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CRCT’s initial portfolio of seven retail mall properties is strategically located
within large population catchment areas in five cities across China. The quality
geographically diversified portfolio is anchored by major international and domestic
retailers such as Wal-Mart, Carrefour and the Beijing Hualian Group under master leases
or long-term leases, which provide Unitholders with stable and sustainable
returns. The anchor tenants are complemented by popular specialty brands such
as Sport 100, Esprit, Watsons, Pizza Hut, KFC, etc.
The multi-sourced portfolio which comprises greenfield developments, acquisitions
from third party and retail operators who are the strategic partners of CapitaLand
and a master-leased asset from the landowner, demonstrates the capability of
our comprehensive retail real estate business platform which provides access to
the full spectrum of retail opportunities in various tiered cities across China.
CRCT completed its first acquisition, which was the purchase of Xizhimen Mall in Beijing, in February 2008.
Property
Address |
Wangjing Mall
No.33 Guangshun North Street, Blk 213, Chaoyang District, Beijing |
Xizhimen Mall
No.1 Xizhimenwai Avenue, Xicheng District, Beijing |
Jiulong Mall
No.31 Guangqu Road, Chaoyang District, Beijing |
Anzhen Mall
Section 5 of Anzhen Xi Li, Chaoyang District, Beijing |
GFA (sq m)
(as at 31 December 2007) |
82,634 |
73,857 |
49,526 |
43,442 |
GRA (sq m)
(as at 31 December 2007) |
67,500 |
73,857 |
49,526 |
43,442 |
Number of Leases
(as at 31 December 2007) |
165 |
198 |
6 |
1 |
| Land Use Right Expiry |
15 May 2043
15 May 2053 |
2054
(overall integrated use)
2044
(retail use) |
10 July 2042 |
7 October 2034
5 March 2042 3 June 2042 |
Market Valuation
(as at 30 September 2007)
(RMB Million) |
1,193.0 |
1,692.0 |
432.0 |
791.0 |
Purchase Price1
(RMB Million) |
1,102.0 |
336.0 |
414.0 |
772.0 |
| Vendor |
CapitaLand Retail China Pte. Ltd. |
CapitaLand Retail Trustee Pte. Ltd |
CapitaLand Retail China Pte. Ltd. |
CapitaLand
Retail China Pte. Ltd. |
| Acquisition Date2 |
1 December 2006 |
5 February 2008 |
1 December 20063 |
8 November 2006 |
Committed Occupancy Rate
(as at 31 December 2007) |
99.2% |
86.6% |
100.0% |
100.0% |
Shopper Traffic for 2007
(Million) |
7.4 |
N.A. |
N.A.5 |
N.A.5 |
| Major Tenants |
Beijing Hualian Group, Ozone Gym, Party Land,
Xihu Spring Restaurant,
Sport 100 |
Sport 100, Colour Jearns, ONLY, Jack & Jones, Vero Moda, KFC , Pizza Hut, Beijing Hualian Supermarket |
Carrefour, B&Q, China CITIC Bank |
Beijing Hualian Group |
Gross Revenue for 2007
(Million) |
115.5 |
N.A. |
40.7 |
76.1 |
NPI for 2007
(Million) |
85.2 |
N.A. |
31.8 |
63.0 |
Property
Address |
Qibao Mall
No. 3655, Qi Xin Road, Minhang District, Shanghai |
Zhengzhou Mall
No.3 Minzhu Road, Erqi District, Zhengzhou, Henan |
Saihan Mall
No. 32 E'Er Duo Si Street, Saihan District, Inner Mongolia Autonomous Region |
Xinwu Mall
No. 79 Zhongshan North Road, Xinwu District, Wuhu, Anhui |
GFA (sq m)
(as at 31 December 2007) |
83,986 |
92,356 |
41,938 |
59,624 |
GRA (sq m)
(as at 31 December 2007) |
72,729 |
92,356 |
41,938 |
45,375 |
Number of Leases
(as at 31 December 2007) |
124 |
1 |
1 |
95 |
| Land Use Right Expiry |
10 March 2043
|
31 May 2042 |
11 March 2041
20 March 2041 |
29 May 2044 |
Market Valuation
(as at 31 December 2007)
(RMB Million) |
320.0 |
466.0 |
316.0 |
130.0 |
Purchase Price1
(RMB Million) |
264.0 |
454.0 |
315.0 |
130.0 |
| Vendor |
CapitaLand Retail China Pte. Ltd. |
CapitaLand Retail China Pte. Ltd. |
CapitaLand
Retail China Pte. Ltd. |
CapitaLand
Retail China Pte. Ltd. |
| Acquisition Date2 |
8 November 2006 |
1 December 2006 |
1 December 2006 |
8 November 2006 |
Committed
Occupancy Rate
(as at 31 December 2007) |
81.1% |
100.0% |
N.M.4 |
95.5% |
Shopper Traffic for 2007
(RMB Million) |
8.7 |
N.A.5 |
N.M.5 |
10.9 |
| Major Tenants |
Carrefour,
Sport 100,
Powerhouse Gym,
Lang Sha KTV,
Babyshop |
Beijing Hualian Group |
Beijing Hualian Group |
Wal-Mart, Tango KTV, Lan Bo Wan Billiard Centre, KFC, Hao Shi Bao Gym |
Gross Revenue for 2007
(RMB Million) |
43.7 |
47.6 |
24.3 |
15.0 |
NPI for 2007
(RMB Million) |
(4.8) |
39.0 |
18.8 |
1.9 |
Notes:
| (1) |
Based on independent valuation report by CB Richard Ellis dated 30 September 2006 (except for Xizhimen Mall). The valuation was determined using the capitalisation approach, discounted cash flow analysis and direct comparison. |
| (2) |
Refers to the completion of the acquisition of the special purpose vehicles which own the properties, except for Wangjing Mall, where the relevant special purpose vehicle only holds contractual rights in respect of Wangjing Mall (please see note 3 of the Financial Statement for further details). |
| (3) |
During the year, CRCT obtained ownership of Jiulong Mall after the strata titles to the basement, first, second and third levels of Jiulong Mall were transferred to CapitaRetail Beijing Jiulong Real Estate Co., Ltd., an indirect wholly owned subsidiary of CRCT. Prior to that, CRCT only had contractual rights to the rental income in respect of Jiulong Mall as described in the CRCT Prospectus. |
| (4) |
N.M. - not meaningful as Saihan Mall is undergoing extensive asset enhancement works. |
| (5) |
N.A. - shopper traffic data is not available. |
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