Ar 2010

CAPITALAND LIMITED
ANNUAL REPORT 2010
FIRM
FOUNDATION
LEADING EDGE INNOVATION
IN THE FIRST
READY
FOR THE NEXT
YEARS
ACHIEVED TOTAL NET PROFIT
OF S$7.4 BILLION IN THE
LAST FIVE YEARS
UNIQUE MULTI-SECTOR
AND MULTI-GEOGRAPHY
REAL ESTATE COMPANY WITH
COMPLETE VALUE CHAIN
COMPETENCY
MANAGES S$50.6 BILLION

OF REAL ESTATE ASSETS
MORE THAN 110 CITIES

IN OVER 20 COUNTRIES
CORPORATE
PROFILE
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed
in Singapore, the multi-local company's core businesses in real estate, hospitality and
real estate financial services are focused in growth cities in Asia Pacific and Europe.
The company’s real estate and hospitality portfolio, which includes homes, offices,
shopping malls, serviced residences and mixed developments, spans more than
110 cities in over 20 countries. CapitaLand also leverages on its significant asset
base, real estate domain knowledge, financial skills and extensive market network
to develop real estate financial products and services in Singapore and the region.
The listed entities of the CapitaLand Group include Australand,CapitaMalls Asia,

CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust,
CapitaRetail China Trust, CapitaMalls Malaysia Trust and Quill Capita Trust.
Building for People to Build People

CREDO Building People to Build for People
Our mission is to build a world-class company with

MISSION international presence that
• Creates sustainable shareholder value

• Delivers quality products and services
• Attracts and develops quality human capital
A world-class entrepreneurial, prosperous and

VISION lasting real estate company led and managed by
people with core values respected by the business
and social community.
A leading real estate company in Asia, reputed for its

innovative and quality real estate products and services.
A company with a strong global network of long-term

investors and blue-chip partners.
A company which attracts, develops and retains

a diversity of talents regardless of nationality,
race or age.
A company which consistently creates value

for shareholders.
CONTENTS
Financial Highlights Australand Property Group
2 68
5-Year Financial Summary Human Resource
3 70
MANAGEMENT REPORT
Letter to Shareholders Corporate Social Responsibility

8 72
INVESTOR RESOURCE
Board of Directors Corporate Directory

18 74
Council of CEOs Financial Calendar
26 75
Corporate Office 10-Year Share Price Performance
34 76
Global Presence Year In Brief
36 77
Performance Overview Corporate Governance
38 81
Awards & Accolades Risk Assessment and Management
48 94
BUSINESS REVIEW
Group Businesses Stakeholder Communications

51 96
CapitaLand Residential Singapore Economic Value Added Statements
52 98
CapitaLand China Value Added Statements
54 99
CapitaLand Commercial Shareholding Statistics
56 100
CapitaMalls Asia Other Information
58 102
The Ascott Limited Statutory Accounts
60 105
CapitaLand Integrated Developments Notice of Annual General Meeting
62 216
CapitaValue Homes Appendix
64 223
PAGE
CapitaLand Financial Services Proxy Form

1
66 239
FINANCIAL
HIGHLIGHTS
5th Consecutive Year of
Above S$1 Billion Net Profit
S$1.27 billion Profit attributable

to Shareholders
S$2.38 billion Earnings Before

Interest and Tax
9.2% Return on
Shareholders' Funds
7.1% Return on
Total Assets
S$50.6 billion Group Managed

Real Estate Assets
S$7.2 billion Revenue Under

Management
CAPITALAND LIMITED
2PAGE
5-YEAR
FINANCIAL SUMMARY
2006 2007 2008 2009 2010
(A) INCOME STATEMENT (S$ million)

Revenue by SBUs
CapitaLand Residential Limited (1) 2,356.0
CapitaLand Residential Singapore 548.7 400.2 673.8 843.2
CapitaLand China Holdings 985.3 330.3 647.0 573.5
CapitaLand Commercial 139.2 165.7 227.9 144.9 337.8
The Ascott Limited 478.1 459.5 441.8 393.7 407.4
CapitaLand Financial 101.2 119.2 182.2 162.2 116.2
CapitaMalls Asia 94.6 124.2 206.7 228.9 245.4
Australand 1,406.7 984.3 732.5 879.8
Others (21.4) (16.6) (21.1) (25.6) (20.6)
Total 3,147.7 3,792.7 2,752.3 2,957.4 3,382.7
Earnings Before Interest and Tax (EBIT) by SBUs

CapitaLand Residential Limited (1) 692.2
CapitaLand Residential Singapore 308.6 175.0 371.7 351.5
CapitaLand China Holdings 403.4 883.4 551.2 682.4
CapitaLand Commercial 372.4 1,876.7 395.6 (497.4) 264.2
The Ascott Limited 202.5 337.2 132.2 31.4 173.0
CapitaLand Financial 61.6 69.7 90.4 98.0 103.0
CapitaMalls Asia 221.1 297.9 298.6 449.1 472.4
Australand 470.0 169.6 (240.8) 311.9
Others 264.3 60.5 68.7 785.8 25.8
Total 1,814.1 3,824.0 2,213.5 1,549.0 2,384.2
Net Profit attributable to Shareholders 1,012.7 2,759.3 1,260.1 1,053.0 1,273.1
(B) BALANCE SHEETS (S$ million)

Investment Properties 5,668.3 6,777.4 4,848.9 5,058.5 4,732.9
Development Properties for Sale and Stock 3,622.7 3,540.8 3,347.2 3,590.2 5,419.4
Associates and Joint Ventures 4,749.9 6,450.7 7,864.6 8,684.2 10,110.4
Cash and Cash Equivalents 2,684.9 4,356.0 4,228.4 8,729.7 7,190.1
Other Assets 3,866.4 4,716.4 4,794.5 4,103.4 4,247.4
Total Assets 20,592.2 25,841.3 25,083.6 30,166.0 31,700.2
Equity attributable to owners of the Company 7,367.7 9,940.9 10,681.7 13,408.3 14,170.7
Total Borrowings 8,129.8 9,916.1 9,829.3 10,312.6 10,358.0
Non-Controlling Interests and Other Liabilities 5,094.7 5,984.3 4,572.6 6,445.1 7,171.5
Total Equities & Liabilities 20,592.2 25,841.3 25,083.6 30,166.0 31,700.2
(C) FINANCIAL RATIOS

Earnings per share (cents) 36.6 98.6 37.0 26.2 29.9
Net Tangible Assets per share (S$) 2.64 3.53 3.57 3.03 3.22
Return on Shareholders’ Funds (%) 14.5 31.9 12.2 8.7 9.2
ANNUAL REPORT 2010
Return on Total Assets (%) 8.7 15.7 7.9 5.5 7.1
Dividend
First & final dividend per share (cents) 7.0 8.0 5.5 5.5 6.0
Special dividend per share (cents) 5.0 7.0 1.5 5.0 -
Total dividend per share (cents) 12.0 15.0 7.0 10.5 6.0
Dividend cover (times) 3.2 6.5 4.2 2.4 5.0
Debt Equity Ratio (net of cash) (times) 0.58 0.47 0.47 0.09 0.18
Interest Cover (times) 9.73 13.64 5.50 4.54 7.00
Note:
For changes in accounting policies, adoption of new and/or revised accounting standards, as well as changes in the presentation
of financial statements for the respective financial year under review, only the comparative figures for the previous year were
PAGE
restated to conform with the requirements arising from the said changes or adoption.
3
(1)
With effect from 1 April 2008, CapitaLand Residential Limited SBU was reorganised into 3 main components, namely,
CapitaLand Residential Singapore, CapitaLand China Holdings and CapitaLand's holding in Australand.
FIRM
FOUNDATION
LEADING EDGE INNOVATION
CAPITAL TOWER
SINGAPORE
Pioneered the REIT
market in Asia
excluding Japan
with a total of six
REITs to-date
NUMBER OF
SHOPPING MALLS
5 to
91
JINNIU MALL
CHENGDU
CHINA
Early-mover advantage
for shopping malls
in China
ASSETS UNDER
MANAGEMENT
S$0.27B to
S$30.4B
OVERSEAS ASSETS
25% to
56%
RIVERGATE
SINGAPORE
First residential
development in
Singapore to be
accorded landmark
status by Urban
Redevelopment
Authority
THE LOFT
CHENGDU
CHINA
First earthquake-proof
high-rise condominium
community in China
FIRST
10 YEARS
THE PONDS ION ORCHARD AND
NEW SOUTH WALES THE ORCHARD
AUSTRALIA RESIDENCES
SINGAPORE
Australand is one of
the most successful Transformed the
diversified property retail landscape and
groups in Australia set new benchmarks
for super-luxury
residential
developments
in Singapore
UNITS OF
SERVICED RESIDENCES
6,000 to
OVER 26,000
RAFFLES CITY SHANGHAI ASCOTT RAFFLES PLACE SINGAPORE
CHINA
Transformed prime
Exported Singapore’s national heritage
‘Raffles City’ brand building into
globally (seven premium serviced
Raffles City residence property
developments
in China)
READY
THE STRATEGY GOING FORWARD
ASCOTT GUANGZHOU IFC
CAPACITY: CHINA
CASH OF S$7.2B AND

NET GEARING OF 0.18
GROW CHINA BUSINESS

TARGET 45% OF CAPITALAND’S BUSINESS
THE PINNACLE
SHANGHAI
CHINA
JCUBE
SINGAPORE
BUILD ASCOTT’S
GLOBAL DOMINANCE
GROW TO 40,000 UNITS BY 2015
RAFFLES CITY HANGZHOU
CHINA
EXPAND IN
VIETNAM
GROW TOTAL ASSETS
FROM S$400M TO S$2B
OVER NEXT 3-5 YEARS
NEXT
10 YEARS
BEDOK TOWN LA FORET
CENTRE SITE BEIJING
SINGAPORE CHINA
GROW FINANCIAL
SERVICES FRANCHISE
ORIGINATE NEW REAL ESTATE FUNDS AND
FINANCIAL PRODUCTS IN SINGAPORE,
CHINA, VIETNAM AND MALAYSIA
RAFFLES CITY CHENGDU
CHINA
INCREASE PRESENCE
IN SINGAPORE
SINGAPORE, A GLOBAL CITY
EXTEND LEADERSHIP IN
PAN-ASIAN SHOPPING
MALL BUSINESS
TARGET TO GROW CHINA TO 40%
OF CAPITAMALLS ASIA’S BUSINESS
HONGKOU PLAZA
SHANGHAI
CHINA
SITE AT MO LAO WARD

HANOI
VIETNAM
GROW
CAPITAVALUE HOMES
BUSINESS
BUILD 10,000-15,000 AFFORDABLE HOMES
ANNUALLY OVER NEXT 3-5 YEARS
LETTER TO
SHAREHOLDERS
DR HU TSU TAU LIEW MUN LEONG

CHAIRMAN PRESIDENT & CEO
For the fifth consecutive year, CapitaLand has recorded net

profit after tax and minority interests exceeding S$1 billion.
S$7.4b Over the last five years, CapitaLand has achieved total net
profit of S$7.4 billion. The sustained profitability is the result
Over the last five years, of the Group’s aggressive growth strategy, financial discipline
CapitaLand has and focus on capital productivity. During the year, the Group
continued to invest for future growth by committing over
achieved total net profit
S$6 billion of new investments. It entered 2011 with a strong
of S$7.4 billion
cash position of S$7.19 billion and healthy net debt-to-equity
ratio of 0.18 as a result of its successful capital recycling strategy.
This provides the Group with the flexibility and capacity to
seize opportunities quickly in a global economic environment
that experiences increasingly shorter cycles.
The achievements in FY2010 are the result of the solid

foundation laid since the inception of CapitaLand 10 years ago.
In November 2000, pursuant to the merger between Pidemco
Land and DBS Land, the newly-formed CapitaLand was largely
a Singapore-centric real estate developer with overseas assets
accounting for just 25% of its asset base. Overseas assets have
CAPITALAND LIMITED
since grown to 56% of our asset base. Furthermore, the Group’s

net debt-to-equity ratio was relatively high at 0.92 (compared
to 0.18 today).
Multi-sector and BUILDING THE FOUNDATION

multi-geography real After a decade of transformation, CapitaLand is now one of
estate company with Asia’s largest real estate companies, with a total group market
operations across capitalisation of almost S$40 billion. We have grown into a
110 cities in over multi-sector and multi-geography real estate company with
20 countries operations which span across 110 cities in over 20 countries,
largely in Asia Pacific and Europe. We have established
PAGE
leadership positions in various real estate sectors, namely

8
homes, shopping malls, offices, serviced residences and

integrated developments. Our real estate fund management
business is also one of the largest in Asia with total Assets
Under Management (AUM) of more than S$30 billion
MANAGEMENT REPORT
comprising six listed Real Estate Investment Trusts (REITs) and
An aggressive growth
17 real estate private equity funds.
strategy, strategic capital
Our competency across the complete value chain of investing, management, financial
developing, operating and managing real estate assets discipline and a focus on
differentiates us from most other real estate companies. talent development have
Through strategic capital management, we have strengthened produced sustained
our financial standing beyond achieving a low debt exposure. profitability for the Group
Financial flexibility has been greatly enhanced as we successfully despite many market
nurtured our access to the debt capital market, thereby challenges over the years
diversifying our funding sources. An aggressive growth strategy,
strategic capital management, financial discipline and a focus
LETTER TO SHAREHOLDERS
on talent development have produced sustained profitability
for the Group despite many market challenges over the years.
DELIVERING THE RESULTS

Revenue for FY2010 was S$3.38 billion, 14% higher than FY2009.
For FY2010, revenue came from brisk home sales, and
contributions from development projects in Singapore, China,
Australia and Vietnam. Net profit recorded a 21% increase to
S$1.27 billion. Group’s Earnings Before Interest and Tax (EBIT)
rose 54% to S$2.38 billion with overseas operations accounting
for 60% or S$1.44 billion. CapitaLand China Holdings was the
largest contributor, achieving EBIT of S$682 million (up 24%),
benefiting from the divestment of a majority stake in Raffles
City Changning, Shanghai. CapitaLand Residential Singapore
S$3.38b
(CRS) continued to record high EBIT with S$352 million in Revenue for FY2010 was
FY2010. The Ascott Limited (Ascott), the Group’s serviced S$3.38 billion, 14% higher
residence business unit, saw a strong 451% increase in EBIT than FY2009
to S$173 million on the back of portfolio gains, higher occupancy
and Revenue per Available Unit (RevPAU).
With the latest performance, the Directors are pleased to

propose a first and final dividend of 6 cents per share
for FY2010.
RESIDENTIAL
Our residential business was a strong contributor in 2010.
Healthy sales were recorded in our core markets of Singapore,
China, Australia and Vietnam. During the year, we sold 800
homes in Singapore with a total sales value of S$1.85 billion,
a 54% increase. This achievement can be attributed to our
focus on mid- to high-end projects in preferred locations, which
ANNUAL REPORT 2010
continue to be attractive to local and international homebuyers

and investors. We were also bold in creating unique and iconic
S$1.85b
landmark projects which set a new benchmark for Singapore’s Achieved a 54%
residential landscape. increase in total sales
to S$1.85 billion with
The Interlace, with a unique design by renowned architecture 800 homes sold
firm Office for Metropolitan Architecture (OMA), received a lot
in Singapore
of interest. We have sold approximately 94% of the 650 units
released by end-2010, and will release more units in 2011.
Similarly, d’Leedon, which is designed by Zaha Hadid – a world-

PAGE
renowned and Pritzker Architecture Prize-winning architect –

9
will be an iconic residential development on the site of the

LETTER TO
SHAREHOLDERS
former Farrer Court. About 93% of the 250 units released for
initial sales at the 1,715-unit condominium have been sold as
at end-2010.
In 2010, we acquired a prime site in Bedok Town Centre and,

together with CapitaMalls Asia (CMA), plan to build an integrated
development with 500 apartments above a shopping mall in
one of Singapore’s busiest town centres. We aim to be a top
three developer, with 15% market share in terms of units sold,
through capitalising on our strong financial position to replenish
our development portfolio with prime sites.
Our China residential business enjoyed another robust year

with a 23% rise in units sold to over 2,900 units and a total
sales value of RMB5.4 billion (S$1.1 billion). Beaufort, The
Pinnacle, The Metropolis and The Loft achieved strong sales
S$10b at prices which were in line or above our expectations. The
Government’s recent measures to curb excessive speculation
China is today our largest
are aimed at ensuring a healthy and sustainable property
overseas market with
market. The measures have limited impact on our business in
assets of S$10 billion, China which has a balanced portfolio of properties in the
or 36% of our balance different sectors. The sustained demand for homes in China
sheet comprising and the profitability of our business there vindicates our
residential, shopping aggressive expansion over the last 16 years.
malls, serviced residences
and our ‘Raffles City’ From a business which accounted for less than 5% of our
branded developments balance sheet in 2000, China is today our largest overseas
market with assets of S$10 billion, or 36% of our balance
sheet (excluding cash reserves held at Treasury level),
comprising not only residential developments but also
shopping malls, serviced residences and our ‘Raffles City’
integrated developments.
The journey over the last 16 years has been a challenging but
rewarding one as CapitaLand Group is today the leading foreign
developer in China having completed over 11,000 homes. The
wealth of market knowledge acquired over the years has
enabled us to grow our presence through astute land acquisition
as in the case of the US$2.2 billion (S$3.1 billion) purchase of
Orient Overseas Developments Limited (OODL). We will
CAPITALAND LIMITED
continue to expand our business and grow our pipeline of

15,000 residential units, as at end-2010, to ride on the robust
economic growth of the second largest economy in the world.
Vietnam is a relatively new market for our residential business

but our presence in the country began through our serviced
residence business 16 years ago. We have managed to quickly
build a brand with the successful topping-out of our first
residential project, The Vista, in Ho Chi Minh City. Leveraging
on our growing reputation as a quality developer, we launched
our second project, Mulberry Lane, in Hanoi. We also signed
PAGE
new joint venture agreements with two leading real estate

10
developers to develop two residential projects, one each in

MANAGEMENT REPORT
Ho Chi Minh City and Hanoi. This brings our residential portfolio OVER
in Vietnam to over 4,500 apartments, comprising four prime
residential developments and an affordable housing
4,500
APARTMENTS
development that is under our new strategic business
unit, CapitaValue Homes, which focuses on building affordable In Vietnam, we have
homes in Asia. over 4,500 apartments
comprising four prime
While there are short term challenges such as inflation and residential developments
currency devaluations, we see vast potential in the country and an affordable
given its young and hardworking population, robust economic housing development
growth and rapid urbanisation. We intend to grow our presence
by progressively raising the Group’s total asset size in Vietnam
from S$400 million currently to S$2 billion in the next three to
five years.
Over the past decade, Australand has been a significant

contributor to CapitaLand’s bottom line. In 2010, Australand
recorded a solid profit contribution of S$123 million on the
back of rental income growth in the Investment Property
division and strong sales from its residential development
activities. During the year, Australand sold 1,544 residential
lots with a total sales value of A$538 million (S$689 million).
Australand’s Commercial and Industrial division also saw

S$123m
increased levels of activity particularly in the industrial sector Australand recorded solid
where land sales have recovered and demand improved for profit contribution of
well-located logistics facilities. The office sector is expected to S$123 million on the back
see improved trading conditions in 2011. Given the positive of rental income growth
macro-economic factors in Australia and its strengthened in the Investment Property
financial standing, we expect Australand to continue its growth division and strong sales
path and contribute positively to CapitaLand Group. A major from its residential
achievement in 2010 has been Australand’s inclusion into the development activities
S&P/ASX 200 A-REIT and S&P/ASX 300 A-REIT Indices which
are key property indices widely tracked by fund managers.
During the course of 2010, Australand’s share price appreciated
by 13%, outperforming many of its major peers in Australia.
d’Leedon, a 1,715-unit condominium

in Singapore
ANNUAL REPORT 2010
11PAGE
LETTER TO
SHAREHOLDERS
Raffles City Changning, Shanghai, one

of CapitaLand’s seven Raffles City
developments in China
INTEGRATED DEVELOPMENTS
Integrated development has been one of CapitaLand’s strengths
and our nine Raffles City integrated developments have become
a well-recognised brand in Asia. The three completed
developments in Singapore, Shanghai and Beijing achieved
strong occupancy for both their office and shopping mall space.
Grew our Raffles City
In 2010, we continued to grow our Raffles City portfolio by
portfolio by adding two adding two more projects in Shenzhen and Changning,
more projects in Shenzhen Shanghai. The two massive developments with a combined
and Changning, Shanghai GFA of just under 500,000 sqm are located close to train lines
and will incorporate a balanced mix of retail space and
commercial elements catering to the residences of the
vibrant neighbourhoods.
Starting with just one Raffles City project in Singapore,

CapitaLand has rapidly grown the Raffles City portfolio across
Asia. Drawing from the success of the completed projects, we
have quickly built a pipeline of new Raffles City developments
in prime sites within Chengdu, Ningbo, Hangzhou, Shenzhen
and Shanghai. These are currently under construction and
expected to be completed between 2012 and 2015. CapitaLand
will continue to build on the success of its Raffles City brand
CAPITALAND LIMITED
by carefully identifying and securing ideal prime sites within

