CapitaLand Retail China Trust
CapitaLand Retail China Trust (CRCT) has entered a "bundle deal" to swop CapitaMall Saihan in Hohhot, the capital of Inner Mongolia, China, which has the earliest land tenure expiry among CRCT's assets, for a new mall that is double in size, is better located and has eight more years in its balance tenure.
Jinyu New World Plaza in Yuquan district, Hohhot, has an agreed property value of 808.3 million yuan (S$161 million). CRCT targets to take over the property in the second half of this year and open the mall in the second half of next year. The mall has a gross floor area (GFA) of 100,047.39 sq m and comprises eight floors for commercial purposes and two basement levels of car park space.
Upon the new mall's opening, CRCT will transfer its entire interest in a company that holds CapitaMall Saihan to a party related to the vendor of the new mall for an agreed property value of 460 million yuan. CRCT will close and hand over CapitaMall Saihan, which has a GFA of 41,938 sq m, to the new owner by the second half of next year.
CRCT also reported yesterday that its distribution per unit (DPU) rose 2.1 per cent to 2.42 cents for the fourth quarter ended Dec 31 from its year-ago payout. Its distributable income increased 7.7 per cent year on year to $23.7 million, while net property income rose 8.8 per cent to $35.9 million. Gross revenue for the fourth quarter rose by $1.6 million, or three per cent, to $55.7 million. The increase was mainly due to stronger rental growth from multi-tenanted malls, said the trust's manager.
Water treatment firm Hyflux yesterday called for its creditors to file proofs of claim ahead of scheme meetings as the company undergoes debt restructuring.
The proofs, which will form a basis to vote on scheme proposals and to receive payments, must be submitted by 5pm on Feb 15.
For holders of the company's bonds, perpetual securities and preference shares, however, their holdings as recorded by the Central Depository (CDP) will be treated as proofs even if the holders do not file their claims, Hyflux said.
Any party who is required to but does not file a proof of claim by the deadline will not be entitled to vote at scheme meetings and may not be entitled to any payments or distributions, subject to the discretion of the scheme meeting's proposed chairman.
The group filed for bankruptcy protection in May last year, and investors still have no certainty about how much is recoverable.