【MapletreeGCC RW0U 交流专区】丰树大中华商业信托 MAPLETREE GREATER CHINACOMM TR

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Mapletree said to prepare $1.5b IPO of property assets
http://www.theedgesingapore.com/the-daily-edge/business/42527-mapletree-said-to-prepare-15b-ipo-of-property-assets.html

Wed, 30 Jan 11:43  
Mapletree Investments plans to raise more than $1.5 billion through the initial public offering of a real estate investment trust backed by assets in Hong Kong and China, said two people with knowledge of the matter.

Mapletree Greater China Commercial Trust may start trading in Singapore in March and will include the Festival Walk shopping mall in Hong Kong and Gateway Plaza office complex in Beijing, said the people, who asked not to be be identified as the information is private.

The deal would mark the biggest IPO of a real estate investment trust in Singapore, surpassing two earlier offerings by Mapletree. Mapletree Commercial Trust, which raised US$754 million ($931 million) in April 2011, and Mapletree Industrial Trust, which completed a US$714 million IPO in September 2010, are both up more than 40% from their offer prices, data compiled by Bloomberg show.

“As a capital manager, we are always looking at ways to syndicate new private equity funds or REITs,” Mapletree said in an e-mailed response to questions today. “We will update the market as and when appropriate.”

Mapletree, the real estate unit of Temasek Holdings, Singapore’s investment company, is likely to own more than 30% of the REIT after the listing, one of the people said. The International Financing Review reported on the IPO yesterday.

Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings and HSBC Holdings Plc are managing the offer, the people said.

FESTIVAL WALK
ARA Asset Management last year canceled the IPO of Dynasty REIT, which would have been backed by commercial real estate in China and was planning to raise as much as 5.4 billion yuan ($1.07 billion).

Swire Pacific, a Hong Kong office and shopping mall landlord, agreed to sell the Festival Walk shopping center to Mapletree for HK$18.8 billion ($2.96 billion) in July 2011. Beijing Gateway Plaza is an office complex consisting of two 25- floor office towers, connected by a retail podium and basement car parks.

Mapletree owned and managed $19.9 billion of office, logistics, industrial, retail and mixed-use properties across Asia at the end of March 2012, according to its website.

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Mapletree said to seek about $1.5bil in REIT offering
http://www.theedgesingapore.com/the-daily-edge/business/42765--mapletree-said-to-seek-about-15bil-in-reit-offering.html

Fri, 15 Feb 12:55
Mapletree Investments Pte, a real estate unit of Temasek Holdings Pte, may seek about $1.5 billion from an initial public offering of a real estate investment trust backed by assets in Hong Kong and China, three people with knowledge of the matter said.

Mapletree Greater China Commercial Trust plans to offer shares in the REIT at between 88 Singapore cents to 93 cents, the people said, asking not to be identified as the process is private. The company is expected to start marketing the IPO next week, and to begin trading in Singapore next month, the people said.

The REIT will include the Festival Walk shopping mall in Hong Kong and Gateway Plaza office complex in Beijing, the people said. The sale would be the biggest IPO of a real estate investment trust in Singapore, surpassing two earlier offerings by Mapletree.

“As a capital manager, we are always looking at ways to syndicate new private equity funds or REITs and we will update the market at the appropriate time,” a spokeswoman for Mapletree Investments wrote in an e-mailed reply to questions.

The company has commitments for more than half the offering from cornerstone investors, buyers who get guaranteed allocation in IPOs in return for a pledge to hold the stock for a period of time, the people said.

Mapletree Commercial Trust, which raised $931 million in April 2011, and Mapletree Industrial Trust, which completed a $882 million IPO in October 2010, are both up about 50% from their offer prices, data compiled by Bloomberg show.

Citigroup Inc., Goldman Sachs Group, DBS Group Holdings and HSBC Holdings Plc are managing the offer.