Asia, adding to its existing portfolio of nine projects across
Asia. Moving ahead, we will seek ways to capitalise on the
Raffles City brand franchise.
FINANCIAL SERVICES/REAL ESTATE INVESTMENT TRUSTS
S$30.4b CapitaLand Group’s Assets Under Management (AUM) grew

by 19% to S$30.4 billion during the year, inclusive of CapitaMalls
Group’s Assets Under Asia’s AUM. Total fees arising from fund management services
amounted to about S$184.3 million for the Group. Starting
Management grew by
with just one fund with an asset size of S$0.3 billion in November
19% to S$30.4 billion
PAGE
2000, CapitaLand is today one of the largest Asian real estate

12
fund managers. To date, the Group has originated six REITs

MANAGEMENT REPORT
and 21 real estate private equity funds. Of the private equity
funds, four have successfully matured.
In 2010, the Group upsized Raffles City China Fund from

US$1 billion to US$1.18 billion and injected Raffles City Ningbo
into the Fund, increasing the Fund’s portfolio of properties to
five Raffles City integrated developments. In addition, three
retail assets in Malaysia, with a total value of RM2.1 billion as
at end-2010, were injected into a REIT for listing on the Main
Market of Bursa Malaysia Securities Berhad. Ascott Residence
Trust (Ascott Reit) acquired 28 properties in Asia and
Europe from Ascott, almost doubling its portfolio value to
S$2.71 billion in 2010. We also closed two joint venture funds,
one investing in residential developments in Vietnam and the
other to develop Raffles City Changning in Shanghai, China.
These funds are in line with the Group’s strategy, enabling us
to recycle capital for new investments and to develop,
warehouse and incubate retail, office, residential, serviced
residence and integrated developments. Our real estate private
equity funds and REITs are an important platform contributing
to the growth of our real estate business.
SHOPPING MALLS
CapitaMalls Asia (CMA) continues to grow from strength to
strength. Strong rental performances in our core markets of
Singapore, China and Malaysia have contributed S$276 million
to CapitaLand’s bottom line. Our malls continue to experience
strong growth in both shopper traffic and tenants’
gross turnover.
During the year, CMA committed almost S$2 billion in six new
projects in Singapore, China and Malaysia, double its 2010 S$2b
target of S$800 million to S$1 billion. These acquisitions have CapitaMalls Asia
strengthened CMA’s leading positions in its key markets of
committed almost
Singapore and China, and signify its commitment to grow in
S$2 billion in six new
Malaysia – another key market.
projects in Singapore,
As part of its capital management strategy, CMA successfully China and Malaysia
recycled capital with the sale of Clarke Quay to CapitaMall
Trust, and the listing of CapitaMalls Malaysia Trust (CMMT) on
ANNUAL REPORT 2010
Bursa Malaysia. CMMT is the largest “pure-play” shopping

mall REIT in Malaysia.
CMA also diversified its sources of funding with its wholly-

owned subsidiary, CapitaMalls Asia Treasury Limited (CMATL),
issuing S$350 million of corporate bonds under CMATL’s
S$2 billion Euro-Medium Term Note programme. Sensing
demand from retail investors, CMATL launched the first series
of retail bonds to the public in Singapore in January 2011.
A total of S$200 million worth of 1-year and 3-year bonds,
carrying interest payments of 1% and 2.15% per annum
PAGE
respectively, were issued to cater to demand from individual

13
investors. These investors are looking for attractive fixed

LETTER TO
SHAREHOLDERS
Citadines Louvre Paris, one of the

28 quality assets injected into
Ascott Reit, is being converted
into Ascott Louvre Paris
income vis-à-vis other investments, as well as an opportunity

to participate in the income resilience of CMA’s shopping
malls. The public offer was well-received and about
1.82 times subscribed.
From just five malls in Singapore nine years ago, CMA is today
one of Asia’s largest shopping mall developers, owners and
managers with a total of 91 malls across Singapore, China,
Malaysia, Japan and India. Given a cash position of S$1.32
billion and a low gearing, CMA targets to acquire another S$2
billion of new projects in its key markets of Singapore, China
and Malaysia in 2011. It targets to double its China portfolio
from 53 malls to 100 malls within the next three to five years.
CMA’s unique strength in creating value by enhancing returns
on its properties, coupled with its capital efficient business
model, will enable it to extend its leadership position in Asia’s
shopping mall space.
SERVICED RESIDENCES
Ascott continues to Ascott continues to strengthen its leadership position as the
strengthen its leadership world’s largest international serviced residence owner-operator.
CAPITALAND LIMITED
position as the world’s In 2010, it clinched contracts to manage 12 properties with

largest international over 2,000 apartment units across 12 cities, and opened 14
serviced residence properties with over 2,800 apartment units across 13 cities.
owner-operator With the global economic recovery, Ascott has seen an increase
in occupancy and rental rates since the middle of 2010. Revenue
per Available Unit (RevPAU) in its key markets such as Singapore
and China grew by 24% and 9% respectively. During the year,
Ascott also injected 28 quality stabilised properties in Europe
and Asia into Ascott Reit with divestment proceeds of S$974
million. This transaction has transformed Ascott Reit into a
larger and stronger platform which complements Ascott’s
PAGE
global growth strategy and increased Ascott’s financial capacity

14
to capture new growth opportunities.

MANAGEMENT REPORT
Over the years, Ascott has grown rapidly as a result of bold
moves such as the strategic acquisition in 2002 of Citadines,
an established Pan-European serviced residence chain. Another
key driver of Ascott’s growth was the launch of Ascott Reit in
2006 which enhanced its ability to recycle capital efficiently.
The privatisation of Ascott in 2008 has further accelerated its
expansion as it can better leverage on the Group’s capital base
and resources. Moving ahead, Ascott is on track to achieve its
target of 40,000 apartment units globally by 2015.
COMMERCIAL
Our commercial business unit is well-positioned to benefit
from the rebound of Singapore’s office sector through our
listed REIT, CapitaCommercial Trust (CCT). Prime office rents
in Singapore have risen by 24% in 2010 after bottoming out in
1Q2010, leading to firming of asset values. CCT’s committed
portfolio occupancy rate remained strong at 99%, above the
market level of 95%, as at end-2010.
In 2010, we continued with our proactive capital recycling and

active portfolio management strategies. CCT divested two non- Established a joint
Grade A office buildings while CapitaLand sold 163 strata-titled venture to own and
office and retail units in a mixed-use development in Singapore, manage self-storage
and its 49% stake in a residential project in India. Six Battery facilities under the
Road became the first operating office building in Singapore’s “StorHub” brand
Central Business District to win the Green Mark Platinum award. in Singapore
At the cost of S$92 million, asset enhancement works have
commenced at the Grade A office property to improve the
building’s technical, aesthetic and “green” specifications. We
also established a joint venture with Hersing Corporation Ltd
to own and manage self-storage facilities under the “StorHub”
brand in Singapore, with a view to extending the portfolio to
overseas markets.
We will continue to enhance our existing assets and expand

our commercial portfolio in Asia through investment
opportunities and grow our self-storage business under the
“StorHub” brand.
CAPITAVALUE HOMES
ANNUAL REPORT 2010
In Asia, the rapid pace of urbanisation and escalating home

OVER
prices have created a growth potential in the affordable housing
segment to meet the mass market demand. CapitaLand has
set up a new business unit to grow its residential business in
2,500
AFFORDABLE HOMES
the affordable housing segment in Asia.
CapitaValue Homes has
For its maiden projects, CapitaValue Homes has acquired two
acquired two sites, one
sites, one each in Wuhan, China, and Ho Chi Minh City, Vietnam, each in Wuhan, China, and
which will provide an initial pipeline of over 2,500 affordable Ho Chi Minh City, Vietnam,
homes. Our prices will be affordable, targeted at the mass which will provide an
market homebuyers with mortgage repayment pegged at no initial pipeline of over
PAGE
more than 40% of the average household income level in that 2,500 affordable homes
15
particular city. To ensure value for money and achieve cost

LETTER TO
SHAREHOLDERS
efficiency, these projects will feature standardised designs
and adopt industrialised construction technology.
We will actively seek more sites in China and Vietnam in

order to meet the demand for affordable homes in these
two countries.
CORPORATE SOCIAL RESPONSIBILITY

As a good corporate citizen, CapitaLand has always been
committed to doing things responsibly and for the good of the
society. We have strived to be an environmentally-sustainable
real estate developer and aim to be at the forefront of the
industry in terms of green buildings and environmental
awareness. In 2010, we retained our inclusion in the Dow Jones
Sustainability Asia Pacific Index for the third year running.
CapitaLand is one of only two Singapore companies in the
index, which is based on an analysis of corporate economic,
environmental and social performance, and issues such as
corporate governance, risk management and climate
change mitigation.
16
CAPITALAND HOPE SCHOOLS
At the same time, we have also been actively contributing to
the communities we operate in. Since 2005, our philanthropic
We have 15 CapitaLand arm, CapitaLand Hope Foundation, has donated about
S$10 million to aid underprivileged children in Singapore and
Hope Schools in China
overseas where we have a presence. We have 15 CapitaLand
and recently added one
Hope Schools in China and recently committed to our first
CapitaLand Hope School CapitaLand Hope School in Vietnam, the CapitaLand Nang Yen
in Vietnam Primary Hope School near Hanoi. Our effort towards being a
good corporate citizen has also significantly strengthened our
reputation as a socially responsible company, a company with
a soul. We will continue to support programmes that meet the
shelter, education and healthcare needs of underprivileged
children in Singapore and overseas.
READY FOR THE NEXT DECADE

Over the last 10 years, we have expanded aggressively,
established a strong track record of excellent execution, and
built a robust balance sheet. With this firm foundation, we are
confident that the Group will continue to perform strongly as
CAPITALAND LIMITED
we move into the next decade.
We target to grow our China business to 45% of CapitaLand’s

total assets, increase our assets in Vietnam from S$400 million
currently to S$2 billion in the next three to five years, and
extend our presence in Singapore as the country continues its
transformation into a global city. We aim to extend our
leadership in the Pan-Asian shopping mall business, build
Ascott’s global dominance, and expand our financial services
business by exploring new funds and real estate financial
products in Singapore, China, Vietnam and Malaysia. Building
PAGE
on our track records in China and Vietnam, we will expand our

16
residential business into the affordable housing segment to

MANAGEMENT REPORT
CapitaLand’s Board of Directors and
senior management toasting during the
launch of CapitaLand’s 10th anniversary
celebrations at ION Orchard, Singapore
in February 2010
meet the demand arising from massive urbanisation and
escalating home prices in Asia.
More importantly, as we marked our 10th anniversary last year,

it should be highlighted that the core to CapitaLand’s success
has been its people. It is our people who moulded CapitaLand
into what it is today by having the courage to push the
boundaries of traditional real estate developers. Our consistent
focus on building our talent pool ensures that we have depth
in our management bench.
As we look forward into the next 10 years, we will continue to

embrace our credo of “Building People” by enlarging and
enriching our talent pool, and developing our leadership and
management teams. Young talent, mid-career professionals
and “silver hairs” are part of our inclusive multi-prong approach
in our investment on human capital. A strong pool of new
management talent – well trained and tested – is being entrusted
with leadership position. With the guidance of the Board, they
will chart the course for CapitaLand for the next 10 years. With
our strong foundation and focus on superior performance, we
Committed to building a
remain committed to building a world-class and lasting real
estate company as we move into the new decade.
world-class and lasting real
estate company as we
move into the new decade
ANNUAL REPORT 2010
We want to acknowledge the invaluable contributions from

outgoing Director Mr Jackson Tai who will not be seeking
re-election at the forthcoming annual general meeting. Mr Tai,
who is a founding Director of CapitaLand, has been on the
Board since 20 November 2001. On behalf of the management
and the Board of Directors, we wish to thank all staff,
shareholders, business partners and associates for their
continued commitment and support of the CapitaLand Group.
DR HU TSU TAU LIEW MUN LEONG

CHAIRMAN PRESIDENT & CEO
17PAGE
28 February 2011
BOARD OF
DIRECTORS
1 DR HU TSU TAU
CHAIRMAN
2 PETER SEAH LIM HUAT

DEPUTY CHAIRMAN
7
3 LIEW MUN LEONG
PRESIDENT & CEO
4 JACKSON PETER TAI

DIRECTOR
5 RICHARD EDWARD HALE

DIRECTOR
6 JAMES KOH CHER SIANG

DIRECTOR
CAPITALAND LIMITED
7 ARFAT PANNIR SELVAM

DIRECTOR
10
8 PROFESSOR KENNETH STUART COURTIS
DIRECTOR
9 DR FU YUNING
DIRECTOR
10 JOHN POWELL MORSCHEL

DIRECTOR
11 NG KEE CHOE
DIRECTOR
PAGE
12 SIMON CLAUDE ISRAEL

18
DIRECTOR
MANAGEMENT REPORT BOARD OF DIRECTORS ANNUAL REPORT 2010 PAGE 19
9
12
3
11
5
2
8
BOARD OF
DIRECTORS
DR HU TSU TAU Mr Seah is presently the Chairman of DBS
CHAIRMAN Group Holdings Ltd and Singapore Technologies
Engineering Ltd (both listed on the SGX-ST)
Dr Hu Tsu Tau, an Independent Non-Executive
and LaSalle Foundation Limited. He is also
Director, joined the CapitaLand Board on
Deputy Chairman of Global Crossing Limited.
13 April 2004 and was elected Chairman on
Mr Seah is a Director of STATS ChipPAC Ltd,
the same day. He was last re-appointed as
StarHub Ltd (both listed on the SGX-ST) and
Director at CapitaLand’s Annual General
DBS Bank (HK) Limited. Mr Seah also sits on
Meeting on 16 April 2010. He is also Chairman
the Board of the Government of Singapore
of CapitaLand’s Investment Committee.
Investment Corporation Pte Ltd.
Dr Hu is presently a Member of the Board of
Mr Seah was President & CEO of Singapore
the Government of Singapore Investment
Technologies Pte Ltd. Prior to the above
Corporation Pte Ltd (GIC) and Chairman of
appointment, Mr Seah was with Overseas
Fullerton Financial Holdings Pte Ltd. He was
Union Bank (OUB) from 1977 and became
Chairman of GIC Real Estate Pte Ltd.
its President & CEO in 1991. Mr Seah retired
as Vice Chairman and CEO from OUB on
From 1985 to 2001, Dr Hu was a Cabinet
30 September 2001. Mr Seah was also the
Minister whose portfolio included the Trade
Chairman of SembCorp Industries Ltd and
and Industry, Health and Finance ministries.
Singapore Computer Systems Limited (both
Prior to his ministerial appointment, Dr Hu was
listed on the SGX-ST), President Commissioner
Managing Director of the Monetary Authority
of PT Indosat Tbk (listed on the Stock Exchange
of Singapore (MAS) and GIC from 1983 to
of Indonesia), and Director of Chartered
1984. Before his appointments in MAS and
Semiconductor Manufacturing Ltd (listed
GIC, he was with the Shell Group of companies
on the SGX-ST) and Siam Commercial Bank
from 1960, and his last position in this global
Public Company Limited (listed on the Stock
company was as Chairman and Chief Executive
Exchange of Thailand).
of the Shell Group of companies in Singapore.
Mr Seah is a graduate of the University of

Dr Hu is a graduate of the University of
Singapore with an Honours Degree in
California, USA with a Bachelor of Science
Business Administration.
in Chemistry. He also holds a Postgraduate
Diploma (Chemical Engineering) and a
Doctorate in Chemical Engineering, both
LIEW MUN LEONG
from the University of Birmingham, UK.
PRESIDENT & CEO
Mr Liew Mun Leong is President and CEO

PETER SEAH LIM HUAT of CapitaLand Group. He joined the Board
DEPUTY CHAIRMAN of Pidemco Land as Director on 1 January
1997. Pidemco Land merged with DBS
Mr Peter Seah, an Independent Non-Executive
CAPITALAND LIMITED
Land to form CapitaLand in November 2000.

Mr Liew continued to serve on the
18 December 2001 and was appointed as
CapitaLand Board and was last re-elected as
Deputy Chairman on 1 January 2009. Mr Seah
Director at CapitaLand’s Annual General
was last re-elected as Director at CapitaLand’s
Meeting on 16 April 2010. He also serves as
Annual General Meeting on 16 April 2010.
Member of CapitaLand’s Investment
He is also Chairman of CapitaLand’s Finance
Committee, Nominating Committee, Corporate
and Budget Committee, Executive Resource
Disclosure Committee and Finance and
and Compensation Committee and
Budget Committee.
Nominating Committee.
PAGE
20
MANAGEMENT REPORT
Mr Liew is Chairman of CapitaMalls Asia Mr Liew graduated from the University of
Limited (listed on the SGX-ST), CapitaLand Singapore with a Civil Engineering degree and
Residential Singapore Pte Ltd, CapitaLand is a registered professional civil engineer.
China Holdings Pte Ltd, CapitaLand
Commercial Limited, CapitaLand Financial
Limited, CapitaLand ILEC Pte. Ltd. and JACKSON PETER TAI
CapitaValue Homes Limited. DIRECTOR
Mr Jackson Tai, an Independent Non-Executive

Mr Liew is Deputy Chairman of The Ascott
Limited as well as the Deputy Chairman
20 November 2000 and was last re-elected
BOARD OF DIRECTORS
of CapitaMall Trust Management Limited
as Director at CapitaLand’s Annual General
(the manager of CapitaMall Trust listed
Meeting on 29 April 2008. He is a Member
on the SGX-ST), CapitaCommercial Trust
of CapitaLand’s Investment Committee and
Management Limited (the manager of
Finance and Budget Committee.
CapitaCommercial Trust listed on the SGX-
ST), CapitaRetail China Trust Management
Mr Tai is a Director of NYSE Euronext and
Limited (the manager of CapitaRetail China
MasterCard Incorporated in the United States,
Trust listed on the SGX-ST) and Ascott
and the Bank of China Limited in China. He has
Residence Trust Management Limited (the
been nominated as a Director of Philips NV
manager of Ascott Residence Trust listed on
in the Netherlands. Most recently, he was a
the SGX-ST). He is also a Director of CapitaLand
Supervisory Board Member of ING Groep NV
Hope Foundation, the CapitaLand Group’s
in the Netherlands. He also serves as Non-
philanthropic arm.
Executive Chairman of a non-publicly listed
company, Brookstone, Inc., in the United States.
Mr Liew is presently Chairman of Changi
Airport Group (Singapore) Pte Ltd. He is
Mr Tai was formerly the Vice Chairman and
also Director of Singapore Exchange Limited
CEO of DBS Group Holdings Ltd (listed on
(listed on the SGX-ST) and Singapore China
the SGX-ST) and DBS Bank Ltd. Prior to joining
Foundation Ltd.
DBS Bank Ltd, Mr Tai was a senior regional
manager for J.P. Morgan & Co. Incorporated
He is a member of the NUS Business School
in New York, Tokyo, and San Francisco, and
Management Advisory Board, National
a Managing Director of the Investment
Productivity and Continuing Education
Banking Division.
Council, Governing Council of the Human
Capital Leadership Institute and the Board
Mr Tai is a graduate of the Rensselaer
of Trustees of Chinese Development
Polytechnic Institute, USA with a Bachelor
Assistance Council.
of Science in Management. He also holds a
Master of Business Administration from
In 2006, Mr Liew was named Outstanding
Harvard University, USA.
CEO of the Year in the Singapore Business
ANNUAL REPORT 2010
Awards. In 2007, he was conferred the CEO

of the Year award (for firms with market value
of S$500 million or more) in The Business
Times’ Singapore Corporate Awards. In 2008,
Mr Liew was named Asia’s Best Executive of
2008 (Singapore) by Asiamoney and Best CEO
in Asia (Property) by Institutional Investor.
PAGE
21
BOARD OF
DIRECTORS
RICHARD EDWARD HALE JAMES KOH CHER SIANG
DIRECTOR DIRECTOR
Mr Richard Hale, an Independent Non- Mr James Koh, an Independent Non-Executive

