汉盛法评 | 中国企业赴新加坡REITs上市系列之(二)—— Dasin Retail Trust
一、项目基本情况
1、物业(Properties)情况
2020年度虽然经历新冠疫情的冲击,但大信商用物业仍保持着相当高的出租率,2020年12月31日的平均出租率达到96.5%,平均租期到了2026年,保证了现金流的稳定性。
2、信托管理人(Trustee Manager):Dasin Retail Trust Management Pte. Ltd.
二、核心法律问题
(一)交易结构
(二)法律风险
(三)境内物业合法合规情况
(1)建设用地规划许可证;
(2)建设工程规划许可证;
(3)建筑工程施工许可证;
(4)国有土地使用证/不动产权证。
三、近期表现
(数据来源:Dasin retail Trust 2020年报)
(截止2021年5月26日的数据,数据来源:https://cn.investing.com/equities/dasin-retail-trust-chart)
附件
Listed on the Mainboard of Singapore Exchange, Securities Trading Limited (“SGX-ST”) on 20 January 2017, Retail Trust (“DRT” or the “Trust”) is the only China retail property trust listed on SGX-ST providing direct exposure to the Guangdong-Hong Kong-Macau Greater Bay Area (“Greater Bay Area”).
The Trust’s mandate is to invest in, own or develop land, uncompleted developments and income-producing real estate in Greater China (comprising the People’s Republic of China (“PRC”), Hong Kong and Macau), used primarily for retail purposes, as well as real estate related assets, with a focus on retail malls.
As at 31 December 2020, the Trust’s portfolio comprises seven retail malls located in Zhongshan, Zhuhai and Foshan cities in Guangdong, PRC, valued at approximately RMB11.6 billion (S$2.3 billion). These properties host a tenant base of over 500 local and international retailers. Dasin Retail Trust is managed by Dasin Retail Trust Management Pte. Ltd. in its capacity as the Trustee Manager (“Trustee-Manager”). The Trustee-Manager strives to provide unitholders of Dasin Retail Trust (“Unitholders”) with an attractive rate of return on their investment through regular and stable distributions and to achieve long-term sustainable growth in distribution per unit, while maintaining an appropriate capital structure.
The Sponsor of Dasin Retail Trust is Zhongshan Dasin Real Estate Co., Ltd. (the “Sponsor”), one of the leading real estate developers in Zhongshan city, Guangdong Province, with a strong track record as a retail mall operator.
The Trustee-Manager, Dasin Retail Trust Management Pte. Ltd., was incorporated in Singapore under the Companies Act on 14 August 2015. Its registered office is located at 8 Marina Boulevard #14-02 Marina Bay Financial Centre Tower 1, Singapore 018981, and its telephone and facsimile numbers are (65) 6509 8626 and (65) 6509 8625, respectively. The Trustee-Manager has an issued and paid-up capital of S$505,001.00. It is wholly-owned by Mr. Zhang Zhencheng and Shun Fung Investment Limited1 holding 99.0% and 1.0% of the interests respectively.
Following the Offering and as at the Listing Date, Aqua Wealth is expected to hold 61.4% of the total number of Units in issue (assuming the Over-allotment Option is not exercised). DBS Trustee Limited holds the entire share capital of Aqua Wealth as the trustee of a family trust, of which Mr. Zhang Zhencheng is the settlor and Zhang Chon Meng, son of Mr. Zhang Zhencheng, is the sole beneficiary.
The sponsor of Dasin Retail Trust is Zhongshan Dasin Real Estate Co., Ltd., which was established on 13 July 2001 in Zhongshan, Guangdong Province, the PRC. Its principal business is focused on the development and management of real estate, including the development and operation of retail malls, hotels, educational facilities and residential properties. Since its inception, the Sponsor had developed, completed and is currently operating 10 retail malls, and currently also owns nine assets which are undergoing development and reconstruction.
1.Under the Agreement between the Government of Singapore and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of Fisl Management Company to the respective Singapore Holding Company will be subject to a reduced WHT rate of 5.0% (the standard dividend WHT rate in PRC is 10.0%) provided the Singapore Holding Company is resident in Singapore and is the beneficial owner of the dividends. In this regard, pursuant to the guidance provided on “beneficial ownership” in Guoshuihan [2009] No. 601 issued by the SAT, the PRC tax authorities may view the Singapore Holding Companies as not having sufficient business substance to satisfy the “beneficial ownership” test.
2.Increasing speculation in the PRC property market may result in rapid increases in property prices. To discourage speculation in the PRC property market, the PRC Government has, among other things, implemented the control measures below.
3.Dasin Retail Trust is subject to extensive PRC regulatory control on foreign investment in the real estate sector and will not be able to sell the Properties within the first five years from the date of obtaining the business licences of the PRC Property Companies.
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