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丰树推出13亿美元历来最大的REIT上市计划
http://www.sharesinv.com/zh/articles/37394/

文： 汤申路透社 （译：朱爱伦） 2013年02月22日 展望
一个由新加坡国家投资公司淡马锡控股(Temasek Holdings)给予支持的房地产投资信托(REIT)因看准投资者对高获益投资的需求，通过首次公开售股(IPO)来发售总值高达13亿美元的股票，这将成为新加坡历来最大规模的REIT上市活动。

由于亚洲的IPO活动在2012年并不活跃，投资者及银行业者都希望丰树大中华商业信托(Mapletree Greater China Commercial Trust)的上市在新的一年打响第一炮。

这将是继中国人民保险集团(PICC)于去年11月底的31亿美元IPO后，亚洲(不包括日本)最大的IPO。预期新加坡市场将在未来数月迎来总值约25亿美元的商业信托及REIT上市活动。

联昌国际研究(CIMB Research)驻新加坡分析师Tan Siew Ling表示：“总的来说，这个IPO是十分诱人的，因为它拥有有力的保荐人、优良资产及诱人的获益率。鉴于IPO的规模庞大，它将备受瞩目，倘若其表现良好，其他有意上市的业者将视之为正面的讯号。”

按丰树大中华商业信托于2月15日提交的招股书，它将以每单位0.88-0.93元的价位发售总值可达16亿元(13亿美元)的约17亿3,000万个单位。

招股书显示，按公司的发股价范围计算，其截至2014年3月的财年的预计获益率高达6%，接下来的财年为6.5%。

亚太房地产协会(Asia Pacific Real Estate Association)(APREA)的数据显示，新加坡上市零售REIT和办公楼REIT在至今年1月底的12个月的平均回报率分别为5.05%和4.82%。香港零售及办公楼REIT在同期的平均获益率则分别为4.6%和5.46%。

新加坡安本资产管理(Aberdeen Asset Management)的一名投资经理Kristy Fong表示：“公司的获益率诱人，并且与新加坡REIT的获益率相符。公司目前的资产不多，但它可进行资产提升工程，并可能获其保荐人注入更多资产。”

公司定于2月27日敲定发股价，并拟在3月7日在新加坡交易所开始交易。

公司的组合将包含位于中国及香港九龙高档购物区又一城(Festival Walk)的办公楼及零售产业。公司是由丰树投资(Mapletree Investments Pte Ltd)所掌控，而后者则是由淡马锡控股所拥有。

又一城主要包含零售楼面，其租户包括马莎百货(Marks & Spencer)、瑞典时装Hennes & Mauritz及苹果产品专卖店等等，同时也包含一座楼高4层的办公楼。公司位于北京的佳程广场(Gateway Plaza)拥有两座楼高25层的办公楼，并主要锁定于企业租户。

公司拟把IPO所获全部收益用于向其母公司收购又一城及佳程广场。除了IPO所获收益之外，公司也将向6家银行(包括IPO的4家包销商)贷款121亿5,000万港元(16亿美元)来为收购融资。

REIT上市活动

预期将陆续在新加坡挂牌上市的其他商业信托和REIT包括通用电气商业航空服务(GE Commercial Aviation Services)的飞机资本信托(Aircraft Capital Trust)(IPO价值高达7亿美元)及以日本市场为主的零售地产信托Croesus Retail Trust(IPO价值高达6亿美元)。

APREA的数据显示，在亚洲上市的REIT从2011年的79亿7,000万美元增长21%至2012年96亿4,000万美元。

另一方面，汤申路透社(Thomson Reuters)的数据显示，香港及新加坡在同期的上市活动分别减少64%和41%。

恒生房地产基金指数(Hang Seng REIT Index)在过去一年攀升了接近31%，富时海峡时报房地产投资信托指数(FTSE Straits Times REIT Index)则升了35%，由于在全球利率偏低和股市起伏不定之际，投资者纷纷追捧高获益率证券来提高回报。