Executive Director, joined the CapitaLand Board Director, joined the CapitaLand Board on
on 10 February 2003 and was last re-appointed 1 July 2005 and was last re-elected as Director
as Director at CapitaLand’s Annual General at CapitaLand’s Annual General Meeting on
Meeting on 16 April 2010. He is also Chairman 23 April 2009. He is Chairman of CapitaLand’s
of CapitaLand’s Audit Committee and a Risk Committee and Corporate Disclosure
Member of CapitaLand’s Risk Committee. Committee; and a Member of CapitaLand’s
Audit Committee.
Mr Hale is presently Chairman of
CapitaCommercial Trust Management Mr Koh is Chairman of CapitaMall Trust
Limited (the manager of CapitaCommercial Management Limited (the manager of
Trust listed on the SGX-ST). He is also Deputy CapitaMall Trust listed on the SGX-ST) and
Chairman of Sembcorp Marine Ltd and a Chairman of its Investment Committee and
Director of Sembcorp Industries Ltd (both Corporate Disclosure Committee. He is also
listed on the SGX-ST). He is a Fellow of the a Director of CapitaLand Hope Foundation,
Singapore Institute of Directors. the CapitaLand Group’s philanthropic arm.
Mr Hale started his career with The Hongkong Mr Koh is presently Chairman of Housing
and Shanghai Banking Corporation Ltd & Development Board, Singapore Deposit
in October 1958 and served in London, Insurance Corporation Limited, MechanoBiology
Paris, Hong Kong, Germany, Malaysia, Institute and Singapore Island Country Club.
Japan and Singapore before retiring from He sits on the Boards of Singapore Airlines
the Bank as CEO Singapore and Director in Limited, UOL Group Limited and Pan Pacific
March 1995. From July 1995 to September Hotels Group Limited (all listed on the
1997, he acted as advisor on environmental SGX-ST). He is also a Director of Singapore
matters for HSBC Holdings plc London, Cooperation Enterprise.
based in Singapore. Mr Hale was Executive
Chairman of SNP Corporation Ltd from From 1997 to 2005, Mr Koh served as
April 1999 to April 2000, and also served CEO of the Inland Revenue Authority of
as Chairman of the Singapore International Singapore. In that capacity, he was both
Chamber of Commerce for 1993 and 1994. Commissioner of Inland Revenue and
He was formerly a Governor of United Commissioner of Charities. Prior to these
World College of South East Asia, Singapore appointments, Mr Koh was the Permanent
and a Director of The Ascott Group Limited Secretary in the Ministries of National
(formerly listed on the SGX-ST and now known Development, Community Development
as The Ascott Limited), Wheelock Properties and Education. Mr Koh has substantial
(Singapore) Limited (listed on the SGX-ST) experience in public administration having
CAPITALAND LIMITED
and BW Trust Management Pte Ltd. served in the Ministries of Finance, National
Development, Community Development,
Mr Hale was educated at Radley College, Education and the Prime Minister’s Office.
Abingdon, UK. He is a Fellow of the Chartered He was awarded the Public Administration
Institute of Bankers, London. Medal (Gold) in 1983 and the Meritorious
Service Medal in 2002.
Mr Koh is a graduate of Oxford University,

UK with a Bachelor of Arts (Honours) and
a Master of Arts in Philosophy, Political Science
and Economics. He also holds a Master
PAGE
in Public Administration from Harvard

University, USA.
22
MANAGEMENT REPORT
MRS ARFAT PANNIR SELVAM PROFESSOR KENNETH STUART COURTIS
DIRECTOR DIRECTOR
Mrs Arfat Selvam, an Independent Non- Professor Kenneth Courtis, an Independent

Executive Director, joined the CapitaLand Non-Executive Director, joined the CapitaLand
Board on 2 January 2006 and was last Board on 14 February 2007 and was last
re-elected as Director at CapitaLand’s Annual re-elected as Director at CapitaLand’s Annual
General Meeting on 23 April 2009. She is General Meeting on 23 April 2009. He is a
a Member of CapitaLand’s Audit Committee, Member of CapitaLand’s Finance and Budget
Corporate Disclosure Committee, Nominating Committee and Investment Committee.
Committee and Risk Committee.
BOARD OF DIRECTORS
Professor Courtis is Founding Chairman
Mrs Selvam is presently the Managing of Next Capital Partners. He was formerly
Director of Selvam LLC, a corporate finance Managing Director and Vice Chairman of
law practice and its joint law venture, Duane Goldman Sachs Asia, Managing Director, Chief
Morris & Selvam LLP. With over 40 years Economist and Strategist of Deutsche Bank
in legal practice as a corporate finance Group Asia, and a Director of CNOOC Ltd,
lawyer, Mrs Selvam has been involved in Hong Kong. He is presently a Director of Noble
some landmark Singapore acquisition Group Limited (listed on the SGX-ST).
transactions.
Professor Courtis is one of the world’s
Mrs Selvam is also a Director of CapitaMalls leading investment bankers and analysts of
Asia Limited, which is listed on SGX-ST. Asian economies. He has led a number of large,
She was the President of the Law Society international corporate transactions centered
of Singapore in 2003. She was also a member on Asia, and pioneered a number of investment
of the Senate of the Academy of Law, the banking areas across the region. Widely sought
Board of Legal Education and the Board of after for his knowledge of how global market
the Accounting and Corporate Regulatory forces, financial and political developments,
Authority (ACRA). She is a Fellow of the and corporate strategy interact, Professor
Singapore Institute of Directors. She is also Courtis advises major clients throughout the
a Director of Singapore Health Services Asia Pacific region, as well as in Europe and
Pte Ltd. North America.
Mrs Selvam serves the community through Professor Courtis also works closely with
her participation as a member of the Executive central banks, ministries of finance, and
Committees of Breast Cancer Foundation, heads of government throughout Asia, and
Rahmatan Lil’Alamin Foundation Ltd and has been called on several occasions to advise
President of the Muslim Financial Planning the President of the USA, and the heads of
Association. government of several countries in Europe,
North America, Asia, and the Middle East.
ANNUAL REPORT 2010
Mrs Selvam is a graduate of the University

of Singapore and was admitted to practise Professor Courtis has lectured at Keio
as an Advocate & Solicitor of the Supreme and Tokyo Universities, Japan’s two most
Court of Singapore in 1969. prestigious educational institutions; l’Institut
d’Etudes Politiques, Paris; and in universities
in North America. He is a member of the
boards, advisory councils, and trustee of a
PAGE
23
BOARD OF
DIRECTORS
number of international firms, universities, Dr Fu graduated from Dalian Institute of
and research institutes in Asia, Europe and Technology in China with a degree in Port
North America. and Waterway Engineering and obtained his
Ph.D. Degree in Mechanical Engineering from
Professor Courtis received his Bachelor Brunel University in the UK, where he also
degree from Glendon College in Toronto worked as a Post-Doctorate research fellow
and a Master in International Relations from briefly afterwards.
Sussex University in the UK. He received
a Master of Business Administration from
INSEAD (the European Institute of Business JOHN POWELL MORSCHEL
Administration), and a Doctorate with honours DIRECTOR
and high distinction, from l’Institut d’Etudes
Mr John Morschel, an Independent Non-
Politiques, Paris.
Executive Director, joined the CapitaLand Board
on 1 February 2010 and was last re-elected
as Director at CapitaLand’s Annual General
DR FU YUNING
Meeting on 16 April 2010. He is also a Member
DIRECTOR
of CapitaLand’s Nominating Committee.
Dr Fu Yuning, an Independent Non-Executive
Director, joined the CapitaLand Board on Mr Morschel is presently Chairman of
27 July 2009 and was last re-elected as Director Australia and New Zealand Banking Group
at CapitaLand’s Annual General Meeting on Limited (listed on the Australian Securities
16 April 2010. Exchange and New Zealand Stock Exchange)
and a Director of Tenix Group Pty Ltd and
Dr Fu is presently the Chairman of China Giftard Communications Pty Ltd. Prior to his
Merchants Group Limited, China Merchants present appointment, he was an Executive
Holdings (International) (listed on the Hong Director and then Managing Director and
Kong Stock Exchange), and China Merchants CEO of Lend Lease Group LLC (listed on the
Bank Company Limited (listed on both the Australian Securities Exchange). Mr Morschel
Hong Kong and Shanghai Stock Exchange). was Chairman of Comalco Ltd, CSR Limited,
Dr Fu is also an Independent Non-Executive Leighton Holdings Limited and Rinker Group
Director of Sino Land Company Limited Limited. He was also a Director of Westpac
(listed on the Hong Kong Stock Exchange). Banking Corporation, Gifford Communications
He was a Director of CapitaMalls Asia Pty Ltd, Rio Tinto plc, Rio Tinto Limited and
Limited (listed on the SGX-ST). Singapore Telecommunications Limited (listed
on the SGX-ST).
Dr Fu also holds directorship in some public
associations such as General Committee Mr Morschel holds a Diploma in Quantity
Member of the Hong Kong General Chamber Surveying from The University of New South
of Commerce and Member of the Advisory Wales. He is a Fellow of the Australian Institute
CAPITALAND LIMITED
Committee of the Securities and Futures of Company Directors and a Fellow of the
Commission, Hong Kong Special Australian Institute of Management.
Administrative Region.
PAGE
24
MANAGEMENT REPORT
NG KEE CHOE SIMON CLAUDE ISRAEL
DIRECTOR DIRECTOR
Mr Ng Kee Choe, an Independent Non-Executive Mr Simon Claude Israel, a Non-Independent

Director, joined the CapitaLand Board Non-Executive Director, joined the CapitaLand
on 16 April 2010. He is also a Member of Board on 1 July 2010. He is a Member of
CapitaLand’s Executive Resource and CapitaLand’s Investment Committee, Executive
Compensation Committee. Resource and Compensation Committee
and Nominating Committee.
Mr Ng is presently Chairman of Singapore
Power Ltd, SP AusNet (listed on the SGX-ST) Mr Israel is presently an Executive Director
BOARD OF DIRECTORS
and NTUC Income Insurance Co-Operative Ltd of Temasek Holdings (Private) Limited, the
and President-Commissioner of PT Bank Singapore-headquartered investment firm,
Danamon Indonesia Tbk (listed on the since July 2006. He is Chairman of Asia
Indonesia Stock Exchange). Mr Ng is a member Pacific Breweries Ltd (listed on the SGX-ST),
of Temasek Advisory Panel and International Asia Pacific Breweries Foundation and SingTel
Advisory Council of China Development Bank. Innov8 Pte Ltd. He is also a Director of
In addition, he is also a Director of Singapore Neptune Orient Lines Limited and Singapore
Exchange Limited and Singapore Airport Telecommunications Limited (both listed
Terminal Services Limited (both listed on the on the SGX-ST).
SGX-ST).
Mr Israel was Chairman of Asia Pacific of the
Mr Ng was the Vice-Chairman of DBS Group Danone Group. Prior to this, he worked across
Holdings Ltd ("DBS"). He retired from his the Asia Pacific region in a 22-year career with
executive position in July 2003 after 33 years Sara Lee Corporation. He stepped down as
of service with DBS. For his contributions Chairman of Singapore Tourism Board on
to public service, Mr Ng was awarded the 31 December 2010 and was also a Director
Public Service Star award in 2001. of Fraser and Neave Limited (listed on
the SGX-ST).
Mr Ng is a graduate of the University of
Singapore with a Bachelor of Science Mr Israel holds a Diploma in Business Studies
(Honours) Degree. from The University of the South Pacific.
ANNUAL REPORT 2010
PAGE
25
COUNCIL OF 1
CEOS
1 LIEW MUN LEONG 10 EE CHEE HONG 8

PRESIDENT & CEO CEO
CAPITALAND GROUP CAPITALAND COMMERCIAL
LIMITED
(ON SABBATICAL FROM
2 JENNIE CHUA JANUARY 2011)
CHIEF CORPORATE OFFICER
CAPITALAND LIMITED 11 CHEN LIAN PANG
CEO
3 LIM MING YAN CAPITAVALUE HOMES
CEO LIMITED
THE ASCOTT LIMITED
12 BOB JOHNSTON
4 WEN KHAI MENG MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER CEO
CAPITALAND LIMITED AUSTRALAND PROPERTY
GROUP 11
CEO
CAPITALAND FINANCIAL LIMITED 13 LYNETTE LEONG
CEO
5 OLIVIER LIM CAPITACOMMERCIAL TRUST
GROUP CHIEF FINANCIAL MANAGEMENT LIMITED
OFFICER
CAPITALAND LIMITED 14 SIMON HO
CEO
6 WONG HEANG FINE CAPITAMALL TRUST
CEO MANAGEMENT LIMITED
CAPITALAND RESIDENTIAL
SINGAPORE PTE LTD 15 CHONG KEE HIONG
CEO CEO
CAPITALAND LIMITED
CAPITALAND ILEC PTE. LTD. ASCOTT RESIDENCE TRUST

MANAGEMENT LIMITED
7 JASON LEOW 15
CEO 16 TONY TAN TEE HIEONG
CAPITALAND CHINA CEO
HOLDINGS PTE LTD CAPITARETAIL CHINA TRUST
MANAGEMENT LIMITED
8 LIM BENG CHEE
CEO 17 CHAN SAY YEONG
CAPITAMALLS ASIA LIMITED CEO
QUILL CAPITA
MANAGEMENT SDN. BHD.
9 CHONG LIT CHEONG
CEO
CAPITALAND COMMERCIAL 18 SHARON LIM HWEE LI
LIMITED CEO
PAGE
(FROM 10 FEBRUARY 2011) CAPITAMALLS MALAYSIA

REIT MANAGEMENT
26
SDN. BHD.
MANAGEMENT REPORT COUNCIL OF CEOS ANNUAL REPORT 2010 PAGE 27
18
14
7
10
3
13
17
6
12
2
16
5
COUNCIL OF
CEOS
LIEW MUN LEONG JENNIE CHUA
PRESIDENT & CEO, CAPITALAND GROUP CHIEF CORPORATE OFFICER, CAPITALAND LIMITED
Mr Liew Mun Leong is President and CEO Ms Jennie Chua is the Chief Corporate
of CapitaLand Group. Mr Liew is Chairman Officer of CapitaLand Limited. She is a
of CapitaMalls Asia Limited, CapitaLand board member of CapitaMalls Asia Limited,
Residential Singapore Pte Ltd, CapitaLand CapitaValue Homes Limited, CapitaLand ILEC
China Holdings Pte Ltd, CapitaLand Pte. Ltd., The Ascott Limited and Ascott
Commercial Limited, CapitaLand Financial Residence Trust Management Limited.
Limited, CapitaLand ILEC Pte. Ltd. and
CapitaValue Homes Limited. He is Deputy She is Chairman of Singapore International
Chairman of The Ascott Limited as well as Chamber of Commerce, Alexandra Health/Khoo
the Deputy Chairman of CapitaMall Trust Teck Puat Hospital, Community Chest of
Management Limited, CapitaCommercial Trust Singapore, Sentosa Cove, Singapore Film
Management Limited, CapitaRetail China Trust Commission, International Advisory Council
Management Limited and Ascott Residence for Tourism, Tourism Industry Skills & Training
Trust Management Limited. Council and The Arts House. She is Deputy
Chairman of Temasek Foundation.
Mr Liew is also Chairman of CapitaLand China
Executive Committee and CapitaLand Vietnam Ms Chua is a member of Singapore’s
Executive Committee. The committees Pro-Enterprise Panel and a Board Director
co-ordinate and align CapitaLand’s of Ministry of Health Holdings Pte Ltd and
investments, operations, branding and NYU Tisch School of the Arts, Asia Ltd.
resources in China and Vietnam respectively.
He is also a Director of CapitaLand Hope She is on the Board of Trustees of Nanyang
Foundation, the Group’s philanthropic arm. Technological University, Singapore.
Mr Liew is presently Chairman of Changi Ms Chua is a Justice of Peace and

Airport Group (Singapore) Pte Ltd. He is also Singapore’s Non-Resident Ambassador to
Director of Singapore Exchange Limited (listed The Slovak Republic.
on the SGX-ST) and Singapore China
Foundation Ltd. Awards and accolades which she has
received include three Singapore National
In 2006, Mr Liew was named Outstanding Day Awards, Outstanding Contribution to
CEO of the Year in the Singapore Business Tourism Award 2006, Women’s World
Awards. In 2007, he was conferred the CEO of Excellence Awards 2006, Travel Personality
the Year award (for firms with market value of of the Year Award 2005, NTUC Medal of
S$500 million or more) in The Business Times’ Commendation 2005, 25 Stars of Asia Award
Singapore Corporate Awards. In 2008, Mr Liew 2003, Person of the Year – Asia Pacific (Hotel)
was named Asia’s Best Executive of 2008 2002, National Productivity 2002, Pacific
CAPITALAND LIMITED
(Singapore) by Asiamoney and Best CEO in Area Travel Writers Association Hall of Fame
Asia (Property) by Institutional Investor. 2000, Hotelier of the Year 1999, Woman of the
Year 1999, Champion of the Arts 1999 and
Mr Liew graduated from the University of Independent Hotelier of the World 1997.
Singapore with a Civil Engineering degree and
is a registered professional civil engineer.
PAGE
28
MANAGEMENT REPORT
LIM MING YAN OLIVIER LIM
CEO, THE ASCOTT LIMITED GROUP CHIEF FINANCIAL OFFICER,
CAPITALAND LIMITED
Mr Lim Ming Yan is the CEO of The Ascott
Limited. He is concurrently Deputy Chairman Mr Olivier Lim is the Group Chief Financial
of CapitaLand China Executive Committee. Officer of CapitaLand Limited. He is a Non-
Prior to joining Ascott, Mr Lim was CEO of Executive Director of CapitaMalls Asia Limited,
CapitaLand China Holdings Pte Ltd, responsible CapitaMall Trust Management Limited,
for growing CapitaLand into a leading foreign CapitaCommercial Trust Management Limited,
real estate developer in China. Australand Holdings Limited and Raffles
Medical Group Ltd. He is also Chairman of
Mr Lim was conferred the prestigious Mount Faber Leisure Group Pte Ltd, and a
COUNCIL OF CEOS
Magnolia Award by the Shanghai Municipal member of the Board of both Sentosa
Government in 2003 and 2005 for his significant Development Corporation and the Accounting
contributions to Shanghai. He was named and Corporate Regulatory Authority.
Outstanding Chief Executive (Overseas) at the
Singapore Business Awards in 2006. Prior to joining CapitaLand Limited, he was
Director and Head of the Real Estate Unit,
Mr Lim graduated from the University of Corporate Banking in Citibank Singapore.
Birmingham, UK, with a Bachelor of Science He has more than 20 years of work experience
(First Class Honours) in Mechanical Engineering in diverse areas including corporate banking,
and Economics. investment banking, corporate finance and
real estate financial products.
WEN KHAI MENG Mr Lim was named Chief Financial Officer

CHIEF INVESTMENT OFFICER, CAPITALAND LIMITED
of the Year in 2007 (for firms with market value
CEO, CAPITALAND FINANCIAL LIMITED of S$500 million or more) in The Business
Times’ Singapore Corporate Awards. He was
Mr Wen Khai Meng is the Chief Investment
awarded Best Investor Relations by a CFO by
Officer of CapitaLand Limited. He is
IR Magazine in its South East Asia Awards in
concurrently the CEO of CapitaLand Financial
2009 and 2010, and was named CFO of the
Limited. He is also a Non-Executive Director
Year by The Asset magazine in its 2010
of CapitaCommercial Trust Management
Asian Awards.
Limited, Ascott Residence Trust Management
Limited and Quill Capita Management Sdn. Bhd.
Mr Lim holds a First Class Honours degree
in Civil Engineering from the Imperial College
Prior to this, Mr Wen has held several senior
of Science, Technology and Medicine,
appointments within the Group including CEO
United Kingdom.
of CapitaLand Commercial Limited and Deputy
Chief Financial Officer of CapitaLand Limited.
Before joining the Group, Mr Wen was with
ANNUAL REPORT 2010
the Ministry of National Development.
Mr Wen holds a Master of Business

Administration and a Master of Science in
Construction Engineering from the National
University of Singapore, as well as a Bachelor
of Engineering (First Class Honours) from the
University of Auckland, New Zealand.
PAGE
29
COUNCIL OF
CEOS
WONG HEANG FINE Mr Leow is a Certified Public Accountant
CEO, CAPITALAND RESIDENTIAL SINGAPORE PTE LTD and a member of the Institute of Certified Public
CEO, CAPITALAND ILEC PTE. LTD. Accountants of Singapore. He obtained an
Executive Master in Business Administration
Mr Wong Heang Fine is the CEO of CapitaLand
degree from Fudan University and also
Residential Singapore Pte Ltd and the CEO of
attended the Advanced Management Program
CapitaLand ILEC Pte. Ltd. He is also in charge
at Harvard Business School in 2007.
of CapitaLand’s business in the Gulf Cooperation
Council (GCC) region. In 2011, Mr Wong
was appointed President of the Real Estate
CHONG LIT CHEONG
Developers’ Association of Singapore (REDAS).
CEO, CAPITALAND COMMERCIAL LIMITED
(FROM 10 FEBRUARY 2011)
Prior to joining CapitaLand, Mr Wong was
President & CEO of Sembcorp Engineers and Mr Chong Lit Cheong is the CEO of CapitaLand
Constructors, the largest engineering and Commercial Limited.
construction company in Southeast Asia. He
also has varied experience in the leisure and Prior to joining the Group, Mr Chong was the
entertainment industries. CEO of International Enterprise Singapore,
an agency under Singapore’s Ministry of Trade
Mr Wong holds a Master of Science in and Industry which promotes the overseas
Engineering Production & Management from growth of Singapore-based enterprises and
the University of Birmingham, UK and a international trade. Prior to that, he was the
Bachelor of Science in Mechanical Engineering CEO of JTC Corporation and Managing Director
(First Class Honours) from the University of of National Science and Technology Board
Leeds, UK. (now called A*STAR). Earlier, he served in
Singapore’s Economic Development Board
where he was posted to Suzhou, China, to lead
JASON LEOW the development of the China-Singapore
CEO, CAPITALAND CHINA HOLDINGS PTE LTD Suzhou Industrial Park project.
Mr Jason Leow is the CEO of CapitaLand China
Mr Chong is a Mombusho (Colombo Plan)
Holdings Pte Ltd.
Scholar and holds a Bachelor of Engineering
(Electronics) from the University of Tokyo.
Mr Leow has been with the CapitaLand Group
He also completed an Advanced Management
from 1994 and has over 16 years of experience
Programme at INSEAD in France in 1994 and
in China. He has held several appointments
the Tsinghua Executive Program in Shanghai,
within the CapitaLand Group, including Deputy
China, in 2004.
CEO of CapitaLand China Holdings.
Prior to joining the CapitaLand Group, he

was a senior financial analyst at ST Aerospace
CAPITALAND LIMITED
Ltd and also spent three years at DBS

