CapitaRetail China Trust

tfwee · Veteran

RE: CapitaRetail China Trust

KK · Guru

CRCT - Daiwa

KK · Guru

RE: CapitaRetail China Trust

tfwee · Veteran

CRCTs First Quarter 2007 Income Available for Distribution Exceeds Forecast by 9.5%

Pro-active asset management drives occupancy rates and shopper traffic across the portfolio

Singapore, 19 April 2007 CapitaRetail China Trust Management Limited (CRCTML), the manager of CapitaRetail China Trust (CRCT), is pleased to announce a S$7.17 million income available for distribution to unitholders of CRCT (Unitholders) for the period from 1 January 2007 to 31 March 2007 (First Quarter 2007). This is S$0.63 million or 9.5% higher than the forecast income available for distribution of S$6.54 million for First Quarter 2007.

Available Distribution Per Unit in CRCT (DPU) for First Quarter 2007 is 1.51 cents (6.11 cents on an annualised basis), which is 9.5% higher than the forecast available DPU for First Quarter 2007 of 1.38 cents (5.58 cents on an annualised basis).

CRCTs gross revenue of S$17.1 million for First Quarter 2007 was S$1.2 million or 6.4% lower than the forecast1 gross revenue for the same period. Net property income was S$1.05 million or 8.9% lower than the forecast1. However, income available for distribution for First Quarter 2007 exceeded forecast1 by 9.5%, mainly due to net interest savings.

The lower than forecast gross revenue and net property income are mainly attributable to tenants at Wangjing Mall and Qibao Mall taking longer than expected time to obtain approvals from relevant local authorities, as well as some pre-termination of leases at Xinwu Mall. Tenants turnover and changes to tenancy mix are part and parcel of the active asset management process. Despite these slight disruptions, the portfolio occupancy rate registered an increase of 3.2% from 89.9% (as at 31 August 2006) to 93.1% (as at 15 April 2007), with all malls in the portfolio showing an improvement over the same period. Separately, rental from new leases at Wangjing Mall, Qibao Mall and Xinwu Mall outperformed forecast rental rates by 11.8%.

-- Edited by tfwee at 22:39, 2007-04-19

KK · Guru

BT, Published November 30, 2006

CapitaLand targets $3b size for China Reit by '09

Up to 222.1m units of CapitaRetail China Trust to be sold at $1.13 each

CAPITALAND, which yesterday said it will sell up to 222.1 million shares of its China retail real estate investment trust (Reit) at $1.13 each, aims to more than quadruple the size of the Reit's $690 million asset portfolio by 2009. Right now the Reit - CapitaRetail China Trust - has a portfolio of seven retail malls in five cities across China, worth about $690 million in all. But Lim Beng Chee, chief executive of the Reit's management team, said that the Reit's assets could be worth as much as $3 billion by 2009.

To hit this target, the Reit will draw on malls developed by two of parent CapitaLand's China funds. In addition, another $700 million-$800 million worth of assets could be bought from third-party vendors, said Mr Lim. Currently, the Reit has more than 20 assets in the pipeline, which would allow it to stretch its footprint to more than 24 cities in China.

Mr Lim was speaking to reporters after CapitaLand, South-east Asia's biggest developer, announced that it decided to price the shares of its Reit at the top end of a price range that started at 95 cents after investor interest exceeded the number of shares available.

The price gives investors a 5.4 per cent yield based on the projected dividend for 2007, and a 5.8 per cent yield for 2008. The forecast distribution per unit for 2007 is 6.13 cents, and for 2008, 6.53 cents.

For starters, 193.3 million shares will be offered, but another 28.8 million shares will probably be placed out in the light of the good demand, CapitaLand said. The company received indications of interest for 31.4 billion shares, 196 times the 160.3 million initially offered to institutional investors. Assuming that all 222.1 million shares are offered, 85 per cent, or 189.1 million shares, will be for placement. Another 11 million units are reserved for directors, management, employees and business associates of CapitaLand and its subsidiaries, the company said. The remaining 22 million units will be for public subscription.

After the share sale, CapitaLand will hold 20 per cent in the new Reit, while another one of CapitaLand's Reits, CapitaMall Trust, will hold another 20 per cent. The offer will close at noon on Dec 6, with trading expected to begin on Dec 8.