公司的基石投资者承诺认购价值近7亿2,000万美元的单位。11个投资者包括友邦保险集团(AIA Group)、CBRE Clarion Securities及挪威中央银行等等。

这些基石投资者同意在指定期间持守公司股票，以获得在招股活动中购得公司股票的保证。

根据招股书，公司的7个月(至2012年3月)净产业收入为9,850万元，总回报为5,430万元。

公司预测将在截至2014年3月的财年及再下一个财年分别录得1亿8,570万元和1亿9,750万元净产业收入。

公司料将在FY14及FY15分别派息1亿3,980万元和1亿5,320万元给单位持有人。

花旗集团(Citigroup)、星展集团(DBS Group Holdings)、高盛(Goldman Sachs)及汇丰银行(HSBC)受委聘为公司IPO的经理人。

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新加坡丰树信託高价上市

財经 2013年2月28日
（新加坡28日讯）新加坡地產企业丰树投资（Mapletree Investments）旗下一支聚焦中国市场的房地產投资信託基金（REIT），启动了首次公开发行（IPO）。

这只基金將首次公开发行价格定在了发行区间的上限，这是新加坡两年多以来最大一笔IPO。       

最大IPO筹13亿美元
据一位知情人士週二（2月26日）表示，丰树投资大中华商业信託基金，將此次在新加坡IPO的发行价定为每份0.93新元，总筹资额达到约13亿美元，成为新加坡两年来最大的一宗上市活动。

丰树投资在2月上旬递交给新加坡金管局的文件显示，该信託基金的上市定价区间在0.88美元到0.93美元之间，销售给机构和零售客户的数量至少为7.77亿份，如果超额认购，销售份数最多可以达到8.57亿份。

包括挪威银行投资管理、美国友邦保险、世邦魏理仕、亨德森（Henderson Global）、摩根史丹利在內的基石投资者，已承诺购买合计9.54亿份的该信託基金。[东方日报财经]

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Mapletree's Greater China Trust draws investors with yield
http://www.theedgesingapore.com/the-daily-edge/business/43025-mapletrees-greater-china-trust-draws-investors-with-yield.html

Wed, 6 Mar 16:09   
Mapletree Greater China Commercial Trust, Asia’s biggest share sale this year, was 29.5 times subscribed as assets including the Festival Walk shopping mall in Hong Kong offered higher returns than comparable properties.

The property trust, which starts trading in Singapore at 2 p.m. local time tomorrow, raised $1.6 billion offering shares at 93 Singapore cents apiece. The price reflects a 5.6% yield for the year ending March 2014, compared with the 4.2% return for the Bloomberg Asia REIT Index.

“The REIT has an attractive yield compared to other REITs with assets in Hong Kong or China,” said Vijay Natarajan, a Singapore-based analyst at UOB-Kay Hian Pte. “Mapletree is a trusted brand with a strong track record and its last REITs have done well.”

The trust is the fourth by Mapletree Investments Pte, a property unit of Temasek Holdings, Singapore’s state-owned investment company. Mapletree Industrial Trust and Mapletree Commercial Trust have advanced about 50% from their offer prices, while Mapletree Logistics Trust is up more than 70%, according to data compiled by Bloomberg.

Trusts have dominated Singapore’s IPO market in recent years as high-yielding assets gained popularity amid low interest rates.

A total of 30 REITs and property trusts were listed in the city-state with a combined value of $56 billion, making up 6% of the total market capitalization of stocks traded, Lawrence Wong, head of listings at the Singapore Exchange Ltd., said in a statement on Feb. 27. “SGX also has the largest number of cross-border asset REITs in Asia,” he said.


SLOWING GROWTH
Still, the share sale comes as China’s growth slows. Expansion in industries including retailing, transportation and banking was the slowest in five months in February, according to an official survey of purchasing managers on March 3. Gauges released March 1 pointed to manufacturing growth cooling.

“The REIT’s properties are located in some of the best shopping and business areas in Chinese cities, which are offering strong growth prospects even with the economy showing signs of weakness,” said Tata Goeyardi, a Singapore-based analyst at Religare Capital Markets. “The REIT offers an attractive yield.”

