Capitaland : CMA: CRCT achieves 4q 2011 distribution per unit growth of 10.1%

News Release 27 January 2012 For Immediate Release CRCT Achieves 4Q 2011 Distribution Per Unit Growth of 10.1%

Fourth consecutive quarter of double-digit growth in tenant sales and net property income

Singapore, 27 January 2012 - CapitaRetail China Trust Management Limited ("CRCTML"), the manager of CapitaRetail China Trust ("CRCT"), announced today distribution per unit ("DPU") of 2.28 cents for 4Q 2011, an increase of 10.1% over the same quarter last year. Total distribution per unit for FY 2011 is 8.70 cents, an increase of 4.1% over FY 2010. The distribution yield is 7.6% based on CRCT's closing price of S$1.140 on 26 January 2012.

Unitholders can expect to receive DPU of 4.42 cents for the period 30 June 2011 to
31 December 20111 on 28 March 2012. The book closure date is 9 March 2012.
Mr Victor Liew, Chairman of CRCTML, said, "The global economy continues to face uncertain times but we are positive about our prospects in China. The International Monetary Fund projected China's GDP growth for 2012 to be 8.2%, which is almost seven times the projected average GDP growth rate of advanced economies. China's retail sales in 2011 grew 17.1% and we believe it continues to be an attractive market for retailers. Increasing urbanisation, growing disposable income and pro-consumption government policies will support the sustainable growth of China's consumption."
Mr Tony Tan, CEO of CRCTML, said, "We are pleased to deliver a set of strong financial results with our nine income-producing malls operating at close to full occupancy rate of 98.1%. In 4Q 2011, we achieved our fourth consecutive quarter of double-digit year-on-year growth in tenant sales2 and net property income ("NPI") at
27.1% and 17.1% respectively. Unitholders will receive DPU of 2.28 cents for 4Q
2011, 10.1% higher than 4Q 2010. For FY 2011, we registered robust NPI growth of

1 DPU of 4.42 cents comprises 0.02 cents for 30 June 2011 (1 day) announced in 2Q 2011, 2.12 cents for 3Q 2011 and 2.28 cents for 4Q 2011.

2 Includes only tenants at CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Saihan, CapitaMall

Qibao and CapitaMall Wuhu.

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15.9% year-on-year, including contribution from CapitaMall Minzhongleyuan which was acquired in June 2011. On a comparable portfolio basis, NPI grew 11.7% year- on-year. Across the portfolio, we achieved strong rental reversion of 11.5%. CRCT's net asset value per unit as at 31 December 2011 grew 13.7% year-on-year to reach S$1.33 per unit."
"We recorded strong organic growth. The two largest contributors to our portfolio's
NPI, CapitaMall Xizhimen and CapitaMall Wangjing, delivered NPI growth of about
12.0% for FY 2011. CapitaMall Wuhu, CapitaMall Qibao and CapitaMall Saihan continued their positive growth momentum and recorded NPI growth of 37.6%,
60.8% and 91.7% for FY 2011 respectively."
"Going forward, we will capitalise on the wave of retailer expansion into China and generate organic growth by optimising our portfolio mix and improving the retail offerings in our malls. At CapitaMall Minzhongleyuan, we are evaluating options to strengthen the mall's long term potential through asset enhancement. We are also on the lookout for potential acquisition opportunities."
"We will continue to be proactive and prudent in our capital management. We have refinanced majority of our debt maturing this year and with a low gearing of 28.0%, CRCT enters the new financial year with increased confidence and flexibility for
growth."

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Summary of CRCT Results

	4Q 2011	4Q 2010		FY 2011	FY 2010
	Actual1 S$'000	Actual S$'000	Change %	Actual1 S$'000	Actual S$'000	Change %
Gross Revenue	36,438	30,154	20.8	131,863	118,983	10.8
Net Property Income	22,799	19,035	19.8	85,806	77,226	11.1
Income available for Distribution	15,700	12,971	21.0	57,225	52,200	9.6
Distribution Per Unit ("DPU") (cents)
For the period	2.28	2.07	10.1	8.70	8.36	4.1
Annualised	9.05	8.21	10.2	8.70	8.36	4.1

	4Q 2011	4Q 2010		FY 2011	FY 2010
	Actual1 RMB'000	Actual RMB'000	Change %	Actual1 RMB'000	Actual RMB'000	Change %
Gross Revenue	181,789	153,470	18.5	680,797	589,068	15.6
Net Property Income	113,526	96,979	17.1	443,009	382,334	15.9

	4Q 2011	4Q 2011		4Q 2011	4Q 2011
	Actual1 S$'000	Forecast1 S$'000	Change %	Actual1 RMB'000	Forecast1 RMB'000	Change %
Gross Revenue	36,438	35,108	3.8	181,789	179,051	1.5
Net Property Income	22,799	22,025	3.5	113,526	112,335	1.1
Income available for Distribution	15,700	14,401	9.0	N.M.	N.M.	N.M.
Distribution Per Unit ("DPU") (cents)
For the period	2.28	2.15	6.0	N.M.	N.M.	N.M.
Annualised	9.05	8.52	6.2	N.M.	N.M.	N.M.

