CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 266 267 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 43 SIGNIFICANT INVESTMENTS IN SUBSIDIARIES (CONT’D) Principal activity Principal place of business/ Country of incorporation Ownership interest 2021 2020 % % Direct/Indirect Subsidiaries of Millennium & Copthorne Hotels Limited (cont’d) ** Sunnyvale Partners Ltd. Hotel ownership USA 100 100 ** Trimark Hotel Corporation Hotel owner and operator USA 100 100 ** WHB Biltmore LLC Hotel owner and operator USA 100 100 * Audited by KPMG LLP Singapore ** Audited by other member firms of KPMG International *** Audited by Shanghai Xiao Tian Cheng Certified Public Accountant Co., Ltd **** Audited by Shenzhen Shuibo Certified Public Accountants (Special General Partnership) ***** Audited by Shanghai Certified Public Accountants ^ Not subject to audit by law of country of incorporation (a) Relates to the ownership interest in the non-residential component of Sunbright Holdings Limited. Please refer to note (a) under note 44 of the financial statements. (b) Phuket Square Co., Ltd and Krungthep Rimnam Limited are considered subsidiaries of the Group as the Group is exposed to variable returns from the companies and has the ability to affect those returns through the management’s control over the relevant activities of the companies. (c) CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT), a real estate investment trust, and CDL Hospitality Business Trust (HBT), a business trust. H-REIT has an investment strategy of investing directly or indirectly, in a diversified portfolio of income-producing real estate which is primarily used for hospitality, hospitality-related and other accommodation and/or lodging purposes, whether wholly or partially, and real-estate related assets in relation to the foregoing. HBT is a business trust which currently acts as master lessee, asset owner and hotel operator. HBT may also undertake certain hospitality, hospitality-related and other accommodation and/or lodging development projects, acquisition and investments which may not be suitable for H-REIT. Although the Group owns less than half of the ownership interest and voting power of H-REIT and HBT, management has determined that the Group has control over H-REIT and HBT. The activities of H-REIT and HBT are managed by the Group’s subsidiaries, M&C REIT Management Limited (H-REIT Manager) and M&C Business Trust Management Limited (HBT Trustee-Manager) respectively. H-REIT Manager has decision-making authority over H-REIT, subject to oversight by the trustee of H-REIT. HBT Trustee-Manager has dual responsibility of safeguarding the interests of the HBT unitholders and decision-making authority over HBT. The Group’s overall exposure to variable returns, both from H-REIT Manager’s and HBT Trustee-Manager’s remuneration and the interests in H-REIT and HBT respectively, is significant and any decisions made by H-REIT Manager and HBT Trustee-Manager affect the Group’s overall exposure. 44 ASSOCIATES AND JOINT VENTURES The following are the Group’s significant investments in associates and joint ventures: Principal activity Principal place of business/ Country of incorporation Ownership interest 2021 2020 % % Associates of the Company * Cityview Place Holdings Pte. Ltd. Property owner and developer Singapore 33(a) 33(a) *** IREIT Global REIT investment management services Singapore 20.9 21.1 * NovaSims Development Pte. Ltd. Property developer Singapore 40 40 44 ASSOCIATES AND JOINT VENTURES (CONT’D) Principal activity Principal place of business/ Country of incorporation Ownership interest 2021 2020 % % ** Suzhou Dragonrise Pan- Artificial Intelligence High-Tech Fund Venture capital investment and management People’s Republic of China 50 50 Associate of Millennium & Copthorne Hotels Limited **** First Sponsor Group Limited Investment holding company Singapore/ Cayman Islands 35 36 Joint Ventures of the Company ^ ACC Smith Street Pty Limited Trustee Australia 50 50 * Aster Land Development Pte Ltd Property development and investment dealing Singapore 30 30 * Branbury Investments Ltd Property owner Singapore 43 43 ** CBM Qatar LLC Provision of facilities management services State of Qatar 49 49 ** CBM Facilities & Security Management (Thailand) Co. Ltd. Provision of integrated facilities management services in Thailand Thailand 49 49 ^ CDL Metro Kenmore Pty Ltd Trustee Australia 50 – **** Emerging Markets Affordable Housing Fund Pte. Ltd. (b) Investment in affordable housing projects in emerging markets Singapore 69 69 ^ FSCT DE Property 1 Real Estate GmbH & Co. KG Property investment Germany 43 43 * Granmil Holdings Pte Ltd Property owner and developer Singapore 40 40 ^ HCP Chongqing Property Development Co., Ltd Investment holding Cayman Islands – 63.75 (c) **** HThree City Australia Pte. Ltd. Property fund management (including REIT management and direct property fund management) Singapore 33 33 *** IREIT Global Group Pte. Ltd. (d) Property fund management Singapore 50 50 * Legend Quay Pte. Ltd. Property owner and developer Singapore 50 50 * Legend Commercial Trust Property owner and developer Singapore 50 50
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