Mapletree Greater China will include the Gateway Plaza office complex in Beijing, a sales document for the IPO showed. The sale was the biggest IPO of a real estate investment trust in Singapore, surpassing the previous offerings by Mapletree.

GROWING DISTRIBUTIONS
“Our yield plus growth strategy through active asset management and asset enhancement initiatives together with potential acquisition growth in top-tier cities in Greater China, will enable stable and growing distributions to be made,” Cindy Chow, chief executive officer of Mapletree Greater China’s management company, said in a statement late yesterday, referring to dividend payouts to investors.

Mapletree Greater China’s price also offers a 6.1% yield for the year ending March 2015, it said. CapitaRetail China Trust, an owner of Chinese shopping malls managed by Southeast Asia’s biggest developer, offers a 5.4% yield based on its share price, while Hong Kong’s Link REIT has a 3.3 return, data compiled by Bloomberg show.

Singapore REITs have outperformed the city-state’s Straits Times Index this year, returning 5% compared with a 3.8% gain in the benchmark measure.

CORNERSTONE INVESTORS
Mapletree Industrial Trust completed a US$754 million ($939 million) initial share sale in April 2011 and Mapletree Industrial Trust raised US$714 million in October the previous year. Mapletree Logistics Trust raised US$144 million in 2005.

Mapletree Investments will own about a third of its newest REIT after the sale.

About 953 million of the 1.7 billion shares were sold to so-called cornerstone investors, including AIA Groupand Morgan Stanley. Also among cornerstone investors are Henderson Global Investors, Myriad Asset Management Ltd. and Norges Bank Investment Management, which runs Norway’s sovereign wealth fund, the sales document showed.

Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings and HSBC Holdings Plc managed the offer.

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MGCCT jumps in 2013's biggest Asia IPO
http://www.theedgesingapore.com/the-daily-edge/business/43032-mgcct-jumps-in-2013s-biggest-asia-ipo.html

Thu, 7 Mar 18:37  
Mapletree Greater China Commercial Trust, Asia’s biggest share sale this year, surged 11% on its first trading day as investors were attracted by returns higher than those of comparable properties.

The shares gained to $1.03 at the close of trading in Singapore after being offered at 93 cents apiece. The trust earlier rose as much as 12%. They started trading at 2 p.m. and were 29.5 times subscribed.

The property trust, including assets such as the Festival Walk shopping mall in Hong Kong, raised $1.6 billion. The offer price reflects a 5.6% yield for the year ending March 2014, compared with the 4.2% return for the Bloomberg Asia REIT Index.

“Investors are buying because of the attractive yield,” said Alan Richardson, a Hong Kong-based fund manager who helps oversee about $110 billion for Samsung Asset Management Co. “The REIT’s offered yield is higher than the average yield of Singapore REITs. And we shouldn’t forget that its assets are located in China where average yields are even lower.”

The trust is the fourth by Mapletree Investments Pte, a property unit of Temasek Holdings, Singapore’s state-owned investment company. Mapletree Industrial Trust and Mapletree Commercial Trust have advanced about 50% from their offer prices, while Mapletree Logistics Trust is up more than 70%, according to data compiled by Bloomberg.

Trusts have dominated Singapore’s IPO market in recent years as high-yielding assets gained popularity amid low interest rates.

Slowing Growth
A total of 30 REITs and property trusts were listed in the city-state with a combined value of $56 billion, making up 6% of the total market capitalization of stocks traded, Lawrence Wong, head of listings at the Singapore Exchange, said in a statement on Feb 27. “SGX also has the largest number of cross-border asset REITs in Asia,” he said.

Still, the share sale comes as China’s growth slows. Expansion in industries including retailing, transportation and banking was the slowest in five months in February, according to an official survey of purchasing managers on March 3. Gauges released March 1 pointed to manufacturing growth cooling.

