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2017年1月20日，大信置业正式宣布，其旗下信托基金--大信商用信托(Dasin Retail Trust)成功登陆新加坡交易所主板，是唯一一家在新交所上市的植根于粤港澳大湾区的中国零售地产信托。该项目首期计划募资1.46亿新加坡元(约7亿人民币)，每单位发售价为0.8新加坡元(约3.9元人民币)。大信商用信托的66.7％由发起人家族信托和远洋地产(SinoOcean)持有。剩余的33.3％单位当中，5.7％由两名基石投资者持有；所发行的1亿5177万个单位，有1亿4977万个保留给机构投资者，200万个供公众认购。信托计划把2017和2018年的全部可派发收入派发给单位持有人，2017年的分派收益率为8.5％，2018年为9.0％。
本文主要介绍该项目的基本情况、包括交易结构在内的核心法律问题及财务情况等。附件摘录了Dasin Retail Trust招股说明书及2020年度报告中的部分内容，供读者进一步了解Dasin Retail Trust项目的相关情况。
一、项目基本情况
1、物业(Properties)情况
到上市前，Dasin Retail Trust的初始投资组合包括三个位于中国中山市的零售购物中心，上市后资产经历了进一步的并购扩张，截至目前，该信托基金的投资组合包括七个零售购物中心，分别是位于广东省中山市的大信新都汇石歧店、小榄店、远洋店、坦背店、大信溢彩荟、位于珠海的大信新都汇珠海店、和位于佛山的大信新都汇顺德店。总价值约116亿元人民币(23亿新元)，拥有超过500家本地和国际零售商的租户。
2020年度虽然经历新冠疫情的冲击，但大信商用物业仍保持着相当高的出租率，2020年12月31日的平均出租率达到96.5%，平均租期到了2026年，保证了现金流的稳定性。
2、信托管理人(TrusteeManager):Dasin Retail TrustManagementPte.Ltd.
收费标准：不超过一百亿新元的部分按照年营业额的0.25%收取，超过一百亿新元部分按0.2%收取，业绩费用为不超过两个财政年度REITs单位派息差的25%。
3、物业及商业管理人
收费标准：每月营收的2%，按月支付。其中包含1%支付给物业管理人，1%支付给商业管理人。
二、核心法律问题
(一)交易结构
本项目中，大信商用信托的重组方案主要如下：
步骤一：新设三家新加坡公司(Singapore Holding Companies)和三家由它们百分之百控股的新加坡特殊目的载体公司(Special Purpose Entities)。
步骤二：特殊目的载体公司分别收购境内的三家项目公司(PRC Holding Companies)，由三家项目公司持有所有境内物业。
步骤三：成立新加坡大信商用信托公司(Dasin Retail Trust)，并由其设立本项目的基金管理人和物业管理人。
(二)法律风险
1、税务风险。预提所得税的减免资格。按照双边的避免双重征税安排，作为实际受益人的新家坡公司可以获得5%的税收减免，但基于《国税函[2009]601函》的规定，税务当局可能否认大信商用的实际受益人地位，且对于公司的减免可能不被适用于商业信托。
2、政府对地产的管控风险。2010年国务院发布《国务院办公厅关于促进房地产市场平稳发展的通知》，自此政府对于房地产市场进入严格管控时代，同时央行也采取了相应的货币政策。在这种情形下不能保证管控措施不会延展到零售地产领域。
3、政府对外资的管控风险。在地产领域，外资在取得执照后五年内禁止处分资产。
(三)境内物业合法合规情况
本项目中的基础资产均为境内的物业，故境内物业资产均需满足国内法律法规的要求。内容包括：
1、七家物业资产的权属清楚、明晰。
2、物业资产需要依据国内法律法规的规定，合法取得。
(1)建设用地规划许可证
(2)建设工程规划许可证
(3)建筑工程施工许可证
(4)国有土地使用证/不动产权证
3、物业资产同时需要根据国内法律法规的规定，履行竣工验收、消防验收、环评等手续。
收费标准：每月营收的2%，按月支付。其中包含1%支付给物业管理人，1%支付给商业管理人。
三、近期表现
(一)2020年财务情况
(数据来源：Dasin Retail Trust2020年报)
(二)Dasin Retail Trust近期表现
(截止2021年5月26日的数据，数据来源：https://cn.investing.com/equities/dasin-retail-trust-chart)
附件
Basic information about Dasin Retail Trust
Listed on the Mainboard of Singapore Exchange, Securities Trading Limited ( “SGX-ST”) on 20 January 2017, Retail Trust ( “DRT” or the “Trust”) is the only China retail property trust listed on SGX-ST providing direct exposure to the Guangdong-Hong Kong-Macau Greater Bay Area ( “Greater Bay Area”).