Finance Ltd.
PAGE
30
MANAGEMENT REPORT
EE CHEE HONG LIM BENG CHEE
CEO, CAPITALAND COMMERCIAL LIMITED CEO, CAPITAMALLS ASIA LIMITED
(ON SABBATICAL FROM JANUARY 2011)
Mr Lim Beng Chee is the CEO and Executive
Mr Ee Chee Hong is the Managing Director Director of CapitaMalls Asia Limited (CMA).
of Strategic Corporate Development of He has more than 10 years of real estate
CapitaLand Limited. Mr Ee is also the investment and asset management experience.
Non-Executive Director of CapitaCommercial
Trust Management Limited and an Alternate Mr Lim previously held various positions within
Director of Quill Capita Management Sdn. Bhd. the CapitaLand Group of companies, including
Mr Ee is currently on sabbatical leave from CEO of CapitaMall Trust Management Limited
January 2011. and CapitaRetail China Trust Management
COUNCIL OF CEOS
Limited and Deputy CEO of CMA. He played
Mr Ee Chee Hong was the CEO of CapitaLand an instrumental role in the creation of CMA’s
Commercial Limited. He was also a board retail real estate funds and the creation and
member of Australand Holdings Limited and listing of CapitaRetail China Trust and
United Malayan Land Bhd (listed on the Bursa CapitaMalls Malaysia Trust.
Malaysia Securities Berhad).
Mr Lim holds a Master of Business
Earlier, Mr Ee has held various positions within Administration (Accountancy) from the
the Group including Managing Director of Nanyang Technological University of Singapore
Financial Structuring Support for CapitaLand and a Bachelor of Arts in Physics (Honours)
Financial Limited, CEO (China) for The Ascott from the University of Oxford, UK.
Limited and CEO of Ascott Serviced Residence
(China) Fund Management Limited. Prior to
joining the Group, he held senior positions CHEN LIAN PANG
at the Singapore Embassy in Japan and CEO, CAPITAVALUE HOMES LIMITED
Singapore’s Economic Development Board.
Mr Chen Lian Pang is the CEO of CapitaValue
Mr Ee holds a Master degree in Engineering Homes Limited, CapitaLand’s new business
from the Graduate School of Tokyo Institute unit that focuses on developing affordable
of Technology. He attended the Advanced homes in Asia.
Management Program at Harvard Business
Prior to this, Mr Chen has held various
School in 2007.
positions within the Group responsible for
the company’s operations in Southeast Asia.
He has more than 20 years of construction
and real estate experience in both Singapore
and overseas.
Mr Chen holds a Master of Science in Civil

ANNUAL REPORT 2010
Engineering from the National University

of Singapore and a Bachelor of Science in Civil
Engineering (First Class Honours) from the
University of Cardiff, UK. He completed the
General Management Program at Harvard
Business School in 2000. He is also a registered
professional engineer.
PAGE
31
COUNCIL OF
CEOS
BOB JOHNSTON Ascendas’ strong foothold in the country’s real
MANAGING DIRECTOR AND CEO, estate market, including the acquisition of
AUSTRALAND PROPERTY GROUP office and logistics properties and the
Mr Bob Johnston is the Managing Director establishment of its first real estate fund.
and CEO of Australand Property Group.
He joined Australand in August 2007 and Ms Leong holds a Master of Science in Real
has in excess of 20 years of experience in Estate and a Bachelor of Science degree
the property industry. in Estate Management from the National
University of Singapore.
Prior to joining Australand, Mr Johnston
held a number of senior management
positions with the Lend Lease Group in the SIMON HO
USA, UK, Asia and Australia. Immediately prior CEO, CAPITAMALL TRUST MANAGEMENT LIMITED
to his appointment to Australand, Mr Johnston Mr Simon Ho is the CEO and Executive Director
was Global CEO of Bovis Lend Lease. Positions of CapitaMall Trust Management Limited.
held prior to this included CEO of Bovis Lend He was previously the Deputy CEO of
Lease Asia Pacific and COO of Lend Lease Real CapitaMalls Asia Limited (CMA).
Estate Investments in the USA.
Mr Ho has more than 20 years of experience in
Mr Johnston holds a First Class Honours real estate investment and management and
degree in Electrical Engineering from James was responsible for managing the operations
Cook University, Australia. of 18 shopping malls in Singapore as well as
the operations of CMA’s regional shopping mall
portfolio in China, Malaysia, Japan and India.
LYNETTE LEONG
CEO, CAPITACOMMERCIAL TRUST Mr Ho holds a Master of Science in Real
MANAGEMENT LIMITED Estate and a Bachelor of Science in Estate
Management (Honours) from the National
Ms Lynette Leong is the CEO and Executive University of Singapore.
Director of CapitaCommercial Trust
Management Limited (CCTML).
CHONG KEE HIONG
Ms Leong has more than 20 years of
CEO, ASCOTT RESIDENCE TRUST
international experience, including banking MANAGEMENT LIMITED
and finance with Standard Chartered Bank
and United Malayan Banking Corporation Mr Chong Kee Hiong is the CEO and Executive
Berhad in Singapore and Malaysia, and real Director of Ascott Residence Trust Management
estate fund management in the London, New Limited. He was also the Deputy CEO, Finance
York, Chicago and Asian offices of LaSalle & Investment for The Ascott Limited from
2004 to March 2010. Before joining Ascott,
CAPITALAND LIMITED
Investment Management. Prior to joining

CCTML, Ms Leong was the CEO of Ascendas’ Mr Chong was the Chief Financial Officer of
South Korea office where she had spearheaded Raffles Holdings Limited.
PAGE
32
MANAGEMENT REPORT
Mr Chong sits on the Audit Committee of CHAN SAY YEONG
Sentosa Development Corporation and is the CEO, QUILL CAPITA MANAGEMENT SDN. BHD.
Treasurer and General Committee member of
Mr Chan Say Yeong is the CEO and Executive
the Orchid Country Club.
Director of Quill Capita Management Sdn. Bhd.,
the manager of Quill Capita Trust, CapitaLand’s
Mr Chong holds a Bachelor of Accountancy
first overseas REIT which is listed on Bursa
degree from the National University of
Malaysia Securities Berhad.
Singapore and is a member of the Institute
of Certified Public Accountants of Singapore.
Prior to this, Mr Chan held the position of
He completed Harvard Business School’s
Managing Director of CapitaLand Financial
Advanced Management Program in 2008.
Limited based in Malaysia. He was also a
COUNCIL OF CEOS
board member of United Malayan Land Bhd.
TONY TAN TEE HIEONG
Mr Chan holds a Bachelor of Accountancy from
CEO, CAPITARETAIL CHINA TRUST
the National University of Singapore. He has
MANAGEMENT LIMITED
completed the Executive Development
Mr Tony Tan Tee Hieong is the CEO and Program by The Wharton School of the
Executive Director of CapitaRetail China Trust University of Pennsylvania, US.
Management Limited (CRCTML).
Mr Tan has over 18 years of experience SHARON LIM HWEE LI

in international treasury, finance and risk
CEO, CAPITAMALLS MALAYSIA REIT
management. Prior to joining CRCTML, Mr Tan MANAGEMENT SDN. BHD.
was with IKEA for more than nine years, where
Ms Sharon Lim Hwee Li is the CEO and
he held positions as Treasurer and Finance
Executive Director of CapitaMalls Malaysia
Manager for Asia Pacific region. During those
REIT Management Sdn. Bhd., the manager
tenures, he also concurrently sat on IKEA’s
of CapitaMalls Malaysia Trust. Ms Lim has
finance committee for Asia Pacific that oversaw
experience in property investment, asset
the group’s strategic finance and tax matters.
management and marketing in various
His other experiences prior to joining IKEA
property sectors.
include Treasury Accountant for Wearnes
International, the trading and distribution
Prior to her current position, Ms Lim was
arm of WBLand and various trading positions
Country Head for CapitaMalls Asia Limited’s
with international banks.
(CMA) operations in Malaysia, and was
instrumental in establishing CMA’s retail
Mr Tan holds a Master of Business
platform in Malaysia.
Administration (Distinction) from the
University of Manchester, United Kingdom,
She holds a Master of Business Administration
and a Bachelor of Accountancy degree from
from Murdoch University, Australia and a
ANNUAL REPORT 2010
the National University of Singapore.

Bachelor of Business (Distinction) from
the Royal Melbourne Institute of
Technology, Australia.
PAGE
33
CORPORATE 1
OFFICE
1 LIEW MUN LEONG 16 ANNA CHOO

PRESIDENT & CEO SENIOR VICE PRESIDENT
TREASURY
2 JENNIE CHUA
CHIEF CORPORATE OFFICER 17 TING TONG KOI 8
SENIOR VICE PRESIDENT
3 LIM MING YAN OPERATIONS COMPLIANCE UNIT
CEO
THE ASCOTT LIMITED 18 LIM SOO GEE
VICE PRESIDENT
4 WEN KHAI MENG SECURITY MANAGEMENT
CHIEF INVESTMENT OFFICER
NOT PHOTOGRAPHED
5 OLIVIER LIM
GROUP CHIEF FINANCIAL • EE CHEE HONG
OFFICER MANAGING DIRECTOR
STRATEGIC CORPORATE
6 TAN SENG CHAI DEVELOPMENT
CHIEF HUMAN RESOURCE
OFFICER • SHARON SNG
7 ANTHONY SEAH CORPORATE FINANCE 11
CHIEF OF TECHNICAL SERVICES
• BOAZ BOON
8 POON HIN KONG SENIOR VICE PRESIDENT
CHIEF OF DESIGN REVIEW UNIT RESEARCH
9 LEONG SOON PENG • LEE TIONG PENG

CHIEF TECHNOLOGY OFFICER
CAPITALAND INSTITUTE OF
10 BASSKARAN NAIR MANAGEMENT AND BUSINESS
CORPORATE MARKETING &
COMMUNICATIONS • MONICA CHIA
INTERNAL AUDIT
11 HAROLD WOO
CAPITALAND LIMITED

INVESTOR RELATIONS • CHYE MOI JUNE
HEAD
GROUP TAX 15
12 LOW SAI CHOY
LEGAL/COMPANY SECRETARY • ANDRE LIM
VICE PRESIDENT
13 HUBERT LADSTATTER CORPORATE PLANNING/
SENIOR VICE PRESIDENT ECONOMICS UNIT
RISK MANAGEMENT
14 BELINDA GAN
GROUP FINANCIAL CONTROLLER
15 LEOW SIEW BENG

PAGE
HUMAN RESOURCE
(ORGANISATIONAL
34
DEVELOPMENT)
MANAGEMENT REPORT CORPORATE OFFICE ANNUAL REPORT 2010 PAGE 35
7
14
18
3
10
6
13
17
2
16
12
5
9
GLOBAL
PRESENCE
ASIA PACIFIC
AUSTRALIA Rizhao Mangalore MALAYSIA
Adelaide Shanghai Mumbai Cyberjaya
Brisbane Shenyang Mysore Johor
Hobart Shenzhen Nagpur Kuala Lumpur
Melbourne Suzhou Udaipur Kuching
Perth Tianjin Penang
Sydney Weifang INDONESIA Selangor
Wuhan Bali
CHINA Wuhu Jakarta PHILIPPINES
Anyang Xi’an Surabaya Manila
Beijing Xinxiang
Changsha Yangzhou JAPAN SINGAPORE
Chengdu Yibin Chitose
Chongqing Yiyang Eniwa SOUTH
Dalian Zhangzhou Fukuoka KOREA
Deyang Zhanjiang Funabashi Seoul
Dongguan Zhaoqing Hiroshima UNITED
Foshan Zhengzhou Kobe THAILAND KINGDOM
GERMANY
Guangzhou Zibo Kyoto Bangkok
Harbin Nagoya Krabi
BELGIUM
Hangzhou GEORGIA Osaka Pattaya
Hong Kong Tbilisi Saga FRANCE
Huhhot Sapporo VIETNAM
SPAIN
Kunshan INDIA Sendai Danang
Macau Ahmedabad Tokyo Hai Phong
Maoming Bangalore Hanoi
Mianyang Chennai KAZAKHSTAN Ho Chi Minh
Nanchang Cochin Almaty City
Ningbo Hyderabad
Quanzhou Jalandhar
EUROPE
BELGIUM Ferney- Nice SPAIN
Brussels Voltaire Paris Barcelona
Fontainebleau Strasbourg
FRANCE Grenoble Toulouse UNITED
CAPITALAND LIMITED
Aix-en- Lille KINGDOM

Provence Lyon GERMANY London
Bordeaux Marseille Berlin
Cannes Montpellier Hamburg
Munich
GULF COOPERATION COUNCIL

(GCC) COUNTRIES
BAHRAIN QATAR UNITED ARAB
Manama Doha EMIRATES
PAGE
Abu Dhabi
36
Dubai
MANAGEMENT REPORT
Presence in more than
110 cities in over 20 countries
GLOBAL PRESENCE
KAZAKHSTAN
SOUTH
GEORGIA KOREA
CHINA
JAPAN
BAHRAIN
QATAR
INDIA
UAE
VIETNAM
THAILAND
PHILIPPINES
MALAYSIA
SINGAPORE
INDONESIA
ANNUAL REPORT 2010
AUSTRALIA
Homes Serviced Residences Raffles City Developments

Offices Mixed Developments Multi-sector
PAGE
Shopping Malls Financial Services Schools/Facilities

37
PERFORMANCE
OVERVIEW
2010 REVENUE BY PERFORMANCE OVERVIEW
STRATEGIC BUSINESS UNIT
Total: S$3.38 billion
CapitaLand Group achieved a profit after tax and non-controlling
interests of S$1.27 billion for FY2010; 21% higher than FY2009.
25.9% 24.8% This marks the fifth consecutive year that CapitaLand has
delivered a net profit exceeding S$1 billion. The strong
performance in FY2010 was attributable to higher profits from
development projects in Singapore and Vietnam, fair value gains
2010
from the revaluation of the Group’s investment properties
portfolio and lower impairment losses.
7.2%
In 2010, the Group accomplished a number of achievements.
3.4% 16.9% We started the year with our biggest acquisition since formation
- the purchase of Orient Overseas Development Limited (OODL)
11.9% 9.9%
for S$3.1 billion. This acquisition enabled us to secure seven
prime sites in Shanghai, Kunshan and Tianjin to further entrench
our presence in China and increased China assets from 25% to
2009 REVENUE BY
36% of total assets(1).
STRATEGIC BUSINESS UNIT
Total: S$2.96 billion During the year, we also set up a new business unit, CapitaValue
Homes, to focus on the growing affordable housing segments
24.6% 22.6% in China and Vietnam and to add another dimension to our
residential business. In Singapore, we successfully bid for the
Bedok Town Centre site which will be developed into a 500-unit
residential development with a shopping mall. We also acquired
2009 the Storhub self-storage business.
As part of the Group’s strategy of achieving high capital

7.6%
productivity, the Group successfully listed CapitaMalls Malaysia
21.7%
5.4% Trust (CMMT) on the Bursa Malaysia Securities Berhad. CMMT
13.2%
4.9% owns three shopping malls in Malaysia and is the largest
“pure-play” shopping mall Real Estate Investment Trust in
CapitaLand Residential Singapore Malaysia by market capitalisation and property value.
CapitaLand China Holdings
CapitaLand Commercial
The Ascott Limited, our serviced residences arm, injected a
The Ascott Limited
CapitaLand Financial portfolio of 28 stabilised serviced residences into Ascott Residence
CapitaMalls Asia Trust (Ascott Reit). This successful capital recycling transaction
Australand has catapulted Ascott Reit to the sixth largest REIT listed
in Singapore.
In December 2010, we divested an effective 58.1% stake in Raffles

CAPITALAND LIMITED
City Changning, our seventh Raffles City development in China,

which gave us proceeds of approximately S$0.8 billion.
All these major recycling transactions have enabled the Group

to continue investing in new investments throughout the year
and yet close the year with a strong cash position of S$7.2 billion
and a healthly net debt equity ratio of 0.18.
PAGE
38
(1)
Total assets excluding treasury cash
MANAGEMENT REPORT
Financially, the Group has performed well in FY2010 with 2010 REVENUE BY
GEOGRAPHICAL LOCATION
positive contributions from all our business units in the various Total: S$3.38 billion
sectors. This is in contrast to FY2009 where some of our business 1.1%
8.6%
units suffered losses as a result of impairment losses on
investments and fair value losses from the revaluation of 6.7% 35.5%
investment properties.
CapitaLand Residential Singapore did well in 2010, having sold 2010

800 units worth about S$1.85 billion despite the property cooling
PERFORMANCE OVERVIEW
measures introduced in August 2010. In China, the Chinese
government had also implemented several measures to curb
speculation in the property market. However, CapitaLand China 27.1%
Holdings continued to achieve healthy sales for its projects, 21.0%
including the new projects launched in 2010. CapitaLand China

Holdings sold a total of 2,920 homes in 2010. The Group’s two
residential projects in Vietnam, The Vista and Mulberry Lane,
continued to contribute positively through progressive revenue 2009 REVENUE BY
recognition. The pick-up in demand for office spaces and GEOGRAPHICAL LOCATION
improved rental has enabled CapitaLand Commercial to recognise Total: S$2.96 billion
fair value gains from its portfolio of investment properties. At 5.5% 1.2%
the same time, the newly acquired Storhub self-storage business 8.4% 33.1%
had also contributed to CapitaLand Commercial’s results.
Ascott saw an improvement in its operations on the back of

an increase in demand following a recovery in the general 2009
economic conditions. CapitaLand Financial, our financial

services business unit, continued to enjoy a steady stream of
recurrent fee income from the REITs and funds it manages. 25.6%
The Group’s two listed subsidiaries, CapitaMalls Asia and 26.2%

Australand, also performed well in their respective business
sectors in 2010. Both registered significant improvement in their Singapore
reported results and contributions to the Group. China (including Hong Kong and Macau)
Australia
Europe
REVENUE Asia (excluding Singapore and China)
Revenue for FY2010 grew by 14% to S$3.38 billion on the back Others
of strong sales and revenue contribution from our development
projects in Singapore, Australia and Vietnam. The Group’s
fee-based income for FY2010 was also higher with the increase
coming mainly from property management fees and one-off
ANNUAL REPORT 2010
acquisition and divestment fees. Rental income from our

shopping mall and serviced residence businesses, however,
saw a decrease following the capital recycling of four shopping
malls and 28 serviced residences to our REITs.
In terms of geographic spread, revenue from our overseas

operations constituted 65% or S$2.18 billion of the Group’s
total revenue.
PAGE
39
PERFORMANCE
OVERVIEW
2010 EBIT BY STRATEGIC China and Australia continued to be the two most significant
BUSINESS UNIT
Total: S$2.38 billion
overseas contributors. Revenue contribution from our fourth
core market, Vietnam, continued to grow in 2010, accounting
S$ million
700 682 for about 6% (2009: 1%) of the Group’s revenue.
600 Revenue from CapitaLand Residential Singapore increased by

500 472 25% to S$843.2 million, underpinned by progressive revenue
recognition for The Interlace, The Wharf Residence and Latitude.
400
352
312 Revenue from CapitaLand China Holdings however saw a 11%
300
264 decrease to S$573.5 million as most of the sales made in 2010
200 173
were from development projects held by associates and are not
100
103 consolidated at the revenue line.
26
0 CapitaLand Commercial registered a strong growth of 133% in
revenue to S$337.8 million on the back of higher revenue
contribution from The Vista and Mulberry Lane projects in
Vietnam, recognition of deferred income in respect of Citadines
2009 EBIT BY STRATEGIC Mount Sophia as well as contribution from the self-storage
BUSINESS UNIT
Total: S$1.55 billion business which was acquired in July 2010.
S$ million
800 786 Revenue from Ascott grew by 3% to S$407.4 million as businesses
across most of its serviced residences improved. This is despite
600 551
the divestment of 28 serviced residence properties to Ascott
449
400 372 Reit in October 2010.
200 Revenue for CapitaLand Financial fell by 28% year-on-year mainly