Mapletree Greater China will include the Gateway Plaza office complex in Beijing, a sales document for the IPO showed.

The sale was the biggest IPO in Asia this year, followed by Nippon Prologis REIT Inc., which debuted last month in Tokyo, according to data compiled by Bloomberg. It is also the biggest for a real estate investment trust in Singapore, surpassing the previous offerings by Mapletree, the data shows.

Growing Distributions
“Our yield plus growth strategy through active asset management and asset enhancement initiatives together with potential acquisition growth in top-tier cities in Greater China, will enable stable and growing distributions to be made,” Cindy Chow, chief executive officer of Mapletree Greater China’s management company, said in a statement on March 5, referring to dividend payouts to investors.

Mapletree Greater China’s price also offers a 6.1% yield for the year ending March 2015, it said. CapitaRetail China Trust, an owner of Chinese shopping malls managed by Southeast Asia’s biggest developer, offers a 5.4% yield based on its share price, while Hong Kong’s Link REIT has a 3.3 return, data compiled by Bloomberg show.

“The REIT has a very clean structure and its shares are pushed up by positive market sentiment,” said Travis Seah, an equity analyst at Phillip Securities Pte in Singapore. “I expect them to stay at around the current price over the coming weeks.”

Cornerstone Investors
Singapore REITs have outperformed the city-state’s Straits Times Index this year, returning 5.3% compared with a 4.2% gain in the benchmark measure.

Mapletree Commercial Trust completed a US$754 million ($941 million) initial share sale in April 2011 and Mapletree Industrial Trust raised US$714 million in October the previous year. Mapletree Logistics Trust raised US$144 million in 2005.

Mapletree Investments will own about a third of its newest REIT after the sale.

About 953 million of the 1.7 billion shares were sold to so-called cornerstone investors, including AIA Group and Morgan Stanley. Also among cornerstone investors are Henderson Global Investors, Myriad Asset Management and Norges Bank Investment Management, which runs Norway’s sovereign wealth fund, according to the sales document.

Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings and HSBC Holdings Plc managed the offer.

icy97

大型IPO丰树大中华商业信托来势汹汹
http://www.sharesinv.com/zh/articles/37715/

文： 李金婷 （译：朱爱伦） 2013年03月08日 新股
赫赫有名的公司总是会引人注意。与淡马锡控股(Temasek Holdings)有关联的丰树大中华商业信托(Mapletree Greater China Commercial Trust)的17亿元上市计划在过去几个星期吸引了许多投资者的关注。该信托在首次公开售股(IPO)活动中供公众认购的股票被超额认购9倍并不令人感到意外，这只是显示市场对以中国为主的房地产投资信托(REIT)兴趣甚浓，尽管计划在本地上市的盛世产业信托(Dynasty REIT)于2012年10月宣告夭折。

机构投资者对丰树大中华商业信托的购兴也不逊色。共有11名基石投资者将认购合计9亿5,350万股的股票，即相等于公司将发售的17亿股中的55%股权，它们也同意不会在锁定期内脱售它们手上的股票。基石投资者包括友邦保险集团(AIA Group)、世邦魏理仕集团(CBRE Group)、宏信环球投资(Henderson Global Investors)及摩根士丹利(Morgan Stanley)等名声响当当的企业，因而有助提高投资者情绪。

投资者的期许

丰树大中华商业信托目前的组合总值约43亿元，仅包含两个零售兼办公楼发展，它们分别为位于香港九龙区的又一城(Festival Walk)及中国北京的佳程广场(Gateway Plaza)。这两个产业据称是区域内最卓越商产，租用率超过98%，而加权平均租期(按租金毛额计算)为2.4年。公司的经理人预期，又一城在FY14和FY15到期的租约具备14.4%和14.9%的潜在租金上调幅度，而佳程广场则是65.4%和38.9%。

