CMT holds 122.7 million units in CapitaLand Retail China Trust (CRCT), which translates to an approximate 12.7% stake as at 31 December 2017. The fair value of CMT's investment in CRCT represents 1.9% of CMT and its subsidiaries' (CMT Group) total asset size as at 31 December 2017. Through its investment in CRCT, CMT's Unitholders are provided with an opportunity to enjoy the upside from China's growth potential without CMT's risk profile being significantly altered.

CRCT is the first China shopping mall real estate investment trust in Singapore. Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, it is established with the objective of investing on a longterm basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.

As at 31 December 2017, CRCT's geographically diversified portfolio of 10 quality shopping malls is located in seven of China's cities with a total asset size of S$2.7 billion. The properties are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; CapitaMall Xinnan in Chengdu, Sichuan Province; CapitaMall Qibao in Shanghai; CapitaMall Minzhongleyuan in Wuhan, Hubei Province; CapitaMall Erqi in Zhengzhou, Henan Province; CapitaMall Saihan in Hohhot, Inner Mongolia; and CapitaMall Wuhu in Wuhu, Anhui Province. On 31 January 2018, CRCT completed the acquisition of Rock Square in Guangzhou, in which CRCT has a 51.00% interest.

CRCT's portfolio of shopping malls enjoy strategic locations close to local transportation hubs in cities with strong economic fundamentals. Positioned as one-stop familyoriented shopping, dining and entertainment destinations, they are well-established in the sizeable population catchment areas they serve. A portion of the properties' tenancies consist of major international and domestic retailers under master leases or long-term leases, which provide CRCT's unitholders with stable and sustainable returns. The anchor tenants are complemented by popular specialty brands such as Adidas, Nanjing Impressions, Nike, Pandora, Sephora, Starbucks, UNIQLO, Xiaomi and Zara.

CRCT has long-term growth potential through its right of first refusal arrangements to acquire assets held by CapitaLand Mall China Income Fund I, CapitaLand Mall China Income Fund II, CapitaLand Mall China Income Fund III and CapitaLand Mall Development Fund III.

CRCT delivered a healthy set of results for the financial year 2017 (FY 2017). Gross revenue and net property income were RMB1,122.2 million (S$229.2 million) and RMB730.6 million (S$149.2 million), up 9.2% and 9.1% year-on-year respectively. Income available for distribution was S$91.1 million. Distribution per unit in FY 2017 was 10.10 Singapore cents.