98
31 due to lower fee-based income following the transfer of retail
0
fund management companies to CapitaMalls Asia as part of a
-200 restructuring exercise prior to the listing of CapitaMalls Asia in
(241)
-400
November 2009. Excluding the effects of the transfer, revenue
was higher by S$6.8 million due mainly to higher acquisition
-600 (497)
and divestment fees.
The fee income from the transferred retail fund management

CapitaLand Residential Singapore
CapitaLand China Holdings companies contributed to the increase in revenue for CapitaMalls
CapitaLand Commercial Asia which rose by 7% from 2009. The higher fee-based income
The Ascott Limited was however partially offset by lower rental income as Clarke
CapitaLand Financial
Quay in Singapore and three shopping malls in Malaysia were
CapitaMalls Asia
injected into CapitaMall Trust and CapitaMalls Malaysia Trust
CAPITALAND LIMITED
Australand
Others respectively in July 2010.
Revenue from Australand grew by 20% on account of higher

sales from development projects and rental income from
investment properties, coupled with a favourable Australian
dollar exchange rate against the Singapore dollar.
EARNINGS ANALYSIS
The Group reported earnings before interest and tax (EBIT) of
S$2.38 billion for FY2010. This is a 54% increase over FY2009’s
PAGE
40
MANAGEMENT REPORT
EBIT of S$1.55 billion. The strong performance in 2010 2010 EBIT BY
was largely driven by higher profits from development projects Total: S$2.38 billion
in Singapore and Vietnam, revaluation gains from the Group’s
S$ million
investment properties portfolio and lower impairment losses. 1000 947
900 846
Geographically, overseas EBIT accounted for 60% of the Group’s 800
total EBIT in FY2010, backed by strong contribution from our
700
overseas operations in Australia, China, Other Asia(1) and Europe.
600
In FY2009, overseas EBIT was relatively lower at 15% of total
500
EBIT as Singapore EBIT was boosted by the gain from the public
400
offering of 34.5% stake in CapitaMalls Asia.
301
300
EBIT from CapitaLand Residential Singapore declined 200 176

102
marginally by 5% to S$351.5 million as FY2009’s EBIT included 100
12
a share of fair value gain in respect of ION Orchard. Excluding 0
this one-off gain in FY2009, EBIT for FY2010 improved by 17.1%
on the back of higher revenue.
EBIT from CapitaLand China Holdings rose 24% to S$682.4 2009 EBIT BY
million in FY2010 on account of higher portfolio gains from Total: S$1.55 billion
divestments. In FY2010, CapitaLand China Holdings recorded S$ million
significant gains mainly from the sale of a 58.1% effective share 1400 1,312
in Raffles City Changning as well as its 50% stake in a joint 1200
venture, Sichuan Zhixin CapitaLand Co., Ltd.
1000
CapitaLand Commercial posted an EBIT of S$264.2 million 800

680
in FY2010 as compared to a loss of S$497.4 million in FY2009. 600
The turnaround in earnings was mainly attributable to fair value 400
gains from the revaluation of investment properties vis a vis 200
a loss in FY2009, lower impairment losses for its overseas 32
0
investments, as well as the absence of additional provision for (13)
-200
income support to CapitaCommercial Trust. In addition, higher (219)
(243)
development profits from the residential projects in Vietnam, -400
namely, The Vista and Mulberry Lane, also contributed to the
increase in earnings.
Singapore
China (including Hong Kong and Macau)
Ascott recorded an EBIT of S$173.0 million in FY2010 which Australia
was more than five times that of S$31.4 million recorded in Europe
Asia (excluding Singapore and China)
FY2009. This strong performance was largely driven by higher
Others
portfolio gains mainly from the injection of 28 serviced
ANNUAL REPORT 2010
residence properties into Ascott Reit and higher share of fair

value gains from the revaluation of investment properties
held by Ascott Reit.
Despite the transfer of retail fund management companies

to CapitaMalls Asia, EBIT for CapitaLand Financial increased
by 5% to S$103.0 million in FY2010 due to higher acquisition
and divestment fees, higher portfolio gains from divestments,
lower operating expenses and better performance from
some funds.
PAGE
(1)
Excludes Singapore and China and includes projects in the Gulf Cooperation
41
Council countries.
PERFORMANCE
OVERVIEW
2010 TOTAL ASSETS BY CATEGORY Similarly, EBIT from CapitaMalls Asia of S$472.4 million was
Total: S$31.7 billion 5% higher than FY2009, mainly attributable to higher contribution
7.4% 14.9%
2.7% from the fund management companies and ION Orchard, as
22.7%
well as higher fair value gains from investment properties, but
partially offset by lower portfolio gains and higher operating
expenses in FY2010.
2010 Australand achieved an EBIT of S$311.9 million in FY2010 as

compared to a loss of S$240.8 million in FY2009. This marked
improvement was mainly attributable to fair value gains from
3.3% the revaluation of investment properties in FY2010 as compared
31.9%
to a loss in FY2009 and the absence of provision for foreseeable
17.1% losses for its development projects. Excluding the fair value
changes and the foreseeable losses provision, operating profit
Investment Properties for Australand increased by 6% over 2009.
Interest in Associates and Joint
Ventures
Others comprised the corporate office and start-up businesses.
Development Properties for Sale
and Stock EBIT in FY2009 was significantly higher as it included a gain
Properties, Plant and Equipment from the public offering of CapitaMalls Asia shares. Excluding
Cash and Cash Equivalents this gain in 2009, EBIT for FY2010 improved due to lower
Other Non-Current Assets
impairment losses and higher share of profit from Rihan Heights
Other Current Assets
in Abu Dhabi.
DIVIDENDS
The Board of Directors is pleased to propose a first and final
2010 TOTAL ASSETS BY
GEOGRAPHICAL LOCATION dividend of 6.0 cents per share in respect of the financial
Total: S$31.7 billion year ended 31 December 2010. This amounts to a payout of
1.3%
7.3% 0.2% approximately S$255.7 million based on the number of issued
shares as at 31 December 2010. The dividends are subject to
15.6% 43.8%
the shareholders’ approval at the forthcoming Annual General
Meeting of the Company.
2010
For FY2009, a first and final dividend of 5.5 cents per share
and a special dividend of 5.0 cents per share were approved
and paid. The said dividends of S$447.4 million were paid in
May 2010.
31.8%
ASSETS
The Group’s total assets as at 31 December 2010 totalled
S$31.7 billion, an increase of S$1.5 billion, or 5%, from the total
CAPITALAND LIMITED
Singapore
China (including Hong Kong and Macau) assets as at 31 December 2009 of S$30.2 billion. The increase
Australia was mainly due to the acquisition of new investments, in
Europe particular, OODL and fair value gains from the revaluation of
Asia (excluding Singapore and China)
the Group’s investment properties portfolio. The increase was
Others
partially offset by the divestment of four shopping malls and
28 serviced residences to our REITs.
PAGE
42
MANAGEMENT REPORT
BORROWINGS
As at 31 December 2010, the Group’s gross debts stood at
S$10.4 billion. At the same time, the Group also had a cash
balance of S$7.2 billion. The Group’s net debt as at 31 December
2010 was S$3.2 billion as compared to S$1.6 billion as at end
2009. The net debt as at 31 December 2009 was significantly
reduced by a higher cash balance which was in turn boosted by
the proceeds from the public offering of CapitaMalls Asia shares.
The Group’s net debt equity ratio remained healthy at 0.18 as
at 31 December 2010 (2009: 0.09).
SHAREHOLDERS’ EQUITY
As at 31 December 2010, issued and paid-up ordinary share
capital of the Company comprised 4.26 billion shares at
S$6.3 billion. The Group’s total reserves increased from
S$7.2 billion in December 2009 to S$7.9 billion in December
2010. This increase was mainly contributed by the S$1.27 billion
net profit for the year, partially offset by the payment of the
2009 dividends and exchange differences arising from the
translation of foreign operations. The shareholders’ funds as at
end 2010 was S$14.2 billion compared to S$13.4 billion in 2009.
With a higher equity, the Group’s net tangible assets per share
increased 6% to S$3.22 as at 31 December 2010.
ANNUAL REPORT 2010

PAGE
43
PERFORMANCE
OVERVIEW
TREASURY HIGHLIGHTS 2010 2009
Bank Facilities And Available Funds

Bank facilities available (S$m) 7,754 7,530
Amount utilised for loans (S$m) 4,651 4,982
Available and unutilised (S$m) 3,103 2,548
Cash and fixed deposit balances (S$m) 7,190 8,730
Unutilised facilities and funds available for use (S$m) 10,293 11,278
Debt Securities Capacity

Debt securities capacity (S$m) 9,807 8,338
Debt securities issued (net of debt securities purchased) (S$m) 5,707 5,331
Unused debt securities capacity (S$m) 4,100 3,007
Interest Cover Ratio

Earnings before net interest, tax, depreciation and amortisation (S$m) 2,556 1,714
Net interest expense (S$m) 365 377
Interest cover ratio (times) 7.00 4.54
Interest Service Ratio

Operating cashflow before interest and tax (S$m) 1,763 2,074
Net interest paid (S$m) 393 451
Interest service ratio (times) 4.49 4.60
Secured Debt Ratio

Secured debt (S$m) 1,616 2,761
Percentage of secured debt 16% 27%
Debt Equity Ratio

Gross debt (S$m) 10,358 10,313
CAPITALAND LIMITED
Cash and fixed deposit balances (S$m) 7,190 8,730

Net debt (S$m) 3,168 1,583
Equity (S$m) 18,017 16,880
Net debt equity ratio (times) 0.18 0.09
PAGE
44
MANAGEMENT REPORT
MANAGEMENT AND SOURCES OF FUNDING SOURCES OF FUNDING
The Group strives to maintain a prudent financial structure and S$ billion
actively reviews its cashflow, debt maturity profile and overall 12
liquidity position on an ongoing basis to support the dynamic $10.3b$10.4b
10 $9.9b $9.8b
nature of its businesses. The main sources of the Group’s
operating cashflow are derived from residential sales, fee and $8.1b
8
rental income. As part of its liquidity management to support
its funding requirements, investment needs and its growth 6 33% 42% 53% 52% 55%
plans, the Group diversifies its funding sources through a mix
of undrawn banking facilities and capital market programmes 4
to facilitate fund raising at opportunistic windows.
2
Global financial outlook has improved but risks remain. Against 67% 58% 47% 48% 45%
this backdrop, the Group continues to maintain strong cash 0
2006 2007 2008 2009 2010
reserves of S$7.2 billion compared to S$8.7 billion last year. The

difference was mainly attributed to the increase in acquisition
of China property portfolio and repayment of its debts in 2010. Bank and Other Loans
Debt Securities
The Group’s total gross debt of S$10.4 billion was marginally

higher as compared to S$10.3 billion last year. Net debt as at
December 2009 was significantly lower as the cash balance was
COMMITMENT OF FUNDING
higher due to proceeds from the public offering of CapitaMalls
S$ billion
Asia Limited. The low net debt equity ratio of 0.18 puts the Group
12
in a strong financial position and with the robust balance, it is
well positioned to invest in future growth. $10.3b $10.4b
10 $9.9b $9.8b 1%
6% 3%
Finance cost for the Group was S$448.2 million for the $8.1b
8
10%
year ended 2010. This was about 1.26% lower compared to
S$453.9 million last year. The lower finance costs was due to 6
lower interest rates as a result of various worldwide government
policy measures to ease tight credit conditions and stimulate 4
lending and economic growth.

2
SOURCES OF FUNDING 90% 94% 97% 100% 99%

0
As at year end, 55% of the Group’s total debt was funded 2006 2007 2008 2009 2010
from capital market bond issuances and the balance 45% was
raised through bank borrowings. The Group continues to seek Committed
a diversified and balanced sources of funding for its loan Uncommitted
portfolio so as to ensure financial flexibility and mitigate
concentration risk. During the year, bank loans decreased by
ANNUAL REPORT 2010
about S$331 million mainly as a result of repayment of bank

borrowings. Higher composition of funding from capital markets
was attributed to the Group opportunistically tapping the long
dated bond market during second half of the year.
COMMITMENT OF FUNDING
As at end 2010, the Group is able to achieve 99% of its funding
from committed facilities.
PAGE
45
PERFORMANCE
OVERVIEW
AVAILABLE LINES BY NATIONALITY As part of financial discipline, the Group constantly reviews its
OF BANKS
asset versus liability match to ensure that a prudent portion of
13%
committed funding is put in place to match the investments
35% planned holding periods. Although global economic recovery is
on track and there is general stability in the financial and capital
15%
markets, committed financing was secured whenever possible
to support its committed investments and to ensure that the
2010
Group had sufficient financial capacity to support its operations
and future growth plans.
MATURITY PROFILE
18%
19% S$ billion % of Debt
Due within 1 year * 1.76 17

Singapore Between 1 & 2 years 1.72 17
Australia Between 2 & 3 years 0.98 9
Europe
Others Between 3 & 4 years 0.64 6
Japan Between 4 & 5 years 0.58 6
After 5 years 4.68 45
* Includes long term debt with remaining loan life of less than a year to maturity.
During the year, the Group has successfully raised several long
dated capital market bond issuances of about S$700 million and
this has enabled the Group to extend its average loan maturity
profile to 3.7 years. It has prudently tapped the debt capital
markets opportunistically for longer dated committed funding,
ensuring financial discipline by maintaining a strong cash position
of S$7.2 billion and unutilised bank lines of about S$3.1 billion.
The prudent average loan maturity profile, strong cash position
and healthy net debt equity ratio of 0.18 was a result of successful
capital recycling strategy and focus on capital productivity by
the Group.
In reviewing the maturity profile of its loan portfolio, the Group

also took into account any divestment or investment plans,
interest rate outlook and the prevailing credit market conditions.
AVAILABLE LINES BY NATIONALITY OF BANKS

CAPITALAND LIMITED
The Group with operations spanning more than 110 cities

in over 20 countries has built up an extensive and active
relationship with a network of more than 30 banks of various
nationalities. This has allowed the Group to tap on the strengths
and support from the financial institutions in pursuing its strategic
growth and presence globally, thus enhancing its competitiveness
in core markets and enabling the Group to develop other markets
where appropriate.
PAGE
46
MANAGEMENT REPORT
INTEREST RATE PROFILE PROFILE OF FIXED AND FLOATING
RATE LOANS
The Group manages its finance cost by maintaining a prudent
S$ billion
mix of fixed and floating rate borrowings. As at 31 December
12
2010, the fixed rate borrowings constituted 72% of the portfolio
$10.3b $10.4b
and the balance 28% were on floating rate basis. As finance cost 10 $9.9b $9.8b
formed an integral component of the Group’s operating costs,
$8.1b
a higher percentage in fixed rate funding would offer protection 8 26% 25% 25% 34% 28%
against unexpected rise in interest rates. On balance, to capitalise
on the current low interest rate environment and prepayment 6
flexibility from operational cash surplus, the remaining portfolio
was maintained on floating rate basis. In managing the interest 4
rate profile, the Group takes into account the interest rate outlook
2
on its loan portfolio, holding periods of its investment portfolio,
certainty of its planned divestments and operating cashflow 0
74% 75% 75% 66% 72%
2006 2007 2008 2009 2010

generated from residential sales.
INTEREST COVER RATIO AND INTEREST SERVICE RATIO Fixed

The Interest Cover Ratio (“ICR”) and Interest Service Ratio (“ISR”) Floating
was 7.00 and 4.49 respectively. ICR was higher at 7.00 compared
to 4.54 last year, primarily due to higher profits from the
development projects in Singapore and Vietnam, fair value gains
from the revaluation of the Group’s investment properties
portfolio and lower impairment charges. Net interest expense
was lower for the year 2010 as a result of the low interest rate
environment. ISR was marginally lower at 4.49 compared to
4.60 last year due to lower cashflow generated from operations
as the Group had divested four shopping malls and 28 serviced
residence properties to our REITs during the year.
INTEREST COVER RATIO AND INTEREST SERVICE RATIO

S$ million Times
500 15
$468m
13.64 $451m
450
$410m
400 $393m 12
$378m $377m
$365m
350
9.73
300 $279m 9
8.97
250 $230m 7.00
ANNUAL REPORT 2010
200 $182m 6.19 6

5.50
4.60
150 4.54 4.49
3.86
100 3
50
0 0
2006 2007 2008 2009 2010
Net Interest Expense Interest Cover Ratio

Net Interest Paid Interest Service Ratio
PAGE
47
AWARDS &
ACCOLADES
In 2010, CapitaLand Group and its properties clinched
over 100 awards and accolades. Some of the awards
and accolades are listed below.
CORPORATE • Best Developer in Asia • Best Corporate Governance

AWARDS Euromoney Real Estate in Singapore (2nd)
Awards 2010 Euromoney Best Managed
CAPITALAND and Governed Companies –
• Grand Prix for Best Overall • Best Mixed-Use Developer Asia Poll 2010
Investor Relations in Asia
(Large Cap) • Best Financial Disclosure
Euromoney Real Estate
The IR Magazine South East Awards 2010 Procedure in Asia Pacific
Asia Awards 2010 World Finance Investor
• Best Developer in Singapore Relations Awards 2010
• Best Investor Relations by
a CFO – Mr Olivier Lim CAPITALAND
Awards 2010
The IR Magazine South East CHINA HOLDINGS
Asia Awards 2010 • Best Mixed-Use Developer • 2010 Outstanding Corporate
in Singapore Citizen of China
• Overall Best Company in China Committee of
Singapore for Corporate Corporate Citizenship and
Awards 2010
Governance CCTV2
Asiamoney Corporate • Most Desired Company to
Governance Poll 2010 Work For (Gen Y Category) • Honorable Partner for
Project Hope’s 20-Year
Peoplesearch.com Poll
• Best for Disclosure and Anniversary
Transparency in Singapore China Youth Development
• Most Transparent Company
Asiamoney Corporate (Property Category) Foundation
Governance Poll 2010
SIAS Investors’ Choice
• Most Creative Idea for
Awards 2010
• Best for Investor Relations Earth Hour 2010
in Singapore Securities Investors
WWF (China)
Association (Singapore)
Asiamoney Corporate
Governance Poll 2010 • 2010 China’s Top In-house
• Dow Jones Sustainability
Legal Department
Asia Pacific Index 2010/2011
• Best Investor Relations Asia Legal Business
Officer in Singapore – SAM and Dow Jones
Indexes
CAPITALAND LIMITED
Mr Jonathan Kuah CAPITALAND (VIETNAM)

Asiamoney Corporate HOLDINGS
• Best Overall Managed
Governance Poll 2010 • Saigon Times Top 40 –
Property Company in Asia
Green Values 2009
• Best Developer Globally Euromoney Best Managed
The Saigon Times
and Governed Companies –
Asia Poll 2010
Awards 2010 • Golden Dragon Award 2010
(High Quality Service)
• Best Overall Managed
• Best Mixed-Use Developer Vietnam Economic Times
Company in Singapore (2nd)
Globally
Euromoney Best Managed
PAGE
and Governed Companies –

Awards 2010
Asia Poll 2010
48
MANAGEMENT REPORT
CAPITAMALLS ASIA • Best Serviced Residence in RESIDENTIAL
• Best Retail Developer Asia-Pacific DEVELOPMENTS
Globally DestinAsian Readers’ Choice
Euromoney Real Estate Awards 2010 SINGAPORE
Awards 2010 d’Leedon
• Best Serviced Residence • Green Mark GoldPLUS
• Best Retail Developer in Operator BCA Awards 2010
Asia TTG Travel Awards 2010 Building and Construction
Euromoney Real Estate Authority, Singapore
AWARDS & ACCOLADES

Awards 2010 • Best Serviced Residence
Operator in China RiverEdge
• Best Retail Developer • Construction Excellence
TTG China Travel
in China Award
Awards 2010
Euromoney Real Estate BCA Awards 2010
Awards 2010 • Best Serviced Residence Building and Construction
Brand in China Authority, Singapore
• Best Retail Developer Business Traveller China
in Singapore The Interlace
Awards 2010
• Green Mark GoldPLUS
Awards 2010 • Best Serviced Residence BCA Awards 2010
(Group) Building and Construction
• Most Transparent Authority, Singapore
TravelWeekly China Travel
Company (New Issues) & Meetings Industry Awards
Runners-up • Best Architecture (Multiple
2010
Units) Singapore
Securities Investors
Association (Singapore) • Best Serviced Residence Asia Pacific Residential
Operator in China Property Awards 2010
• Top 10 Famous Retail The Centre of Asia Hotel
Real Estate Developer Varsity Park Condominium
Forum’s 5th China Starlight
in China • Construction Excellence
Awards 2010
Award
China Commercial Real
Estate Association • China’s Outstanding BCA Awards 2010
(CCREA) Serviced Apartment Brand Building and Construction
Authority, Singapore
Hotel Industry Development
• Golden Co-ordinates – Summit 2010
Retail Real Estate Leader CHINA
Riverside Ville, Foshan
Commerce Promoting • Guide Award for Excellent
• Green Mark Award
Real Estate (CPRE) Performance
ANNUAL REPORT 2010
BCA Awards 2010