公司的经理人表示，公司或会在短至中期内收购5个分别位于西安、上海和佛山的资产。这些资产的潜在价值高达30亿元，并符合公司的投资策略。预期它们将在1至5年后完工。

公司特殊的管理费结构或许是投资者不容忽视的优势。新加坡REIT领域的惯例是着重于维持资产增长而非单位持有者利益。但公司却一反常态，其基本收费制度是与可分配收入和每单位派息(DPU)增长挂钩，而不是所管理的资产和净产业收入。随着经理人以提高可分配收入及DPU为目标，这将与投资者对获利的期待不谋而合。

此外，在与其他上市中国地产公司相比下，公司的获益率诱人，或许这也是吸引寻求高获益股票的投资者的另一因素。公司的FY14和FY15获益率预估分别为5.6%和6.1%，与嘉茂中国商用产业信托(CapitaRetail China Trust)(FY12为5.5%)及置富产业信托(Fortune REIT)(FY12为4.8%)等REIT并驾齐驱。虽然高达43%的杠杆比难免带来一些忧虑，但公司表示，贷款利息其实是免税的，因而将能让公司每年省下约600万元的税款。公司补充道，杠杆比将不会升越45%。

icy97

丰树品牌威力无穷
http://www.sharesinv.com/zh/articles/37700/

文： 王秋莹 （译：麦美莹） 2013年03月08日 展望
丰树大中华商业信托(Mapletree Greater China Commercial Trust，以下简称MGCCT)可以说是威力无穷，一点也没有夸张。因为它不单只是和记港口控股信托(Hutchison Port Holdings Trust)自从以55亿美元上市以来，在新加坡交易所上市的最大型房地产投资信托(REIT)，而且它也获得国家投资公司淡马锡控股(Temasek Holdings)的房地产子公司丰树投资(Mapletree Investments)的支持，后者管理三个上市REIT及三个私人产业基金。MGCCT将会是丰树投资的第四个上市REIT，并且是新加坡第一个把焦点放在中国及香港商业房地产的REIT。

投资者对今次的上市计划兴奋不已，实在一点也不会令人觉得惊奇。丰树投资在2000年成立以来，它的业绩报告填满了亮丽的数字，而且规模日益扩大。值得一提的是，其所管理的总资产从FY09/10的129亿元稳定攀升至FY11/12的199亿元，并接近其所定出的200亿至250亿元五年目标。

丰树的上市公司

反映了其稳定的业绩，丰树投资所推出的三个新股均十分成功，它们分别是在2011年上市的丰树商产信托(Mapletree Commercial Trust)；在2010年上市的丰树工业信托(Mapletree Industrial Trust) 及在2005年上市的丰树物流信托(Mapletree Logistics Trust)。这三只股在上市时均大受欢迎，并且分别获得8.4倍、37.9倍及43.9倍的超额认购。

在上市首日，这三只股均走高。如表1 所见，它们在首个交易日的价位都能够保持招股价的价位，或甚至高出招股价30.1%。事实上，尽管2012年市场充满动荡，但丰树的REIT在去年均能维持资本增长及甚至比海峡时报指数的表现还要出色。更重要的是，这些股只的资本均升高，而截至2013年2月28日，它们的价位都比各自的招股价高出超过50%。




除了资本收益外， MGCCT的全年收益预测为5.6 %至6.1%，这与丰树其他上市公司的全年收益预测相符，后者为5.7%至8%，并且是位于新加坡其他上市的零售及商业REIT所预期的高端(大约4至7%回报)。更令人惊讶的是，丰树REIT的实际派息率一般上均比其预测来得高，请参看表2.



