CAPITALAND CHINA TRUST

2021 HALF YEAR UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

INTRODUCTION

CapitaLand China Trust ("CLCT") was constituted as a private trust on 23 October 2006 under a trust deed entered into between CapitaLand China Trust Management Limited (as manager of CLCT) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CLCT) (the "Trustee"), and listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 8 December 2006.

CLCT is a Singapore-based real estate investment trust ("REIT") established with the objective of investing on a long- term basis in a diversified portfolio of income-producing real estate and real estate-related 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).

Since the beginning of the financial period, CLCT has completed the acquisitions of the 5 business parks, with the acquisitions of 51% interest in Ascendas Xinsu Portfolio, 100% interest in Ascendas Innovation Towers and 80% interest in Ascendas Innovation Hub completed on 4 January 2021, 10 February 2021, and 26 February 2021 respectively. While the acquisitions of the 80% interest in Singapore-Hangzhou Science & Technology Park Phase I and Phase II were completed on 18 June 2021, the risk and reward have been transferred from 15 February 2021.

The divestments of CapitaMall Minzhongleyuan and CapitaMall Saihan were announced on 10 February 2021 and 7 June 2021 respectively.

As at 30 June 2021, CLCT owns and invests in a portfolio of 11 retail and 5 business parks assets located in 10 cities in China as below.

Retail

1.

CapitaMall Xizhimen

2.

Rock Square

3.

CapitaMall Wangjing

4.

CapitaMall Grand Canyon

5.

CapitaMall Xuefu

6.

CapitaMall Xinnan

7.

CapitaMall Nuohemule

8.

CapitaMall Yuhuating

9.

CapitaMall Aidemengdun

10.

CapitaMall Qibao

11.

CapitaMall Shuangjing

Business parks

1.

Ascendas Xinsu Portfolio

2.

Ascendas Innovation Towers

3.

Ascendas Innovation Hub

4.

Singapore-Hangzhou Science & Technology

Park (Phase I)

5.

Singapore-Hangzhou Science & Technology

Park (Phase II)

Page 1 of 37

CAPITALAND CHINA TRUST

2021 HALF YEAR UNAUDITED FINANCIAL STATEMENTS & DISTRIBUTION ANNOUNCEMENT

______________________________________________________________________________

TABLE OF CONTENTS

Item No.

Description

Page No.

-

Introduction

1

-

Condensed Interim Financial Statements Six-month period ended 30 June

3

2021

1(a)

Condensed Interim Statements of Financial Position

4

1(b)(i)

Condensed Interim Consolidated Statements of Total Return

5

1(b)(ii)

Condensed Interim Distribution Statements

6 - 7

1(b)(iii)

Condensed Interim Statements of Movements in Unitholders' Funds

8

1(c)

Portfolio Statement

9 - 11

1(d)

Condensed Interim Consolidated Statement of Cash Flows

12

- 14

1(e)

Notes to the Condensed Interim Consolidated Financial Statements

15

- 22

-

Other information required by Listing Rule Appendix 7.2

23

- 37

Page 2 of 37

CapitaLand China Trust

(Constituted in the Republic of Singapore pursuant to a trust deed dated 23 October 2006 (As amended))