Vietnam Economic Times &
THE ASCOTT LIMITED Building and Construction
The Guide 2010
• Best Serviced Apartment Authority, Singapore
Company • Saigon Times Top 40 –
Summit Residences, Ningbo
Business Traveller UK Green Values 2009
• Habitat Award
Awards 2010 The Saigon Times
Ningbo Construction
• Best Serviced Residence Committee
CAPITACOMMERCIAL TRUST
Brand in Asia-Pacific • Best Mid-cap Company
Business Traveller Asia- Asia’s Best Managed
Pacific Awards 2010 Companies Poll 2010
PAGE
FinanceAsia
49
AWARDS &
ACCOLADES
COMMERCIAL SERVICED INTEGRATED
DEVELOPMENTS RESIDENCES DEVELOPMENTS
SINGAPORE SINGAPORE SINGAPORE
Six Battery Road Ascott Raffles Place Singapore Raffles City Singapore
• Green Mark Platinum • Best Serviced Residence in • Green Mark Gold
BCA Awards 2010 Asia-Pacific (1st) BCA Awards 2010
Building and Construction Business Traveller Asia- Building and Construction
Authority, Singapore Pacific Awards 2010 Authority, Singapore
Capital Tower CHINA CHINA

• Green Mark Gold Ascott Raffles City Beijing Raffles City Hangzhou
BCA Awards 2010 • Best Serviced Residence • Gold Level LEED-CS
Building and Construction in China Pre-certification Leadership
Authority, Singapore The Centre of Asia Hotel in Energy and
Forum’s 5th China Starlight Environmental Design Core
One George Street Awards 2010 & Shell (LEED-CS)
• Green Mark Gold U.S. Green Building Council
BCA Awards 2010 Ascott Huai Hai Road
Building and Construction Shanghai
Authority, Singapore • Best New Project of the Year
That's Shanghai’s Living in
Shanghai Awards 2010
SHOPPING MALLS
JAPAN
SINGAPORE Citadines Shinjuku Tokyo
ION Orchard • Top 25 Hotels in Japan
• Gold Award
New Media: Digital
TripAdvisor Travelers’
Marketing
Choice 2010
International Council of MALAYSIA

Shopping Centers (ICSC) Ascott Kuala Lumpur
Asia 2010 • Best Serviced Residence
(Excellence Award)
• Best Shopping
Experience 2010
Expatriate Lifestyle
Magazine’s The Best of
Singapore Tourism Board Malaysia Awards 2010
CHINA
SOUTH KOREA
CAPITALAND LIMITED
Raffles City Beijing

Somerset Palace Seoul
• Most Popular Mall and
• Best Brand - Serviced
Trendiest Shopping Mall of Residence
the Year (Female Shopper’s
Choice)
The Korea Herald Readers’
Best Brand Awards 2010
The Beijing News
THAILAND
Ascott Sathorn Bangkok
• Best Serviced Residence in
Asia-Pacific (2nd)
Business Traveller Asia-
PAGE
Pacific Awards 2010

50
GROUP
BUSINESSES
BUSINESS REVIEW
The total market capitalisation of the nine public listed entities in the Group,
net of common holdings, is S$29.1 billion as at 31 December 2010.
The Group manages S$50.6 billion of real estate assets.
Offices
Denotes listed entities

Denotes entities under
the management of
GROUP BUSINESSES
CapitaLand China
Executive Committee
Shopping Malls
REAL
ESTATE
Residential
Singapore
Value Housing
China
Australia
*
ANNUAL REPORT 2010
Serviced
Residences
HOSPITALITY
Financial
Services
Non-Retail
FINANCIAL Fund & REIT
PAGE
SERVICES Management
51
* New Australand logo launched on 15 March 2011

A brisk pace was set in Singapore’s residential market in 2010.
Home sales in Home sales reached a new high, surpassing both 2009 and the
Singapore reached a 2007 market peak. Government measures, intended to reduce
new high, surpassing speculation and encourage financial prudence, ensured a stable
both 2009 and the 2007 and sustainable property market.
market peak
DEVELOPING LANDMARK HOMES
CapitaLand turned in a stellar performance. It launched several
projects designed by international architects which were well-
received by both local and international homebuyers and investors.
A total of 800 homes were sold in the year with sales value
amounting to S$1.85 billion.
S$1.85b The Interlace’s unconventional design by internationally
A total of 800 homes were renowned Office for Metropolitan Architecture continued to
sold in the year with draw homebuyers. The 1,040-unit condominium, located at
sales value amounting the Southern Ridges of Singapore, saw strong phase two sales.
to S$1.85 billion
Initial sales commenced for d’Leedon. The 1,715-unit development
enjoys a coveted District 10 address and an iconic design by
Pritzker Architecture Prize winner Zaha Hadid.
CapitaLand launched the 165-unit Urban Suites and the

development has been substantially sold. Preview sales also
CAPITALAND
RESIDENTIAL
SINGAPORE
D’LEEDON
SINGAPORE
CAPITALAND LIMITED
PAGE
52
started for the 64-unit Urban Resort Condominium in the year.
CapitaLand will build an
Both projects are designed by Kerry Hill Architects and located
at Cairnhill in the Orchard Road shopping district.
integrated development
comprising about 500
BUSINESS REVIEW
Temporary Occupation Permit was obtained for The Seafront apartments above a
on Meyer, Latitude and The Orchard Residences. shopping mall on a
prime site in the Bedok
CapitaLand continued to replenish its development pipeline. Town Centre
It secured a prime site in the Bedok Town Centre, and will build
an integrated development comprising about 500 apartments
above a shopping mall.
LOOKING AHEAD
CAPITALAND RESIDENTIAL SINGAPORE

REVENUE (S$m) EBIT (S$m)
Strong fundamentals, including a rosy economic outlook, low 1000 500
843
interest rates and ample liquidity in Asia, will sustain optimism 800
674
400 372 352
300
and confidence in Singapore’s residential market. 600 300
400 200
CapitaLand will continue to acquire quality sites with strong 200 100
location attributes to complement its development pipeline. 0

FY2009 FY2010
0
FY2009 FY2010
Singapore is becoming a global city and CapitaLand will play Revenue increased 25%. Excluding a
an integral role in providing well-designed and well-located one-time revaluation gain of S$72 million
from ION Orchard in FY2009, EBIT was
homes for both local and international homebuyers. up 17% year-on-year.
1 2 3 4
5 6 7 8
1 WONG HEANG FINE 5 ONG SIM LIAN

CEO SENIOR VICE PRESIDENT,
CAPITALAND RESIDENTIAL SINGAPORE DESIGN MANAGEMENT
PTE LTD CAPITALAND RESIDENTIAL SINGAPORE
CEO PTE LTD
CAPITALAND ILEC PTE. LTD.
6 KU WEI SIONG
2 WONG JEN LAI SENIOR VICE PRESIDENT
CHIEF INVESTMENT OFFICER CAPITALAND GCC HOLDINGS PTE. LTD.
ANNUAL REPORT 2010

PTE LTD 7 ANSON LIM
(FROM 1 FEBRUARY 2011) VICE PRESIDENT, INVESTMENT
3 LEE YEW KWUNG PTE LTD
SENIOR VICE PRESIDENT,
PROJECT DEVELOPMENT & 8 TAN SEO LING
MANAGEMENT VICE PRESIDENT, FINANCE
CAPITALAND RESIDENTIAL SINGAPORE CAPITALAND RESIDENTIAL SINGAPORE
PTE LTD PTE LTD
4 COLIN WONG
SENIOR VICE PRESIDENT,
MARKETING & SALES
PTE LTD
PAGE
53
CAPITALAND
CHINA
SUMMIT RESIDENCES
NINGBO
CHINA
In China, CapitaLand’s portfolio spans homes, office buildings,

shopping malls, serviced residences and integrated developments.
Its multi-region and multi-sector business model continues to
provide a diversified earnings base for the Group.
RMB5.4b ROBUST RESIDENTIAL SALES
Sold over 2,900 Demand for homes remained strong, supported by genuine
residential units across homebuyers, improvement in buyer confidence and robust
China with a total
CAPITALAND LIMITED
economic fundamentals.
sales value of
RMB5.4 billion In 2010, CapitaLand China sold over 2,900 residential units across
Beijing, Shanghai, Chengdu, Ningbo, Kunshan and Foshan, with
a total sales value of RMB5.4 billion (S$1.1 billion). New launches
included Beaufort in Beijing, The Pinnacle in Shanghai and The
Metropolis in Kunshan. New units at The Loft in Chengdu were
also released for sale.
GROWING THE DEVELOPMENT PIPELINE

The acquisition of Orient Overseas Developments Limited
provided a unique portfolio of seven prime sites in Shanghai,
PAGE
Kunshan and Tianjin and marked a key milestone in the next

54
phase of growth in China. The Changning site provided the

1 2 3
BUSINESS REVIEW
4 5 6 7
1 JASON LEOW 5 CHIN PHEI CHEN

CEO CHIEF CORPORATE OFFICER
CAPITALAND CHINA
CAPITALAND CHINA HOLDINGS PTE LTD CAPITALAND CHINA HOLDINGS PTE LTD
2 LUCAS LOH 6 HAN WEI

CHIEF INVESTMENT OFFICER REGIONAL GENERAL MANAGER,
REGIONAL GENERAL MANAGER, NORTH CHINA
SOUTH CHINA CAPITALAND CHINA HOLDINGS PTE LTD
CAPITALAND CHINA HOLDINGS PTE LTD
7 HOON TECK MING
3 CHAN BOON SENG REGIONAL GENERAL MANAGER,
CHIEF DEVELOPMENT OFFICER SOUTHWEST CHINA
REGIONAL GENERAL MANAGER, CAPITALAND CHINA HOLDINGS PTE LTD
EAST CHINA
4 STEVE GONG
CHIEF FINANCIAL OFFICER
7
RAFFLES CITY DEVELOPMENTS
ideal location to build a second Raffles City in Shanghai while
‘Raffles City’ branded
a quick time-to-market was achieved for the residential projects.
portfolio now totals seven
BUILDING THE RAFFLES CITY BRAND properties in China with
During the year, CapitaLand extended the ‘Raffles City’ brand the addition of another
with another two developments in Shenzhen and Changning, two developments
Shanghai, and its ‘Raffles City’ branded portfolio now totals seven in Shenzhen and
properties across China. The completed ‘Raffles City’ developments Changning, Shanghai
in 2010
ANNUAL REPORT 2010
in Shanghai and Beijing are highly successful and enjoy close to

full occupancy for their office and retail space. Construction of
another five developments is underway and will be completed
in phases between 2012 and 2015.
LOOKING AHEAD 800 800
647 682
CapitaLand is a long-term investor in China and remains 600 574 600 551
optimistic about its real estate market. The Chinese government
400 400
has ensured a steady property market through measures to
200 200
curb excessive speculation and ensure market sustainability.
With a balanced portfolio of properties across various real 0
FY2009 FY2010
0
FY2009 FY2010
estate sectors, CapitaLand is well-positioned to benefit from Revenue was lower by 11% as sales
PAGE
the country’s strong economic growth and grow its business were mainly through associates and
55
not consolidated. EBIT rose by 24%,

in China. boosted by higher portfolio gains.
Singapore office market improved during the year with office
S$1.53b rents strengthening by about 24% after bottoming out in the
first quarter. CapitaLand Commercial Limited’s (CCL’s) office
Total gain of S$1.53 billion
portfolio in Singapore is held mainly through its listed REIT,
from divestments of
CapitaCommercial Trust (CCT). CCT’s committed portfolio
commercial and industrial occupancy rate increased to 99.3%, above market level, at
assets end-2010.
UNLOCKING VALUE FOR CAPITAL RECYCLING

Over the last decade, CapitaLand booked a total gain of S$1.53
billion from the divestments of its commercial and industrial
assets. The proceeds were redeployed to grow the Group’s
business in other high-growth markets and sectors such as
China and shopping malls.

In line with CapitaLand’s capital-efficient strategy, in 2010,
500 400
264 CCL divested its 163 strata-titled office and retail units at The
400 200
338
-497 Adelphi, a mixed-use development located in Singapore’s
300 0
200 -200
Downtown district, for S$218.1 million. CCT unlocked value by
145
100 -400
divesting two non-Grade A office properties, Robinson Point
0 -600
and Starhub Centre located in Singapore, for total net proceeds
FY2009 FY2010 FY2009 FY2010
of approximately S$578.1 million.
Revenue increased 133% from revenue
recognition of projects in Vietnam.
EBIT recovered to S$264 million In India, CCL divested its 49% stake in the 590-unit freehold
on fair value gains and lower
impairment losses. residential development, The Orchard Residency, in Ghatkopar,
Mumbai, for INR1.02 billion (approximately S$30 million).
CAPITALAND
COMMERCIAL
SIX BATTERY ROAD
SINGAPORE
CAPITALAND LIMITED
Six Battery Road will feature the first

and largest indoor vertical garden
PAGE
in Singapore’s CBD designed by

Dr Patrick Blanc
56
ENHANCING ASSET VALUE
CCT commenced asset enhancement works at Six Battery
Road, a Grade A office building located in Singapore’s Central
S$92m
BUSINESS REVIEW
Business District (CBD). At a cost of S$92 million, the initiative
will augment the building’s technical, aesthetic and green
S$92 million asset
specifications to capture the office market recovery and is
expected to be completed in phases by end-2013. It is the first
enhancement works at
operating office building in Singapore’s CBD to be conferred Six Battery Road expected
the prestigious Green Mark Platinum award by the Building to be completed in phases
and Construction Authority. by end-2013
GROWING STORHUB SELF-STORAGE BUSINESS

CCL established a joint venture with Hersing Corporation Ltd
to grow the self-storage business under StorHub brand. CCL
holds a 62% stake in the joint venture which owns and manages
CAPITALAND COMMERCIAL
self-storage facilities at four properties, totalling approximately
363,000 square feet of gross floor area in Singapore. 363,000
SQUARE FEET
LOOKING AHEAD Owns and manages

In tandem with the optimistic economic outlook for Singapore self-storage facilities
and Asia, the office market is expected to continue to improve. totalling approximately
CapitaLand’s active portfolio management and capital recycling 363,000 square feet
strategies will enhance its nimbleness in the rising office market. of gross floor area
in Singapore
CCL will grow its new business in self-storage and double
StorHub portfolio of properties in the coming year.
1 2 3 4
5 6 7 8
1 CHONG LIT CHEONG 5 POON HIN KONG

CAPITALAND COMMERCIAL LIMITED DESIGN & DEVELOPMENT
(FROM 10 FEBRUARY 2011) CAPITALAND COMMERCIAL LIMITED
ANNUAL REPORT 2010
2 EE CHEE HONG 6 MICHELLE KOH

CAPITALAND COMMERCIAL LIMITED LEGAL & SECRETARIAT
(ON SABBATICAL FROM JANUARY 2011) CAPITALAND COMMERCIAL LIMITED
3 LYNETTE LEONG 7 EDWARD BIN

CEO FINANCIAL CONTROLLER
CAPITACOMMERCIAL TRUST CAPITALAND COMMERCIAL LIMITED
MANAGEMENT LIMITED
8 DAWN LAI
4 CHAN SAY YEONG VICE PRESIDENT,
MANAGING DIRECTOR, MALAYSIA MARKETING & LEASING
CAPITALAND COMMERCIAL LIMITED CAPITALAND COMMERCIAL LIMITED
PAGE
57
CAPITAMALLS
ASIA
CUIWEI MALL
BEIJING
CHINA
2010 marked the first full year of operations for CapitaMalls Asia
(CMA) after listing on the Singapore Exchange on 25 November
2009. During the year, CMA continued to grow its presence as
a leading shopping mall developer, owner and manager in Asia.
As at end-2010, CMA had interests in and managed 91 shopping

malls across 49 cities in Singapore, China, Malaysia, Japan and
India, with a total property value of about S$23.7 billion and total
gross floor area (GFA) of about 73.4 million square feet (sq ft).
Of these, 65 malls were operational while the other 26 will open
over the coming years.
CAPITALAND LIMITED
GROWING OUR PRESENCE

In 2010, CMA committed about S$2 billion in six new projects in
Singapore, China and Malaysia. These projects consist of one in
Singapore (a shopping mall cum residential development at
S$2b Bedok); four in China (Meili Mall and an integrated development
in Tianfu in Chengdu; and a prime shopping mall and office
Committed S$2 billion
development in Luwan, Shanghai as well as Raffles City Changning
in six new projects in in the city); and one in Malaysia (Queensbay Mall in Penang).
Singapore, China and
Malaysia in 2010 In capital management, CMA monetised Clarke Quay to CapitaMall
Trust for S$268 million. This was followed by the successful listing
PAGE
of CapitaMalls Malaysia Trust on Bursa Malaysia, making it the

58
country’s largest “pure-play” shopping mall real estate investment

1 2 3 4
BUSINESS REVIEW
5 6 7 8
9 10 11 12
CAPITAMALLS ASIA
1 LIM BENG CHEE 7 TONY TAN TEE HIEONG
CEO CEO
CAPITAMALLS ASIA LIMITED CAPITARETAIL CHINA TRUST
MANAGEMENT LIMITED
2 NG KOK SIONG
CHIEF FINANCIAL OFFICER 8 SHARON LIM
CAPITAMALLS ASIA LIMITED CEO
CAPITAMALLS MALAYSIA REIT
3 SIMON HO MANAGEMENT SDN. BHD.
CEO
CAPITAMALL TRUST 9 JESLINE GOH
MANAGEMENT LIMITED DEPUTY CEO
CAPITAMALL TRUST
4 SIMON YONG MANAGEMENT LIMITED
CHIEF DEVELOPMENT OFFICER
CAPITAMALLS ASIA LIMITED 10 TOH KIM SAI
DEPUTY CHIEF DEVELOPMENT OFFICER
5 GOH SOON YONG CAPITAMALLS ASIA LIMITED
CEO, CHINA
CAPITAMALLS ASIA LIMITED 11 KEK CHEE HOW
COUNTRY HEAD, JAPAN
6 LOCK WAI HAN CAPITAMALLS ASIA LIMITED
CHIEF CORPORATE OFFICER
CAPITAMALLS ASIA LIMITED 12 KEVIN CHEE
COUNTRY HEAD, INDIA
CAPITAMALLS ASIA LIMITED
trust. CMA’s wholly-owned subsidiary, CapitaMalls Asia Treasury

Limited (CMATL), issued S$350 million of 7-year corporate bonds
in August paying 3.95% per annum. Sensing demand from retail 100
MALLS IN CHINA
investors, CMATL successfully issued S$200 million of 1-year and
3-year retail bonds, paying interest of 1% and 2.15% per annum Target to double China
respectively, in January 2011. portfolio to 100 malls
ANNUAL REPORT 2010
within 3 to 5 years
CMA continued to make good progress in China with the opening
of five malls in 2010: Aidemengdun Mall in Harbin, Cuiwei Mall
in Beijing, Anyang Mall in Anyang, Jinshui Mall in Zhengzhou
and Xinxiang Mall in Xinxiang. As at end-2010, CMA had
500 500
449 472
53 shopping malls in 34 cities in China, with a total GFA of
400 400
48.6 million sq ft. Of these, 38 malls were operational. 300 300
229 245
200 200
LOOKING AHEAD 100 100
With the confidence from the improving performances of its malls 0 0
FY2009 FY2010 FY2009 FY2010
in China, CMA has set an interim goal of doubling the China
Revenue rose 7% despite monetising
portfolio to 100 malls in the coming three to five years. For 2011, four properties in Malaysia and
PAGE
CMA targets to acquire another S$2 billion of projects in its key Singapore into REITs. EBIT increased
59
5% on higher revaluation gains and

markets of Singapore, China and Malaysia. better operating performance.
THE ASCOTT
LIMITED
ASCOTT HUAI HAI ROAD SHANGHAI
CHINA
In 2010, CapitaLand’s serviced residence business unit, The

Ascott Limited (Ascott), continued to strengthen its lead and
enhanced its competitive advantage as the world’s largest
Injected 28 quality international serviced residence owner-operator.
stabilised assets in Europe
and Asia into Ascott Reit, STRENGTHENED LEADERSHIP POSITION
gaining financial capacity Ascott reinforced its leadership in markets where it has presence
and expanded into more cities. With its strong international
to capture new growth
branding and award-winning hospitality capabilities, Ascott
opportunities
clinched contracts to manage 12 properties with over 2,000
apartment units across 12 cities. Through these management
contracts, Ascott entered into Danang in Vietnam, Bali in
CAPITALAND LIMITED
Indonesia and Chengdu, Hangzhou and Ningbo in China.
Besides new contracts, Ascott opened 14 properties with over

REVENUE (S$m) EBIT (S$m) 2,800 apartment units across 13 cities. These included its first
500 250 property in four cities – Kyoto in Japan and Chengdu, Shenyang
407
400
394
200
173
and Wuhan in China. It also opened its first Ascott-branded
300 150 property in Dubai in UAE, and its first Citadines-branded
200 100 property in Australia and Indonesia.
100 50 31
0
FY2009 FY2010
0
FY2009 FY2010
ENHANCED COMPETITIVE ADVANTAGE
Revenue increased despite the sale of Ascott injected 28 quality stabilised assets in Europe and Asia into
PAGE
28 properties to Ascott Reit. EBIT surged Ascott Reit with divestment proceeds of S$974 million. This move
60
over 450% to S$173 million on portfolio

gains and improved business. gave Ascott financial capacity to capture new growth opportunities.
1 2 3
BUSINESS REVIEW
4 5 6
7 8 9
THE ASCOTT LIMITED

1 LIM MING YAN 6 TAN CHOON KWANG
CEO MANAGING DIRECTOR, EUROPE
THE ASCOTT LIMITED THE ASCOTT LIMITED
2 CHONG KEE HIONG 7 TONY SOH

CEO CHIEF CORPORATE OFFICER
ASCOTT RESIDENCE TRUST THE ASCOTT LIMITED
MANAGEMENT LIMITED
8 WONG HOOE WAI
3 ALFRED ONG CHIEF DEVELOPMENT OFFICER
MANAGING DIRECTOR, THE ASCOTT LIMITED
SOUTHEAST ASIA & AUSTRALIA
THE ASCOTT LIMITED 9 YEONG LAI MENG
SENIOR VICE PRESIDENT, FINANCE
4 LEE CHEE KOON THE ASCOTT LIMITED
MANAGING DIRECTOR, NORTH ASIA
THE ASCOTT LIMITED
5 RONALD TAY
CHIEF INVESTMENT OFFICER
THE ASCOTT LIMITED
OVER
Ascott plans to invest around S$70 million to refurbish
16 properties across Asia and Europe over the next two 20
PRESTIGIOUS AWARDS
years. The divestment has also transformed Ascott Reit
into a larger and stronger platform which complements Garnered over
Ascott’s global growth strategy.
20 prestigious awards
for strong branding,
As Ascott expanded globally, it garnered over 20 prestigious
awards for its strong branding, outstanding service and
outstanding service and
management excellence. These included ‘Best Serviced management excellence
ANNUAL REPORT 2010
Residence Brand’ at the Business Traveller Asia-Pacific Awards

and ‘Best Serviced Residence Operator’ at the TTG Travel Awards.
LOOKING AHEAD
40,000
APARTMENT UNITS
Demand for serviced residences is growing. The growth is
due to the increase in global travel and relocation assignments, On track to achieve
given the improving world economy. Ascott is on track to achieve 40,000 apartment units
40,000 apartment units globally by 2015. In 2011, it will redeploy globally by 2015
S$1 billion capital to invest in Asia and Europe, open at least 12
properties and secure 12 more new management contracts and
investments. To create more value for customers, Ascott will also
PAGE
continue to refurbish its properties, enhance its operating systems

61
and expand its talent pool.