The Trust’s mandate is to invest in, own or develop land, uncompleted developments and income-producing real estate in Greater China (comprising the People’s Republic of China ( “PRC”), Hong Kong and Macau), used primarily for retail purposes, as well as real estate related assets, with a focus on retail malls.
As at 31 December 2020, the Trust’s portfolio comprises seven retail malls located in Zhongshan, Zhuhai and
Foshan cities in Guangdong, PRC, valued at approximately RMB11.6 billion (S$2.3 billion). These properties host a
tenant base of over 500 local and international retailers. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd. in its capacity as the Trustee Manager ( “Trustee-Manager”). The Trustee-Manager strives to provide unitholders of Dasin Retail Trust ( “Unitholders”) with an attractive rate of return on their investment
through regular and stable distributions and to achieve long-term sustainable growth in distribution per unit, while maintaining an appropriate capital structure.
The Sponsor of Dasin Retail Trust is Zhongshan Dasin Real Estate Co., Ltd. (the “Sponsor”), one of the leading real
estate developers in Zhongshan city, Guangdong Province, with a strong track record as a retail mall operator.
The Trustee-Manager
The Trustee-Manager, Dasin Retail Trust Management Pte. Ltd., was incorporated in Singapore under the
Companies Act on 14 August 2015. Its registered office is located at 8 Marina Boulevard #14-02 Marina Bay
Financial Centre Tower 1, Singapore 018981, and its telephone and facsimile numbers are (65) 6509 8626 and
(65) 6509 8625, respectively. The Trustee-Manager has an issued and paid-up capital of S$505,001.00. It is wholly-owned by Mr. Zhang Zhencheng and Shun Fung Investment Limited1 holding 99.0% and 1.0% of the interests respectively.
Controlling unitholder and sponsor
Following the Offering and as at the Listing Date, Aqua Wealth is expected to hold 61.4% of the total number of
Units in issue (assuming the Over-allotment Option is not exercised). DBS Trustee Limited holds the entire share
capital of Aqua Wealth as the trustee of a family trust, of which Mr. Zhang Zhencheng is the settlor and Zhang Chon Meng, son of Mr. Zhang Zhencheng, is the sole beneficiary.
The sponsor of Dasin Retail Trust is Zhongshan Dasin Real Estate Co., Ltd., which was established on 13 July 2001 in Zhongshan, Guangdong Province, the PRC. Its principal business is focused on the development and management of real estate, including the development and operation of retail malls, hotels, educational facilities and residential properties. Since its inception, the Sponsor had developed, completed and is currently operating 10 retail malls, and currently also owns nine assets which are undergoing development and reconstruction.
Risks
1.Under the Agreement between the Government of Singapore and the Government of the People’s Republic of
China for the Avoidance of Double Taxation and the Prevention of Fisl Management Company to the respective
Singapore Holding Company will be subject to a reduced WHT rate of 5.0% (the standard dividend WHT rate in PRC is 10.0%) provided the Singapore Holding Company is resident in Singapore and is the beneficial owner of the dividends. In this regard, pursuant to the guidance provided on “beneficial ownership” in Guoshuihan [2009] No.
601 issued by the SAT, the PRC tax authorities may view the Singapore Holding Companies as not having sufficient business substance to satisfy the “beneficial ownership” test.
2.Increasing speculation in the PRC property market may result in rapid increases in property prices. To discourage speculation in the PRC property market, the PRC Government has, among other things, implemented the control measures below.
3.Dasin Retail Trust is subject to extensive PRC regulatory control on foreign investment in the real estate sector
and will not be able to sell the Properties within the first five years from the date of obtaining the business licences of the PRC Property Companies.
Rights attached to the units
The rights and interests of Unitholders are contained in the Trust Deed. Under the Trust Deed, these rights and interests are safeguarded by the Trustee Manager. Each Unit represents an undivided interest in Dasin Retail Trust.
A Unitholder has no equitable or proprietary interest in the Trust Property and is not entitled to transfer to it of any
Trust Property (or any part thereof) or of any real estate, any interest in any asset and real estate-related Trust
Property (or any part thereof). A Unitholder’s right is limited to the right to require due administration of Dasin
Retail Trust in accordance with the provisions of the Trust Deed, including ， without limitation, by suit against the Trustee-Manager.
The key rights of Unitholders include rights to receive income and other distributions
attributable to the Units held,receive audited accounts and the annual reports of Dasin Retail Trust and articipate in the winding up or liquidation of Dasin Retail Trust by receiving a share of all net cash proceeds derived from the realisation of the assets of Dasin Retail Trust less any liabilities, in accordance with their proportionate interests in Dasin Retail Trust.
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