迄今，丰树品牌旗下的产业信托在上市首日均取得稳健的表现，而且尽管市场充满动荡，它们也预期获得不错的收益。随着市场预期MGCCT 的表现将会与丰树其他的REIT看齐，它将会是投资者不容错过的新股，尤其是MGCCT在中国和香港市场均有投资。

icy97

丰树大中华商业信托首日登场稳扎稳打
http://www.sharesinv.com/zh/articles/37757/

2013年03月08日
丰树投资(Mapletree Investment)在新加坡上市的第4个房地产投资信托(REIT)丰树大中华商业信托(Mapletree Greater China Commercial Trust)于3月7日首日登场，挂牌上市。其招股价为0.93元，乃是招股价范围的高端，并在首个交易日升了约11%至1.03元收市。公司的股票在首次公开售股中被超额认购近29倍，总需求达到约199亿元。公司是3月7日当天交易第3活跃的股票，成交量为2亿3,850万股。公司的获益率诱人，其FY13和FY14的获益率预测分别为5.6%和6.1%，在新交所上市的零售REIT的平均获益率为5.05%，办公楼REIT则是4.82%。

启示：新加坡证券投资者协会(SIAS)的首席分析师Ng表示，公司在取得开门红的首个交易日后，其合理值与同行已不相上下。Ng预期，公司的股价不会再短期内大幅度走高，并会稳定在目前的水平，然后可能会逐渐上升。

fbb05

对这个REITS的长期不看好

~~小筑~~

fbb05 发表于 13-3-2013 11:35 PM
对这个REITS的长期不看好

为什么呢？有什么原因吗？可以分享？

谢谢。

icy97

HSBC starts Mapletree Greater China Trust at Neutral
http://www.theedgesingapore.com/the-daily-edge/business/43403-hsbc-starts-mapletree-greater-china-trust-at-neutral.html

Wed, 10 Apr 13:27  
HSBC initiates Mapletree Greater China Commercial Trust (RW0U.SG), or Magic, at Neutral with $1.10 target.

It calls Magic's portfolio "best in class," on the quality of tenants and size, offering a quality Greater China commercial-property exposure. It expects the portfolio to see steady rental growth on the two assets' relatively resilient nature, high occupancy levels and periodic rental step-up provisions.

"We believe Magic is well-positioned to enhance rental growth via asset enhancements and/or acquisitions, both of which should be supported by the track records of Magic's management and sponsor." It estimates FY14-15 DPU growth at 7.2% and 6.7% respectively, with the trust offering fiscal-FY14-15 dividend yields of around 5.2%-5.5% at the current share price.

But based on HSBC's target price, the stock only offers an 11% potential return including forecast dividend yield, which isn't high enough to clear the house's "hurdle rate" for a volatile Singapore stock, leading to the Neutral call. The stock is down 0.5% at $1.045.

icy97

丰树大中华商业信托的盈利比预测高出8.3%
http://www.sharesinv.com/zh/articles/40676/

2013年07月31日
丰树大中华商业信托(Mapletree Greater China Commercial Trust)的1Q14可分配收入为4,610万元，比预测高出8.3%。毛收入及净产业收入分别为7,380万元和5,970万元，比预测高出3.4%和7.4%，主要由于香港又一城(Festival Walk)和北京佳程广场(Gateway Plaza)的租金大幅度上调。公司的资产负债比保持稳健，为41.5%；净负债比为36%。不容忽视的是，为缓解利率相关风险，总债务的三分之二已转换为固定利率。公司也为其以港元计算的收入作对冲，以确保未来两年能有稳定的可分配收入(以新元计算)。

启示：公司目前的组合截至6月30日的租用率为98.3%。公司有信心两个产业将继续从大中华地区的殷切需求中受惠，由于香港的需求稳固及北京办公楼领域取得租金增然增长。

icy97

Name of Announcer *	MAPLETREE GREATER CHINA COMMERCIAL TRUST MANAGEMENT LTD
Company Registration No.	201229323R
Announcement submitted on behalf of	MAPLETREE GREATER CHINACOMM TR
Announcement is submitted with respect to *	MAPLETREE GREATER CHINACOMM TR
Announcement is submitted by *	Wan Kwong Weng
Designation *	Joint Company Secretary
Date & Time of Broadcast	07-Aug-2013 17:17:10
Announcement No.	00076

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

PAYMENT OF BASE FEE & PROPERTY MANAGEMENT FEE BY WAY OF ISSUE OF NEW UNITS IN MAPLETREE GREATER CHINA COMMERCIAL TRUST

Description

Please see attached.