CapitaLand’s competitive edge is the ability to integrate leisure,
CapitaLand’s competitive entertainment and conventions themes with homes, offices,
edge is the ability to shopping malls and serviced residences.
integrate leisure,
entertainment and GROWING THE RAFFLES CITY SIGNATURE BRAND
conventions themes The ‘Raffles City’ brand is synonymous with architecturally-
with homes, offices, outstanding landmark developments which offer an exciting
shopping malls and integrated living, working and retail experience. CapitaLand
serviced residences has seven ‘Raffles City’ branded developments in its portfolio
across China and one in Singapore. The first, Raffles City
Singapore, is an iconic landmark which still attracts thousands
of visitors daily.
In 2010, CapitaLand announced plans for two more ‘Raffles

City’ developments in China. Raffles City Changning –
Shanghai’s second Raffles City – will comprise a Grade A office
tower and a shopping mall, and is centrally located in Changning
District, near the Hongqiao Transportation Hub. Raffles City
Shenzhen, strategically located in the Nanshan commercial
district, will comprise a Grade A office tower, a shopping mall
and a serviced residencey.
CAPITALAND
INTEGRATED
DEVELOPMENTS
RAFFLES CITY SHENZHEN
CHINA
CAPITALAND LIMITED
PAGE
62
INTEGRATED LIFESTYLE DESTINATIONS
In Singapore, ION Orchard remains the ‘must visit’ shopping
destination on Orchard Road while The Orchard Residences
BUSINESS REVIEW
– a luxury residential condominium above the mall – obtained
Temporary Occupation Permit. CapitaLand secured a strategic
site in the Bedok Town Centre where it will build an integrated
development comprising about 500 apartments above a one-
stop family shopping mall. It will provide a new and dynamic
residential and shopping destination in the heart of the Bedok
transportation hub.
CAPITALAND INTEGRATED DEVELOPMENTS

In the United Arab Emirates, the five towers of Rihan Heights
CapitaLand seeks to
– the first phase of the landmark Arzanah project in Abu Dhabi
– reached their final heights in November, and are on track to
expand its Raffles City
welcome homeowners in 2011. franchise into other
countries, including
LOOKING AHEAD Vietnam and Malaysia
CapitaLand will seek to expand its strong Raffles City franchise
into other countries, including Vietnam and Malaysia.
1 2 3
4 5 6
1 LIM MING YAN 4 LIM BENG CHEE

CEO CEO
THE ASCOTT LIMITED CAPITAMALLS ASIA LIMITED
2 WONG HEANG FINE 5 LYNETTE LEONG

CEO CEO
CAPITALAND RESIDENTIAL SINGAPORE CAPITACOMMERCIAL TRUST
PTE LTD MANAGEMENT LIMITED
CEO
CAPITALAND ILEC PTE. LTD. 6 SIMON HO
CEO
3 JASON LEOW CAPITAMALL TRUST
CEO MANAGEMENT LIMITED
ANNUAL REPORT 2010
63PAGE
CAPITAVALUE
HOMES
BEAU RIVAGE
HO CHI MINH CITY
VIETNAM
Over the years, CapitaLand has built a strong track record as

a reputable international real estate developer in Vietnam.
Today, Vietnam is a core market for CapitaLand given its strong
economic growth and rapid urbanisation as well as a huge and
young population. Currently, CapitaLand’s presence is in Hanoi,
Ho Chi Minh City, Hai Phong and Danang, in the residential
and serviced residence sectors.
OVER
4,000
PRIME RESIDENTIAL UNITS
BUILDING RESIDENTIAL PORTFOLIO
CAPITALAND LIMITED
In 2010, CapitaLand signed an agreement with Hoang Thanh,

Total portfolio of over a leading local real estate company, to jointly develop 960
apartments on a 14,000-square-metre prime residential site in
4,000 prime residential
Ha Dong District in Hanoi. This brings the portfolio of prime
units across four projects
residential units to over 4,000 across four projects in Ho Chi
in Ho Chi Minh City Minh City and Hanoi.
and Hanoi
CapitaLand established a US$200 million joint venture fund
with Mitsubishi Estate Asia and GIC Real Estate to invest in
residential developments in Ho Chi Minh City and Hanoi. As
the lead shareholder, it will inject a pipeline of projects into
the joint venture fund and spearhead the marketing and project
PAGE
development functions.
64
1 2 3
BUSINESS REVIEW
4 5 6
7 8 9
CAPITAVALUE HOMES
1 CHEN LIAN PANG 6 YOONG VOON SIN
CEO GENERAL MANAGER, CENTRAL CHINA
CAPITAVALUE HOMES LIMITED CAPITAVALUE HOMES LIMITED
2 YIP HOONG MUN 7 LIM WIE SHAN

DEPUTY CEO, VIETNAM GENERAL MANAGER, SOUTH VIETNAM
3 LEOW SIEW BENG 8 TAN MING CHIAN

CHIEF CORPORATE OFFICER GENERAL MANAGER, NORTH VIETNAM
4 POON HIN KONG 9 LIM HUA TIONG

CHIEF OF DESIGN MANAGEMENT VICE PRESIDENT, FINANCE
5 QIAN YI QI
MANAGING DIRECTOR, CHINA
CAPITAVALUE HOMES LIMITED
BUILDING AFFORDABLE HOMES

Leveraging on its track records in China and Vietnam, CapitaLand
established CapitaValue Homes, a new business unit to focus on Leveraging on its track
the affordable housing segment in Asia. CapitaValue Homes aims records in China and
to build well-designed homes targeted at mass market first-time Vietnam, CapitaLand
homebuyers whose mortgage capacity to purchase homes are established CapitaValue
pegged to no more than 40% of the household income level in Homes to focus on the
a particular city. affordable housing
segment in Asia
ANNUAL REPORT 2010
CapitaValue Homes has an initial pipeline of over 2,500 affordable

homes. It will develop approximately 500 homes on a 9,000-
square-metre site located in District 9 of Ho Chi Minh City, Vietnam.
The project is targeted to be launch-ready by early 2012. Its other
maiden project is a site estimated to yield over 2,000 homes in OVER
Wuhan, China. 2,500
AFFORDABLE HOMES
LOOKING AHEAD
CapitaLand remains confident of the outlook for Vietnam. In the Initial pipeline of over
next three to five years, the Group will also explore opportunities 2,500 affordable homes
in other real estate sectors and grow its total assets in Vietnam
from the current S$400 million to S$2 billion. For CapitaValue
PAGE
Homes, it targets to build 10,000 to 15,000 affordable homes

65
annually in the next three to five years.

OVER CapitaLand is one of Asia’s leading real estate fund managers. It
S$30b has established a strong track record in originating, structuring
and managing real estate funds and financial products.
The Group’s financial
The Group has originated a portfolio of six REITs and 21 real
services business
estate private equity funds, of which four private equity funds
has Assets Under
have successfully matured. As at end-2010, the Group’s financial
Management of services business has Assets Under Management (AUM) of
over S$30 billion over S$30 billion.
STRONG FUND MANAGEMENT CAPABILITIES

In 2010, the Group listed its sixth REIT, CapitaMalls Malaysia
Trust, the largest “pure-play” shopping mall REIT in Malaysia.
CapitaLand closed two joint venture funds, one investing in
residential developments in Vietnam and the other to develop
Raffles City Changning in Shanghai, China. In addition,
CapitaLand upsized Raffles City China Fund from US$1 billion
to US$1.18 billion and increased the fund’s portfolio of properties
S$91.3m to five Raffles City integrated developments in China by injecting
Raffles City Ningbo into the fund.
All REITs under
CapitaLand’s
GROWING OUR REITS
management achieved All REITs under CapitaLand’s management achieved strong
strong growth and growth and contributed a total of S$91.3 million in management
contributed a total fees to the Group in 2010, an increase of 35%. The REIT managers
of S$91.3 million in continued to enhance their portfolios through acquisitions,
management fees to asset enhancements, proactive leasing strategies and
the Group portfolio reconstitution.
CAPITALAND
FINANCIAL
SERVICES
RAFFLES CITY NINGBO
CHINA
CAPITALAND LIMITED
PAGE
66
Ascott Residence Trust acquired 28 properties in Asia and
Europe, almost doubling its portfolio value from S$1.56 billion
in 2009 to S$2.71 billion in 2010. Ascott Residence Trust also
S$2.71b
BUSINESS REVIEW
divested two properties - Ascott Beijing in China and Country
Woods Jakarta in Indonesia, achieving sale proceeds of
S$227.0 million and net gain of S$103.9 milion. Ascott Residence Trust
acquired 28 properties in
CapitaMall Trust, Singapore’s largest REIT by asset size and Asia and Europe, almost
market capitalisation, acquired Clarke Quay, bringing its portfolio doubling its portfolio
to 15 strategically located malls in the suburban areas and value from S$1.56 billion
Downtown Core. to S$2.71 billion
CAPITALAND FINANCIAL SERVICES

CapitaCommercial Trust, Singapore’s first listed commercial REIT,
unlocked approximately S$578.1 million from divesting two
non-Grade A office properties, Robinson Point and Starhub Centre.
On the asset enhancement front, CapitaLand REITs continued to

improve the asset productivity by carrying out enhancement works
in Raffles City Singapore, JCube and Six Battery Road in Singapore
as well as Saihan Mall in Inner Mongolia, China. REVENUE (S$m) EBIT (S$m)
200 120
162 98
103
FINANCIAL PRODUCTS 150 90
116
During the year, CapitaLand Financial Limited originated four 100 60
mezzanine financing and credit enhancement deals.
50 30
0 0
LOOKING AHEAD FY2009 FY2010 FY2009 FY2010
CapitaLand will continue to grow its AUM through accretive Revenue declined 28% as certain
fund management companies
acquisitions, asset enhancements and to explore opportunities were transferred to CMA. EBIT,
to originate new funds and financial products in Singapore, however, was up 5% on better
operating performance and higher
China, Vietnam and Malaysia. portfolio gains.
1 2 3
4 5 6 7
ANNUAL REPORT 2010
1 WEN KHAI MENG 5 LYNETTE LEONG

CEO CEO
CAPITALAND FINANCIAL LIMITED CAPITACOMMERCIAL TRUST
MANAGEMENT LIMITED
2 ANG SIEW YAN
DEPUTY CEO 6 CHONG KEE HIONG
CAPITALAND FINANCIAL LIMITED CEO
ASCOTT RESIDENCE TRUST
3 JOHN PANG MANAGEMENT LIMITED
MANAGING DIRECTOR
CAPITALAND FINANCIAL LIMITED 7 CHAN SAY YEONG
CEO
4 CHAN LEE FONG QUILL CAPITA MANAGEMENT SDN. BHD.
HEAD, FINANCE & CORPORATE SERVICES
CAPITALAND FINANCIAL LIMITED
67PAGE
1 2 3
4 5 6 7
1 BOB JOHNSTON 5 MICHAEL NEWSOM

MANAGING DIRECTOR AND CEO GENERAL COUNSEL
AUSTRALAND PROPERTY GROUP AUSTRALAND PROPERTY GROUP
2 SEAN MCMAHON 6 BEV BOOKER

EXECUTIVE GENERAL MANAGER, COMPANY SECRETARY
COMMERCIAL & INDUSTRIAL AUSTRALAND PROPERTY GROUP
AUSTRALAND PROPERTY GROUP
7 CHRIS WARRELL
3 ROD FEHRING EXECUTIVE GENERAL MANAGER,
EXECUTIVE GENERAL MANAGER, HUMAN RESOURCES
RESIDENTIAL AUSTRALAND PROPERTY GROUP
4 KIERAN PRYKE
CHIEF FINANCIAL OFFICER
CapitaLand’s listed subsidiary Australand remains one of Australia’s

A$128m major diversified property groups with activities throughout
Australia including the development of residential land, housing
Achieved a solid
and apartments and the development and ownership of income
operating result of
producing commercial and industrial properties.
A$128 million,
up 6% on 2009 STRONG OPERATIONAL PERFORMANCE
Australand achieved a solid operating result of A$128 million
(S$162 million), up 6% on 2009. The Group’s statutory result for
the full year was a profit of A$166 million (S$210 million). The
full year result reflects the resilience of the Group’s high quality
investment portfolio and the emerging recovery of the
development businesses.
CAPITALAND LIMITED
Australand’s Residential division achieved 1,544 lot sales valued

at A$538 million (S$682 million), during 2010. Australand’s
core expertise in land and medium density developments and
its ability to deliver affordable homes remains a competitive
advantage. With a record level of sales contracts on hand at
the end of 2010 and the commencement of several new projects,
A$2.1b the outlook for the residential division remains positive.
High quality investment Australand’s high quality investment portfolio was valued
portfolio valued at at A$2.1 billion (S$2.7 billion) as at December 31, 2010.
PAGE
A$2.1 billion as at Portfolio metrics remain very strong with occupancy of 98%
68
December 31, 2010 and a weighted average lease expiry profile of 5.0 years.
AUSTRALAND
BUSINESS REVIEW
PROPERTY GROUP
WARRIEWOOD, THE SANDS
SYDNEY
AUSTRALIA

At year end, the Group’s internal office and industrial
development pipeline comprised 11 projects with an end
value of A$430 million (S$545 million).
In December 2010, Australand was included in the

S&P/ASX 200 A-REIT and S&P/ASX 300 A-REIT Indices
representing a significant milestone for the Group and
New Australand logo
reflecting the strategic direction of the business.
launched on
In 2010 Australand focused on rebuilding a platform to support 15 March 2011
the future growth and sustainability of its business. This
includes an investment in new information systems, staff
development, and a comprehensive brand refreshment
ANNUAL REPORT 2010
programme which has now been launched.
OUTLOOK REVENUE (S$m) EBIT (S$m)
The Australian economy continues to outperform most other 1000

880
450
312
developed economies and its outlook remains favourable 800 733 300
150
given its leverage to the growing Asia region. Strong 600
0
-241
400
employment conditions and improving consumer confidence
200 -150
combined with Australand’s competitive positioning in each
0 -300
of the sectors in which it operates provide reason for Australand FY2009 FY2010 FY2009 FY2010
to be optimistic. Revenue up 20% on higher sales

from development projects and
rental income. EBIT turned around
PAGE
Australand has a clear growth strategy and earnings momentum to S$312 million on improved
operating performance, fair value
69
which positions it well to deliver continued growth. gains and absence of impairment.
HUMAN
RESOURCE
CapitaLand recognises the importance of managing and

developing human capital. Its credo of “Building People to
Build for People” means developing them to reach their
maximum potential, aligning their personal goals with the
company’s objectives, and creating a work environment
for them to contribute positively. This is the Group’s
integrated human capital strategy to recruit, develop and
Identifies talents both motivate employees.
internally and from a wide
TALENT MANAGEMENT
spectrum of sources
CapitaLand identifies talents both internally and externally
externally to build talent to build its talent pipeline to support its growth strategy,
pipeline and bench build its bench strength and facilitate succession planning.
CAPITALAND LIMITED
strength for growth and These include undergraduates, fresh graduates, young and
succession planning mid-career professionals as well as industry veterans.
CapitaLand recruited talents through its network and

collaborations with Singapore and overseas universities.
CapitaLand also invested in future leaders through
scholarship programs such as the CapitaLand–BCA
Scholarship, CapitaLand-NUS-USP Scholarship and
CapitaLand International Scholarship.
During the year, CapitaLand continued its focus in training and

PAGE
development programs to further equip employees for the

70
changing business environment particularly in this period of

Real estate skill sets training by
CapitaLand Group President &
CEO Liew Mun Leong
BUSINESS REVIEW
Since formation in 2006,
HUMAN RESOURCE
CapitaLand Institute of
Management and
Business (CLIMB) has
provided training for
5,750 employees
economy recovery from the global financial crisis. Launched

in 2006, the CapitaLand Institute of Management and Business
(CLIMB) has provided training for 5,750 employees from various
countries. Ascott Centre for Excellence (ACE), Ascott’s global
hospitality training centre in Singapore, has trained over
1,400 people for the hotel and accommodation services
sector. CapitaLand’s successful ICE (Innovation, Creativity,
Entrepreneurship) programs continued to inspire its diversified
employee base. To date, over 1,100 employees have contributed
and shared ideas at 27 ICE camps and related activities held
in various countries.
COMPETITIVE COMPENSATION & BENEFITS

ANNUAL REPORT 2010
CapitaLand motivates and rewards employees with

comprehensive and competitive compensation and
benefits programmes. Incentives include short-term cash
bonuses and long-term equity-based reward plans. The
performance-based Restricted Share Plan is an attractive
long-term incentive to employees which gives them a personal
stake in the company, contingent on achieving performance
targets. This better aligns employee and shareholder interests
to deliver business results. Regular benchmarking against
relevant markets as well as innovation in compensation
strategies ensure CapitaLand remains competitive and continues
PAGE
to attract and retain talent.

71
CORPORATE SOCIAL
RESPONSIBILITY
Underprivileged children from China

visiting the Australia Pavilion at the
Shanghai World Expo 2010 as part of
the Hand in Hand 20.10 programme
CapitaLand is committed to be a good corporate citizen.

