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2017年1月20日，大信置業正式宣布，其旗下信托基金--大信商用信托(Dasin Retail Trust)成功登陸新加坡交易所主板，是唯一一家在新交所上市的植根于粵港澳大灣區的中國零售地產信托。該項目首期計劃募資1.46億新加坡元(約7億人民幣)，每單位發售價為0.8新加坡元(約3.9元人民幣)。大信商用信托的66.7％由發起人家族信托和遠洋地產(SinoOcean)持有。剩余的33.3％單位當中，5.7％由兩名基石投資者持有；所發行的1億5177萬個單位，有1億4977萬個保留給機構投資者，200萬個供公眾認購。信托計劃把2017和2018年的全部可派發收入派發給單位持有人，2017年的分派收益率為8.5％，2018年為9.0％。
本文主要介紹該項目的基本情況、包括交易結構在內的核心法律問題及財務情況等。附件摘錄了Dasin Retail Trust招股說明書及2020年度報告中的部分內容，供讀者進一步了解Dasin Retail Trust項目的相關情況。
一、項目基本情況
1、物業(Properties)情況
到上市前，Dasin Retail Trust的初始投資組合包括三個位于中國中山市的零售購物中心，上市后資產經歷了進一步的并購擴張，截至目前，該信托基金的投資組合包括七個零售購物中心，分別是位于廣東省中山市的大信新都匯石歧店、小欖店、遠洋店、坦背店、大信溢彩薈、位于珠海的大信新都匯珠海店、和位于佛山的大信新都匯順德店。總價值約116億元人民幣(23億新元)，擁有超過500家本地和國際零售商的租戶。
2020年度雖然經歷新冠疫情的沖擊，但大信商用物業仍保持著相當高的出租率，2020年12月31日的平均出租率達到96.5%，平均租期到了2026年，保證了現金流的穩定性。
2、信托管理人(TrusteeManager):Dasin Retail TrustManagementPte.Ltd.
收費標準：不超過一百億新元的部分按照年營業額的0.25%收取，超過一百億新元部分按0.2%收取，業績費用為不超過兩個財政年度REITs單位派息差的25%。
3、物業及商業管理人
收費標準：每月營收的2%，按月支付。其中包含1%支付給物業管理人，1%支付給商業管理人。
二、核心法律問題
(一)交易結構
本項目中，大信商用信托的重組方案主要如下：
步驟一：新設三家新加坡公司(Singapore Holding Companies)和三家由它們百分之百控股的新加坡特殊目的載體公司(Special Purpose Entities)。
步驟二：特殊目的載體公司分別收購境內的三家項目公司(PRC Holding Companies)，由三家項目公司持有所有境內物業。
步驟三：成立新加坡大信商用信托公司(Dasin Retail Trust)，并由其設立本項目的基金管理人和物業管理人。
(二)法律風險
1、稅務風險。預提所得稅的減免資格。按照雙邊的避免雙重征稅安排，作為實際受益人的新家坡公司可以獲得5%的稅收減免，但基于《國稅函[2009]601函》的規定，稅務當局可能否認大信商用的實際受益人地位，且對于公司的減免可能不被適用于商業信托。
2、政府對地產的管控風險。2010年國務院發布《國務院辦公廳關于促進房地產市場平穩發展的通知》，自此政府對于房地產市場進入嚴格管控時代，同時央行也采取了相應的貨幣政策。在這種情形下不能保證管控措施不會延展到零售地產領域。
3、政府對外資的管控風險。在地產領域，外資在取得執照后五年內禁止處分資產。
(三)境內物業合法合規情況
本項目中的基礎資產均為境內的物業，故境內物業資產均需滿足國內法律法規的要求。內容包括：
1、七家物業資產的權屬清楚、明晰。
2、物業資產需要依據國內法律法規的規定，合法取得。
(1)建設用地規劃許可證
(2)建設工程規劃許可證
(3)建筑工程施工許可證
(4)國有土地使用證/不動產權證
3、物業資產同時需要根據國內法律法規的規定，履行竣工驗收、消防驗收、環評等手續。
收費標準：每月營收的2%，按月支付。其中包含1%支付給物業管理人，1%支付給商業管理人。
三、近期表現
(一)2020年財務情況
(數據來源：Dasin Retail Trust2020年報)
(二)Dasin Retail Trust近期表現
(截止2021年5月26日的數據，數據來源：https://cn.investing.com/equities/dasin-retail-trust-chart)
附件
Basic information about Dasin Retail Trust
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
The Trustee-Manager, Dasin Retail Trust Management Pte. Ltd., was incorporated in Singapore under the
Companies Act on 14 August 2015. Its registered o?ce 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.
Controlling unitholder and sponsor
Following the O?ering 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.
Risks
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 bene?cial owner of the dividends. In this regard, pursuant to the guidance provided on “bene?cial 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 ?rst ?ve years from the date of obtaining the business licences of the PRC Property Companies.
Rights attached to the units
The rights and interests of Unitholders are contained in the Trust Deed. Under the Trust Deed, these rights and interests are safeguarded by the Trustee Manager. Each Unit represents an undivided interest in Dasin Retail Trust.
A Unitholder has no equitable or proprietary interest in the Trust Property and is not entitled to transfer to it of any
Trust Property (or any part thereof) or of any real estate, any interest in any asset and real estate-related Trust
Property (or any part thereof). A Unitholder’s right is limited to the right to require due administration of Dasin
Retail Trust in accordance with the provisions of the Trust Deed, including ， without limitation, by suit against the Trustee-Manager.
The key rights of Unitholders include rights to receive income and other distributions
attributable to the Units held,receive audited accounts and the annual reports of Dasin Retail Trust and articipate in the winding up or liquidation of Dasin Retail Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of Dasin Retail Trust less any liabilities, in accordance with their proportionate interests in Dasin Retail Trust.
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