of RMB777.0 million, 20.5% reported in China. Together with above independent valuation. our Sponsor, CLCT adopted a › Adopted the announcement of series of precautionary measures half-yearly financial and annual JUNE throughout the year that were property valuation reporting with › Held the 2020 Annual General rolled out across our malls in effect from the financial year Meeting (AGM) by way of electronic China to safeguard the health and ending 31 December 2020 (FY means with all resolutions passed. safety of our tenants, shoppers and 2020), pursuant to Rule 705(2) employees. of the Listing Manual of the › Responded swiftly to challenges Singapore Exchange Securities brought about by the COVID-19 Trading Limited (SGX-ST). CLCT JULY pandemic during the year by continues to proactively engage › Reported distributable income of putting in place business continuity with stakeholders between the S$37.0 million and DPU of 3.02 plans to minimise impact to half-yearly financial statements cents for 1H 2020. Financial results operations, while navigating an announcement through Business were impacted by COVID-19 and evolving landscape. Updates. the absence of contribution from ›› Rolled out tenant relief and CapitaMall Erqi, partially offset support packages to strengthen by positive contribution from our relationship and partnership CapitaMall Xuefu, CapitaMall with tenants. APRIL Aidemengdun and CapitaMall ›› Adopted flexible leasing › Achieved a store opening rate of Yuhuating, which were acquired strategies to balance
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