34 ACQUISITION OF SERVICED RESIDENCE PROPERTIES, NET OF CASH MOVEMENTS
(continued)
Acquisition of serviced residence properties and subsidiaries
(continued)
– a 100% interest in Zhuankou Investments (Hong Kong) Limited from Zhuankou Investments
(BVI) Limited. Zhuankou Investments (Hong Kong) Limited owns the property Citadines
Zhuankou Wuhan, through its wholly-owned subsidiary, Wuhan Citadines Property
Development Co., Ltd..
– a 100% interest in Gaoxin Investments (Hong Kong) Limited from Gaoxin Investments (BVI)
Limited. Gaoxin Investments (Hong Kong) Limited owns the property Citadines Gaoxin
Xi’an, through its wholly-owned subsidiary, Citadines (Xi’an) Property Co., Ltd..
On 16 October 2014, the Group acquired the Best Western Shinjuku Astina Hotel property from
a third party.
On 10 December 2014, the Group acquired a portfolio of three serviced residence properties
located in Greater Sydney, namely Quest Campbelltown, Quest Mascot and Quest Sydney
Olympic Park, from a third party.
From the respective acquisition dates to 31 December 2014, the serviced residence properties
and subsidiaries contributed loss after tax of $1,808,000, mainly arising from a loss on
revaluation of these services residence properties. If the acquisitions had occurred on 1 January
2014, the Manager estimates that the consolidated revenue would have been $390,732,000 and
consolidated profit for the year would have been $134,019,000.
On 28 June 2013, the Group acquired the following:
– a 100% interest in Heping Investments (Hong Kong) Limited from Heping Investments (BVI)
Limited. Heping Investments (Hong Kong) Limited owns the property Somerset Heping
Shenyang, through its wholly-owned subsidiary, Somerset Heping (Shenyang) Property
Co., Ltd..
– a 100% interest in Biyun Investments (Hong Kong) Limited from Biyun Investments (BVI)
Limited. Biyun Investments (Hong Kong) Limited owns the property Citadines Biyun
Shanghai, through its wholly-owned subsidiary, Gain Mark Properties (Shanghai) Ltd..
– a 100% interest in Citadines SIP Pte. Ltd. from The Ascott Holdings Limited. Citadines SIP
Pte. Ltd. owns the property Citadines Xinghai Suzhou, through its wholly-owned subsidiary,
Suzhou Chong Rui Xin Shi Ji Real Estate Co,. Ltd..
– a 100% interest in ARC-CapitaLand Three TMK from ACRJ3 Investments Pte. Ltd., Japan
Branch and RAV Three Pte. Ltd.. ARC-CapitaLand Three TMK holds the trust beneficial
interest in respect of the 11 rental housing properties.
From 28 June 2013 to 31 December 2013, the serviced residence properties and subsidiaries
contributed profit after taxation of $19,496,000. If the acquisitions had occurred on 1 January
2013, the Manager estimates that the consolidated revenue would have been $331,119,000 and
consolidated profit for the year would have been $213,148,000.
Notes to the Financial Statements
Year ended 31 December 2014
202 | Ascott Residence Trust Annual Report 2014