Attachments

MGCCT__BasePropertyFees_7Aug2013.pdf

icy97

Mapletree Greater China Commercial Trust announces maiden DPU of 3.183 cents
Source: The Edge   |   Publish date: Thu, 31 Oct 22:13
http://www.theedgesingapore.com/the-daily-edge/business/46098-mapletree-greater-china-commercial-trust-announces-maiden-dpu-of-3183-cents.html

Mapletree Greater China Commercial Trust said it has achieved distribution per unit (DPU) of 3.183 cents for the period from listing date at 7 March 2013 to 30 September 2013 (1H FY2013/2014).

This is an increase of 10.4% over the forecast DPU of 2.882 cents. The first distribution will be paid on Nov 29.

Cindy Chow, Chief Executive Officer of its trustee manager, said, “The bulk of leasing activities for this financial year have been completed and we have seen strong rental reversions for both Festival Walk in Hong Kong and Gateway Plaza in Beijing. In particular, we will continue to work closely with our tenants to broaden our product offerings and deliver a memorable one-stop shopping, dining and entertainment experience at Festival Walk. We will also continue to drive the performance of our properties through pro-active asset and cost management together with asset enhancement initiatives.”

Festival Walk, a landmark territorial retail mall with office component in Hong Kong, continues to demonstrate consistently strong performance at 100% occupancy. Tenant sales and shopper traffic increased by 6.1% and 5.2% respectively for the period from 1 April to 30 September 2013 over the same period in 2012. As of 30 September 2013, 95% of the expiring leases for FY2013/2014 have been renewed or re-let with rental uplift of approximately 22%5. New shops opened in the quarter include Armani Jeans, Love Moschino and La Maison du Chocolat.

Gateway Plaza, a premier Grade A office building with a retail atrium in Beijing, continues to do well, achieving a committed occupancy at 98.3%. As of 30 September 2013, 78% of the leases expiring in this financial year have been committed. These committed leases registered positive rental reversions of approximately 81%4 and represent tenants from diverse trade sectors such as manufacturing, real estate, financial services and conglomerates.

icy97

文： 吴文青 （译：麦美莹） 2014年02月06日 投资者角落
http://www.sharesinv.com/zh/articles/44506/

丰树大中华商业信托(Mapletree Greater China Commercial Trust)
股价 – $0.81
目标 – $0.97

公司在3Q14取得6,570万元收入，比预期高出10%；净产业收入及可分配收入则比预期分别高出13%及17%，为5,380万元及4,060万元。9M14盈利占我们全年对公司预估的78%。比预期佳的业绩是因为营运收入提高、节省成本及利息开支减少。可分配收入为每单位1.52分或7.5%年度化获益率。收入增长是受到来自又一城(Festival Walk)及北京佳程广场（Gateway Plaza）的较高贡献推动。9M14，又一城的到期租约在更新租约时把租金提高20至22%，而租户的销售增长了5.6%，人流量则增多了6.6%。佳程广场只有少量单位暂时空置，在2014年1月的出租率为97%。它在3Q14更新到期租约时，把租金调高了78%。值得注意的是，在这个微型市场里，续租租金可以提高至每月每平方公尺320至360人民币，尽管北京的办公楼市场疲弱。又一城及佳程广场在FY14分别有7%及1%租约到期更新，在FY15则分别有19%及9%。提高至买入。星展唯高达 (1月27日)

icy97

每日头条 | 2014年04月22日
http://www.sharesinv.com/zh/articles/46337/

丰树大中华商业信托(Mapletree Greater China Commercial Trust)在截至2014年3月31日的季度所录得的6,490万元总收入比其预估高出7.5%，由于两个物业的总体表现比预期好。供分配的收入为4,260万元，比预估高出73.2%。公司宣布派发每单位0.01587元的股息。