Condensed Interim Financial Statements

Six-month period ended 30 June 2021

Page 3 of 37

CapitaLand China Trust and its Subsidiaries

Condensed Interim Financial Statements

Six-month period ended 30 June 2021

1(a) Condensed Interim Statements of Financial Position

As at 30 June 2021

Group

Trust

Note

30/6/2021

31/12/2020

30/6/2021

31/12/2020

$'000

$'000

$'000

$'000

Non-current assets

Investment properties

3

4,775,287

3,726,433

-

-

Plant and equipment

3,324

2,394

-

-

Subsidiaries

-

-

2,612,343

2,208,738

Financial derivatives

2,459

-

2,459

-

Other receivables

1,344

1,266

-

-

4,782,414

3,730,093

2,614,802

2,208,738

Current assets

Non-trade amounts due from

subsidiaries

-

-

4,817

2,216

Financial derivatives

-

1

-

1

Trade and other receivables

40,848

148,353

1,190

93,187

Cash and cash equivalents

236,435

208,440

6,575

858

277,283

356,794

12,582

96,262

Assets held for sale

-

223,370

-

-

277,283

580,164

12,582

96,262

Total assets

5,059,697

4,310,257

2,627,384

2,305,000

Current liabilities

Trade and other payables

152,125

177,704

55,621

22,619

Security deposits

48,791

36,893

-

-

Financial derivatives

2,302

2,193

2,302

2,193

Interest-bearing borrowings

4

72,365

155,560

50,000

145,359

Lease liabilities

4,158

4,091

-

-

Provision for taxation

8,837

7,066

23

23

288,578

383,507

107,946

170,194

Liabilities held for sale

-

32,161

-

-

288,578

415,668

107,946

170,194

Non-current liabilities

Financial derivatives

5,807

16,134

5,807

16,134

Other payables

49

85

-

-

Security deposits

59,142

37,806

-

-

Interest-bearing borrowings

4

1,643,741

1,200,374

1,346,231

1,046,380

Lease liabilities

8,562

10,631

-

-

Deferred tax liabilities

299,065

284,705

-

-

2,016,366

1,549,735

1,352,038

1,062,514

Total liabilities

2,304,944

1,965,403

1,459,984

1,232,708

Net assets

2,754,753

2,344,854

1,167,400

1,072,292

Represented by:

Unitholders' funds

2,373,845

2,245,244

1,067,799

972,682

Perpetual securities holders

99,601

99,610

99,601

99,610

Non-controlling interests

281,307

-

-

-

2,754,753

2,344,854

1,167,400

1,072,292

Units in issue ('000)

5

1,511,793

1,506,433

1,511,793

1,506,433

Net asset value per Unit

attributable to Unitholders ($)

6

1.57

1.49

0.71

0.65

The accompanying notes form an integral part of these financial statements.

Page 4 of 37

CapitaLand China Trust and its Subsidiaries

Condensed Interim Financial Statements

Six-month period ended 30 June 2021

1(b)(i) Condensed Interim Consolidated Statements of Total Return Six-month period ended 30 June 2021

Group

Trust

Six-month

Six-month

Six-month

Six-month

period ended

period ended

period ended

period ended

Note

30/6/2021

30/6/2020

30/6/2021

30/6/2020

$'000

$'000

$'000

$'000

-

Gross rental income

163,948

94,367

-

-

Other income

12,944

7,150

-

-

Gross revenue

176,892

101,517

-

-

Property related tax

(15,834)

(9,641)

-

-

Business tax

(1,006)

(546)

-

-

Property management fees and

reimbursables

(11,335)

(7,839)

-

-

Other property operating expenses

(28,375)

(18,213)

-

-

Total property operating expenses

(56,550)

(36,239)

-

-

Net property income

120,342

65,278

-

-

Manager's management fees

7

(10,092)

(7,716)

(10,092)

(7,716)

Manager's acquisition fee

-

-

(6,667)

-

Manager's divestment fee

-

-

(946)

(782)

Trustee's fees

(327)

(292)

(327)

(292)

Audit fees

(266)

(240)

(75)

(74)

Valuation fees

(67)

(106)

-

-

Other trust operating

(expense)/income

(792)

(389)

979

(166)

Dividend income

-

-

121,532

109,606

Foreign exchange gain/(loss) -

realised

2,004

2,139

(8,778)

(13,720)

Finance income

1,613

3,464

5,348

5,620

Finance costs

(22,501)

(20,196)

(15,146)

(17,577)

Net finance costs

8

(20,888)

(16,732)

(9,798)

(11,957)

Net income before share of results

of joint venture

89,914

41,942

85,828

74,899

Share of results (net of tax) of joint

venture

-

3,364

-

-

Net income

89,914

45,306

85,828

74,899

Gain on disposal of subsidiary (1)

13,328

34,708

-

-

Change in fair value of investment

properties

3

-

(57)

-

-

Change in fair value of financial

derivatives

1,179

(984)

1,179

(984)

Foreign exchange (loss)/gain -

unrealised

(753)

(381)

214

29,226

Total return for the period before

taxation

103,668

78,592

87,221

103,141

Taxation

(34,004)

(28,778)

-

-

Total return for the period after

taxation

69,664

49,814

87,221

103,141

Attributable to:

Unitholders

61,342

49,814

85,547

103,141

Perpetual securities holders

1,674

-

1,674

-

Non-controlling interests

6,648

-

-

-

Total return for the period after

taxation

69,664

49,814

87,221

103,141

Earnings per Unit (cents)

9

4.08(2)

-

Basic

4.17

-

Diluted

4.16

4.07(2)

  1. This relates to the gain arising from the disposal of 100% interest in the company which held CapitaMall Saihan and CapitaMall Minzhongleyuan in 1H 2021 and the disposal of 100% interest in the company which held CapitaMall Erqi in 1H 2020.
  2. The figures have been restated for the effect of the bonus element of the preferential offering of 68,997,855 Units which were issued on 16 December 2020.

The accompanying notes form an integral part of these financial statements.

Page 5 of 37

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CapitaLand China Trust published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 02:56:07 UTC.