Positioning for the Future | 151
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
8
JOINT VENTURES
(cont’d)
(d) The Group has three (2013 three) joint ventures that are material and a number of joint ventures that are
individually immaterial to the Group. All are equity-accounted. The following are the material joint ventures
Effective interest
Name of Company
Nature of relationship
with the Group
Principal place
of business
2014
%
2013
%
RCS Trust
1
(RCS)
Special purpose trust which Singapore
30.1
26.5
invests in an integrated
development in Singapore
Orchard Turn Holding
Owner of an integrated
Singapore
50.0
32.7
Pte Ltd
2
(OTH)
development in Singapore
CTM Property Trust
3,4
(CTM)
Special purpose trust which China
62.5
51.7
invests in a Rafnes City
integrated development
in China
All the above joint ventures are audited by KPMG LLP Singapore.
1
Indirectly held through CapitaLand Singapore Limited and CapitaMalls Asia Limited.
2
Indirectly held through CapitaMalls Asia Limited.
3
Indirectly held through CapitaMalls Asia Limited and CapitaLand China Holdings Pte Ltd.
4
Considered to be a joint venture as the Group has joint control over the activities of the entity with the joint venture partner.