N.M. - not meaningful

Footnote:

1. The forecast is based on the forecast set out in CRCT's Circular to Unitholders dated 30 May 2011.

The actual and forecast results include contribution from CapitaMall Minzhongleyuan which was acquired on 30 June 2011.

Revenue and Net Property Income

In RMB Terms

Gross revenue in 4Q 2011 increased to RMB181.8 million, an increase of 18.5% year-on-year. This was due to the contribution from CapitaMall Minzhongleyuan, higher occupancies achieved in CapitaMall Qibao and CapitaMall Saihan, and higher rental growth in CapitaMall Xizhimen.
Gross revenue and NPI in FY 2011 increased 15.6% and 15.9% respectively year- on-year to RMB680.8 million and RMB443.0 million respectively, driven by the contribution from CapitaMall Minzhongleyuan as well as rental growth, higher
occupancies and higher tenant sales registered in CRCT's multi-tenanted malls.

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In SGD Terms

Gross revenue and NPI in 4Q 2011 increased 20.8% and 19.8% year-on-year to S$36.4 million and S$22.8 million respectively, due to a stronger RMB against SGD in 4Q 2011 compared to 4Q 2010.
In FY 2011, gross revenue and NPI was S$131.9 million and S$85.8 million, an increase of 10.8% and 11.1% year-on-year.

Valuation

As at 31 December 2011, CRCT's total portfolio valuation was RMB7.1 billion, which
was 3.5% or RMB239.0 million higher than the previous valuation as at 30 June
2011.

Capital Management

CRCT has secured the refinancing for 88.2% of the debt maturing in 2012. There is no major refinancing in 2012. CRCT's gearing as at 31 December 2011 is 28.0%.

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About CapitaRetail China Trust (www.capitaretailchina.com)

CRCT is the first and only China shopping mall Real Estate Investment Trust (REIT) in Singapore, with a portfolio of nine income-producing shopping malls. Listed on the Singapore Exchange Securities Trading Limited on 8 December 2006, it is established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.
The geographically diversified portfolio of quality shopping malls is located in six of China's cities. The properties are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Shuangjing and CapitaMall Anzhen in Beijing; CapitaMall Qibao in Shanghai; CapitaMall Erqi in Zhengzhou, Henan Province; CapitaMall Saihan in Huhhot, Inner Mongolia; CapitaMall Wuhu in Wuhu, Anhui Province; and CapitaMall Minzhongleyuan in Wuhan, Hubei Province. As at 31 December 2011, the total asset size of CRCT is approximately S$1.5 billion.
All the malls in the portfolio are positioned as one-stop family-oriented shopping, dining and entertainment destinations for the sizeable population catchment areas in which they are located, and are accessible via major transportation routes or access points. A significant portion of the properties' tenancies consists of major international and domestic retailers such as Wal-Mart, Carrefour and 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 Vero Moda, ZARA, Sephora, Uniqlo, Watsons, KFC, Pizza Hut, BreadTalk, etc.
CRCT is managed by an external manager, CRCTML, which is an indirect wholly- owned subsidiary of CapitaMalls Asia Limited, one of Asia's largest listed shopping mall developers, owners and managers.

Issued by CapitaRetail China Trust Management Limited

(Company Registration No. 200611176D)

Analyst / Investor Contact Media Contact

Ms Mark Wai Ling Mr Lim Seng Jin
Investor Relations Corporate Communications
DID: (65) 6826 5521 DID: (65) 6826 5778
Email: [e-mail]: [e-mail]

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IMPORTANT NOTICE AND DISCLAIMER

This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.

The information contained in this release has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Neither CapitaRetail China Trust Management Limited (the "Manager") or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this release or its contents or otherwise arising in connection with this release.

The past performance of CapitaRetail China Trust ("CRCT") is not indicative of the future performance of CRCT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager.

The value of units in CRCT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that holders of Units (Unitholders) may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX- ST does not guarantee a liquid market for the Units.

This release is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.

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