Interim Report 2007 |
Contents
Pages
Corporate Information 2
Background 3
Chairman’s Statement 4
Distribution 5
Management Discussion and Analysis 6
Corporate Governance 9
Connected Party Transactions 11
Interests of Connected Persons in Units 12
Condensed Interim Financial Statements 15
Notes on the Condensed Interim Financial Statements 20
Independent Review Report 34
RREEF China Commerical Trust Interim Report 07
2
Corporate Information
Manager of RREEF China RREEF China REIT Management Limited
Commercial Trust
Board of Directors of the Manager
Chairman and Non-executive Director Mr. Kurt William ROELOFFS Junior
Executive Director Mr. Paul Thomas KEOGH
Non-executive Directors Mr. Brian David CHINAPPI
Mr. Michael Eugene BUQUOI
Mr. Niel THASSIM
Mr. TIN Lik
Independent Non-executive Directors Mr. Jack Richard RODMAN
Mr. Mark Henry FORD
Dr. MENG Xiaosu
Responsible Officers of the Manager Mr. Paul Thomas KEOGH (Fund Manager)
Mr. LAI Wai Kit
Mr. Robert Michael BYRNE
Property Manager Beijing Jones Lang LaSalle
(as agent of the Manager) Property Management Services Co., Ltd.
Trustee HSBC Institutional Trust Services (Asia) Limited
Company Secretary of the Manager Ms. LIN Siu Mui
Auditors of RREEF CCT KPMG
Legal Adviser to the Manager Paul, Hastings, Janofsky & Walker
Independent Property Valuer DTZ Debenham Tie Leung Limited
Principal Bankers The Hongkong and Shanghai Banking
Corporation Limited
The Royal Bank of Scotland Plc,
Hong Kong Branch
Industrial and Commercial Bank of China,
Beijing CBD Sub-branch
Unit Registrar and Tricor Investor Services Limited
Transfer Office 26/F Tesbury Centre
28 Queen’s Road East
Wanchai
Hong Kong
Registered Office 53/F, Cheung Kong Center
2 Queen’s Road Central
Hong Kong
Website Address www.rreefchinatrust.com
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RREEF China Commerical TrustInterim Report 07
Background
RREEF China Commercial Trust (“RREEF CCT”) is constituted by a trust deed dated 28 May 2007 (the “Trust
Deed”) made between HSBC Institutional Trust Services (Asia) Limited (the “Trustee”) as the trustee of RREEF
CCT and RREEF China REIT Management Limited (the “Manager”) as the manager of RREEF CCT.
RREEF CCT is a collective investment scheme in the form of a unit trust authorised under section 104 of the
Securities and Futures Ordinance (“SFO”) to invest on a long-term basis in a diversified portfolio of institutional
quality office and mixed-use properties (where a significant portion of the property has been designated for office
use) located in major cities in China, Hong Kong and Macau.
RREEF CCT has initially invested in Beijing Gateway Plaza (the “Property”), a Premium Grade A office building
situated in Chaoyang District which is located within Beijing’s Lufthansa area, one of the three established business
districts within Beijing. The Property comprises two 25-storey towers totaling over 130,000 sq.m. of gross floor
area. In terms of quality, the Property is considered amongst the four most superior buildings in Beijing.
RREEF CCT commenced operation on 22 June 2007 (the “Listing Date”) when the acquisition of the Property was
completed and its units (the “Units”) were listed on the main board of
Scope of Review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, “Review of
interim financial information performed by the independent auditor of the entity” issued by the Hong Kong Institute
of Certified Public Accountants. A review of the interim financial report consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing
and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as
at 30 June 2007 is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34
“interim financial reporting”.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
10 August 2007