The Group aims to contribute to the societies within which
it operates and promote sustainable growth for future
generations. Its efforts focus on the environment, philanthropy
and the community.
In 2010, CapitaLand was recognised as a corporate sustainability

Listed in Dow Jones leader by retaining the listing in the Dow Jones Sustainability
Asia Pacific Sustainability Asia Pacific Index for the third year running. It was also highlighted
Index 3 years in a row as a sustainability leader in the Asian Sustainability Rating (ASR™)
2010. The Group clinched the prestigious Building and Construction
Authority Green Mark Platinum award for its Six Battery Road
office building, a first for an operating office building in Singapore.
CapitaLand published its first Sustainability Report

providing comprehensive details of the Group’s corporate
governance, environmental, human capital development
and philanthropic initiatives.
CapitaLand staff plays an active role in all the Group’s corporate

social responsibility programmes, participating in community
outreach activities and volunteer expeditions. In 2010,
CapitaLand staff in Singapore volunteered over 2,400 hours
in various philanthropic activities.
PHILANTHROPY
S$10m Every year, CapitaLand allocates up to 0.5% of its net profit to
CapitaLand Hope Foundation (CHF), its philanthropic arm, to
CAPITALAND LIMITED
Donated close to
support programmes for the shelter, education and healthcare
S$10 million to aid
needs of underprivileged children. In 2010, CHF celebrated its
underprivileged
5th anniversary with close to S$10 million donated since 2005.
children since 2005
Its donation of S$500,000 to President’s Challenge 2010 was
largely due to the charity sales of the book “Building People:
Sunday Emails from a CEO Volume 2” by Mr Liew Mun Leong,
President and CEO, CapitaLand Group.
CapitaLand launched the “Hand in Hand 20.10” campaign,

bringing 2,010 underprivileged children from all over China to
PAGE
visit the Shanghai World Expo 2010, with the aim of inspiring
72
them to work towards a better life. In recognition of its efforts,

BUSINESS REVIEW
CapitaLand Hope Foundation board and
management with our property tenants
and beneficiaries at the Green for Hope
CORPORATE SOCIAL RESPONSIBILITY

@ CapitaLand Launch Ceremony
CapitaLand China was awarded “China Best Corporate Citizen”

award for the third year running, by the China Committee of
Corporate Citizenship and CCTV2.
CHF established the CapitaLand Kids’ Food Fund programme,

donating S$525,000 to provide nutritious food for over 11,000
underprivileged children in Singapore, China, Philippines
and Thailand.
It funded CapitaMalls Asia’s My Schoolbag programme with

S$300,000 to provide 11,000 underprivileged children in China
and Singapore with basic school supplies and daily necessities.
Achieved ISO 14000
ENVIRONMENT and OHSAS 18000
Environmental sustainability and occupational health and certification for its
safety are of paramount importance to CapitaLand. It obtained environmental, health
ISO14000 and OHSAS18000 certifications for its environmental, and safety management
health and safety (EHS) management system in China, Vietnam, system in Singapore,
Malaysia and Japan, in addition to the certification achieved China, Vietnam,
previously for Singapore. This makes CapitaLand one of the Malaysia and Japan
most extensively certified real estate companies in Asia.
Through its Building a Greener Future programme, CapitaLand

encourages staff, tenants and the community to play their role in
protecting the environment. In conjunction with Earth Hour 2010,
a climate change initiative by WWF, CapitaLand turned off the
façade lights of around 190 of its properties worldwide for 10 hours.
CapitaLand Green for Hope @ Primary Schools programme

is into its third year and continued to receive overwhelming
response. With this success, CapitaLand initiated the
Green for Hope @ CapitaLand programme to its properties
ANNUAL REPORT 2010
in Singapore. Over 1,368,550kg of recyclable waste was

collected, earning a total donation of over S$1.3 million,
benefitting the underprivileged students from the 170
participating primary schools and 10 children charities.
COMMUNITY
CapitaLand believes in promoting an understanding of the
cultures between Singapore and overseas communities. It was
a Supporting Partner of the Singapore Pavilion at the Shanghai
World Expo 2010. CapitaLand is the Presenting Sponsor and
Conservation Donor of the pair of giant panda cubs Singapore
PAGE
will receive from China by 2012, further strengthening the

73
strong relationship between the two countries.

CORPORATE
DIRECTORY
BOARD OF DIRECTORS NOMINATING COMMITTEE AUDITORS
Dr Hu Tsu Tau Peter Seah Lim Huat KPMG LLP
Chairman (Chairman) 16 Raffles Quay
Liew Mun Leong #22-00 Hong Leong Building
Peter Seah Lim Huat Arfat Pannir Selvam Singapore 048581
Deputy Chairman John Powell Morschel Telephone: +65 6213 2008
Simon Claude Israel Facsimile: +65 6225 4142
Liew Mun Leong (Engagement Partner
President & CEO FINANCE AND BUDGET since financial year ended
COMMITTEE 31 December 2010:
in order of date of Peter Seah Lim Huat Leong Kok Keong)
appointment: (Chairman)
Liew Mun Leong PRINCIPAL BANKERS
Jackson Peter Tai Jackson Peter Tai • Australia and New Zealand
Richard Edward Hale Professor Kenneth Stuart Courtis Banking Group Limited
James Koh Cher Siang Olivier Lim Tse Ghow • Bank of China
Arfat Pannir Selvam • BNP Paribas
Professor Kenneth Stuart Courtis CORPORATE DISCLOSURE • China Merchant Bank
Dr Fu Yuning COMMITTEE • CIMB Bank Berhad
John Powell Morschel James Koh Cher Siang • Commonwealth Bank
Ng Kee Choe (Chairman) of Australia
Simon Claude Israel Liew Mun Leong • Credit Agricole Corporate
Arfat Pannir Selvam and Investment Bank
COMPANY SECRETARY • DBS Bank Ltd
Low Sai Choy RISK COMMITTEE • Hang Seng Bank Limited
James Koh Cher Siang • Industrial and Commercial
ASSISTANT COMPANY (Chairman) Bank of China Limited
SECRETARY Richard Edward Hale • Malayan Banking Berhad
Ng Chooi Peng Arfat Pannir Selvam • Mizuho Corporate Bank, Ltd.
• National Australia Bank
AUDIT COMMITTEE REGISTERED ADDRESS Limited
Richard Edward Hale 168 Robinson Road • Oversea-Chinese Banking
(Chairman) #30-01 Capital Tower Corporation Limited
James Koh Cher Siang Singapore 068912 • Standard Chartered Bank
Arfat Pannir Selvam Telephone: +65 6823 3200 • Sumitomo Mitsui Banking
Facsimile: +65 6820 2202 Corporation
INVESTMENT COMMITTEE • The Bank of Tokyo–
Dr Hu Tsu Tau SHARE REGISTRAR Mitsubishi UFJ, Ltd
(Chairman) M & C Services Private Limited • The Hongkong and
Liew Mun Leong 138 Robinson Road Shanghai Banking
CAPITALAND LIMITED
Jackson Peter Tai #17-00 The Corporate Office Corporation Limited

Professor Kenneth Stuart Courtis Singapore 068906 • United Overseas Bank
Simon Claude Israel Telephone: +65 6227 6660 Limited
Olivier Lim Tse Ghow Facsimile: +65 6225 1452 • Westpac Banking
Corporation
EXECUTIVE RESOURCE
AND COMPENSATION
COMMITTEE
Peter Seah Lim Huat
(Chairman)
Ng Kee Choe
PAGE
Simon Claude Israel

74
FINANCIAL
CALENDAR
INVESTOR RESOURCE
FINANCIAL YEAR ENDED 31 DECEMBER 2010
Announcement of First Quarter Results 16 April 2010
Announcement of Second Quarter Results 4 August 2010
Announcement of Third Quarter Results 29 October 2010
Announcement of Full Year Results 22 February 2011
Annual General Meeting 25 April 2011
Books Closing (Record Date) 5.00 p.m. on 11 May 2011
FINANCIAL CALENDAR
Books Closure 12 May 2011
Proposed Payment of 2010 Final Dividend 26 May 2011
FINANCIAL YEAR ENDING 31 DECEMBER 2011
Proposed Announcement of First Quarter Results April 2011
Proposed Announcement of Second Quarter Results August 2011
Proposed Announcement of Third Quarter Results October 2011
Proposed Announcement of Full Year Results February 2012
ANNUAL REPORT 2010

PAGE
75
10-YEAR SHARE
PRICE PERFORMANCE
Benchmark
Index
450
400
350
300
250
200
150
100
CAPITALAND LIMITED
50
0
Dec 02
Dec 03
Dec 04
Dec 05
Dec 06
Dec 07
Dec 08
Jun 09
Jun 10
Jun 02
Jun 03
Jun 04
Jun 05
Jun 06
Jun 07
Jun 08
Dec 01
Jun 01
Jun 00
Dec 00
Dec 09
Dec 10
CapitaLand Share Price

MSCI AC Asia Pacific ex-Japan Industrials Index
PAGE
76
Straits Times Index

YEAR
IN BRIEF
INVESTOR RESOURCE
The Paragon, Shanghai, China – one of the projects secured
through the OODL acquisition
YEAR IN BRIEF
JANUARY CapitaMalls Asia acquired Meili project,
CapitaLand signed an agreement with Hoang comprising retail and residential in Chengdu,
Thanh Investment and Infrastructure China for RMB459.9 million (S$94.6 million).
Development Joint Stock Company to jointly
develop a 14,000-square-metre residential site CapitaMalls Asia monetised Clarke Quay,
in Ha Dong District in Mo Lao New Urban Area, Singapore’s premier lifestyle and entertainment
Hanoi, Vietnam. The signing ceremony was precinct, to CapitaMall Trust for S$268.0 million.
witnessed by Singapore Prime Minister Lee
Hsien Loong and Vietnam Prime Minister MARCH
Nguyen Tan Dung in Hanoi. CapitaMalls Asia acquired Tianfu integrated
development, comprising a shopping mall,
CapitaLand’s Urban Suites condominium was residential and office towers in Chengdu, China
launched and saw strong sales. The high-end for RMB554.2 million (S$114.0 million).
development in the Cairnhill area in
Singapore’s prime Orchard Road shopping CapitaMalls Asia opened Anyang Mall in
district has a total of 165 apartments. Anyang, China.
CapitaLand held a groundbreaking ceremony Ascott entered Vietnam’s fourth largest city,
for a residential development located in Danang, through securing a contract to manage
Jinshazhou, in the heart of the Guangzhou- the 121-unit Somerset Danang Bay.
Foshan Metropolis Circle. The project will
comprise about 2,800 units. APRIL
ANNUAL REPORT 2010
CapitaLand started phase two sales of

FEBRUARY The Interlace. Set amidst a natural verdant
Phase one of Beaufort, a high-end residential green belt at the Southern Ridges of Singapore,
project in Beijing, was launched to strong buyer the 1,040-unit condominium features 31
response. When completed, Beaufort will have apartment blocks stacked in a hexagonal
four residential blocks with about 1,000 high- arrangement to form eight large-scale courtyards.
end apartments.
The show homes of Rihan Heights, the first
CapitaLand completed the US$2.2 billion phase of Arzanah in Abu Dhabi, were unveiled
(S$3.1 billion) acquisition of Orient Overseas to the public. Arzanah is a 1.4 million-square-
Developments Limited (OODL). The portfolio metre integrated development developed by
PAGE
comprises seven prime sites in Shanghai, Capitala, a joint venture between CapitaLand
77
Kunshan and Tianjin. and Mubadala Development Company.

YEAR
IN BRIEF
Liew Mun Leong, President & CEO of CapitaLand Group,

introducing underprivileged children participating in the
“Hand in Hand 20.10” campaign launch at the Singapore Pavilion,
Shanghai World Expo 2010, to Singapore Minister Mentor
Lee Kuan Yew
CapitaMalls Asia opened Cuiwei Mall in being conferred the Green Mark Platinum Award
Beijing, China. by the Building and Construction Authority.
Raffles City China Fund raised an additional JUNE

US$180 million (S$252 million) in committed CapitaLand and its partners celebrated the
capital, increasing the fund’s capital to topping-out for its first residential project in
US$1.18 billion (S$1.65 billion). CapitaLand Vietnam, The Vista, Ho Chi Minh City.
has a 45.6% effective interest in the fund.
The Metropolis, a condominium located in
CapitaLand divested Raffles City Ningbo to Kunshan City, west of Shanghai, was launched
the Raffles City China Fund for approximately to good buyer response. The Metropolis is the
US$125 million (S$175 million), in line with first project from the OODL portfolio to be
its strategy to hold its Raffles City integrated released for sale.
developments in China through the fund.
CapitaMalls Asia opened Aidemengdun Mall
MAY in Harbin, China.
Private previews started for the 64-unit
Urban Resort Condominium, located in the JULY
Cairnhill area in Singapore’s Orchard Road Ascott opened its first Citadines-branded
shopping district. property in Australia, the 380-unit Citadines
on Bourke Melbourne.
Plans for Raffles City Shenzhen were
announced. This is CapitaLand’s sixth Raffles The Seafront on Meyer, a 327-unit
City integrated development in China. Located condominium in Singapore which enjoys
in the commercial district of Shenzhen City’s panoramic views of the sea and city skyline,
Nanshan District, Raffles City Shenzhen will achieved Temporary Occupation Permit.
comprise a Grade A office tower, a shopping
CAPITALAND LIMITED
mall and a serviced residence. Mr Wong Heang Fine assumed the CEO
position at CapitaLand Residential Singapore.
CapitaLand launched its ‘Hand in Hand 20.10’
campaign, bringing 2,010 underprivileged CapitaLand divested its entire 50% stake in
children across China, including CapitaLand Sichuan Zhixin CapitaLand Co., Ltd for a net
Hope School students, to visit the Shanghai gain of approximately S$33 million, in line
World Expo 2010. The campaign also marked with its ongoing strategy of capital productivity.
the 20th anniversary of diplomatic relations
between Singapore and China, and CapitaMalls Asia successfully listed CapitaMalls
CapitaLand’s 10th anniversary. Malaysia Trust (CMMT), Malaysia’s largest
“pure-play” shopping mall REIT by market
PAGE
Six Battery Road was the first operating office capitalisation and property value, on the Main
78
building in Singapore’s Central Business District Market of the Bursa Securities, Malaysia.
INVESTOR RESOURCE
Ascott entered Bali in Indonesia through Mr Lim Swee Say, Minister in the Prime
securing a contract to manage the 174-unit Minister’s Office of Singapore, officiated the
Citadines Kuta Bali. grand opening of Ascott’s first property in
Chengdu, China – the 200-unit Somerset
CapitaLand invested in a 62% stake in the joint Riverview Chengdu.
venture with Hersing Corporation Ltd to acquire
the StorHub brand and four self-storage Latitude, a boutique freehold development in
properties in Singapore. Singapore with 127 elegant apartments,
achieved Temporary Occupation Permit.
AUGUST
Ascott announced its target to achieve 40,000 Ascott secured a contract to manage its first
apartment units globally by 2015 at the opening Ascott-branded property in Dubai, UAE – the
of the 278-unit Ascott Huai Hai Road Shanghai 118-unit Ascott Park Place Dubai.
YEAR IN BRIEF
in China.
OCTOBER
Ascott clinched contracts to manage four Ascott injected 28 quality stabilised assets in
more properties in China – the 160-unit Europe and Asia into Ascott Reit with divestment
Ascott Raffles City Ningbo; 151-unit Ascott proceeds of S$974 million. This move gave
Raffles City Hangzhou; 178-unit Ascott Suzhou; Ascott financial capacity to capture new growth
and 314-unit Ascott Guangzhou IFC. opportunities and has transformed Ascott Reit
into a larger and stronger platform which
Ascott announced it would convert the 51-unit complements Ascott’s global growth strategy.
Citadines Louvre Paris into Ascott Louvre Paris,
the company’s first Ascott-branded property Nearly 200 units built under the first phase of
in France. CapitaLand China’s The Loft residential project
in Chengdu were successfully handed over
Riverside Ville, located in Chancheng District to buyers.
in Foshan, China, was awarded the Green
Mark Award by Singapore’s Building and CapitaLand organised an Investor Day specially
Construction Authority. It is the first project in for its retail shareholders to celebrate its
South China to win the award. 10th Anniversary. A total of 1,500 retail investors
were present to listen to presentations made
CapitaLand raised S$350 million through by top and senior management.
a 10-year, Singapore-dollar bond with a
coupon rate of 4.3%. CapitaValue Homes, a new strategic business
unit, was formed to meet the demand for
CapitaMalls Asia raised S$350 million affordable homes in Asia.
through 3.95% unrated fixed rate notes
under a S$2 billion Euro-Medium Term CapitaValue Homes entered into a Co-operative
Note Programme. Agreement with the Caidian District Government
ANNUAL REPORT 2010
as well as an Investment Framework

CapitaLand China launched The Pinnacle, a Agreement with a Chinese state owned
residential development located in the heart enterprise to invest in a site in Wuhan, China,
of Pudong District, Shanghai. to build more than 2,000 affordable homes.
SEPTEMBER CapitaValue Homes signed a Conditional

A joint venture between CapitaLand and Agreement with No Va Land Investment Group
CapitaMalls Asia submitted the winning bid Corporation to jointly develop a residential site
for a prime site in Singapore’s Bedok Town in District 9, Ho Chi Minh City, Vietnam, to provide
Centre. The integrated development will approximately 500 affordable homes. The
comprise approximately 500 condominium signing ceremony was witnessed by Singapore
PAGE
units above a shopping mall. Prime Minister Lee Hsien Loong and Vietnam
79
Prime Minister Nguyen Tan Dung in Hanoi.

YEAR
IN BRIEF
Celebrating CapitaLand’s transformation in a decade

with the launch of the commemorative book
“10 Years: Building People” by CapitaLand senior
management at the CapitaLand Investor Day 2010.
NOVEMBER DECEMBER
The five towers of Rihan Heights reached their d’Leedon received strong buyer interest during
final heights, and a topping-out ceremony was preview sales to former owners of Farrer Court
held to mark this significant construction and an initial launch. The project’s seven 36-
milestone. The residential project in Abu Dhabi storey residential towers will offer breathtaking
is on schedule to be handed over to views of Singapore’s skyline and large
homebuyers in 2011. expanses of greenery.
CapitaLand sold its entire 49% stake in Runwal Ascott opened its first Citadines-branded
CapitaLand India Private Limited which owned property in Indonesia, the 135-unit Citadines
The Orchard Residency in Mumbai, India, Quartier Jakarta.
at a cash consideration of INR1.02 billion
(approximately S$30 million). The divestment CapitaLand entered into four sale and purchase
enabled early recycling of capital ahead of the agreements to divest its 163 strata-titled units
project completion. in The Adelphi for a total consideration of
S$218.1 million to recycle capital.
CapitaLand established a US$200 million joint
venture fund with Mitsubishi Estate Asia and Phase two of Beaufort in Beijing was launched
GIC Real Estate to invest in residential to strong response. Homebuyers had a choice
developments in Vietnam. of 220 units, comprising studios, one- and
two-bedroom apartments.
CapitaLand and its partners unveiled d’Leedon,
a 1,715-unit condominium on the site of the CapitaMalls Asia acquired Queensbay Mall
former Farrer Court. The iconic project in in Penang, Malaysia for RM651.8 million
CAPITALAND LIMITED
Singapore is designed by internationally- (S$272.8 million).

renowned Pritzker Architecture Prize winner
Zaha Hadid. CapitaMalls Asia opened Jinshui Mall in
Zhengzhou, China.
CapitaMalls Asia acquired 66.0% interest in a
prime shopping mall and office development CapitaLand China announced plans to build
in Luwan district, Shanghai, China for its second Raffles City integrated development
RMB3.9 billion (S$747.2 million). The entire in Shanghai. Located in Shanghai’s Changning
development is expected to be completed District, near the Hongqiao Transportation
by 2015. Hub, Raffles City Changning will comprise a
Grade A office tower and a shopping mall.
PAGE
CapitaMalls Asia opened Xinxiang Mall in CapitaLand closed a joint venture fund to
80
Xinxiang, China. develop Raffles City Changning.

CORPORATE
GOVERNANCE
INVESTOR RESOURCE
REPORT FOR THE PERIOD FROM 1 JANUARY 2010 TO 31 DECEMBER 2010
CapitaLand observes high standards of To assist the Board in the discharge of its
corporate conduct in line with the Principles oversight functions, various Board Committees,
of the Code of Corporate Governance 2005 namely Audit Committee (”AC”), Corporate
(the “Code”). We believe that each company Disclosure Committee (”CDC”), Executive
needs to develop and maintain sound and Resource and Compensation Committee
transparent policies and practices to meet (”ERCC”), Finance and Budget Committee
its specific business needs and to provide a (”FBC”), Investment Committee (”IC”),
solid foundation for a trusted and respected Nominating Committee (”NC”) and Risk
business enterprise. We remain focused on Committee (”RC”) have been constituted with
CORPORATE GOVERNANCE
the substance and spirit of the Principles of clear written Terms of Reference. Other Board
the Code while achieving operational Committees may be formed as dictated by
excellence and delivering the Group’s long business imperatives.
term strategic objectives.
Membership of the various Board Committees
This Report on our corporate governance is carefully managed to ensure an equitable
practices for financial year 2010 (”Report”) distribution of responsibility among Board
describes our application of good governance members, to maximise the effectiveness of
principles in building a company committed the Board and to foster active participation
to integrity, excellence and its people. The and contribution from Board members.
application is underpinned by sound systems Diversity of experience and appropriate skills
of internal controls and accountability, which are considered. CapitaLand has also taken
help to promote and drive long term steps to ensure that there are appropriate
sustainable growth and shareholder value. checks and balances between the different
Board Committees. Hence, membership of the
The following sections covering each of the FBC and IC being committees which are more
Principles outline our policies and practices. involved in key businesses or executive
decisions, and membership of the AC with its
(A) BOARD MATTERS supervisory role, are mutually exclusive.
Principle 1: Board’s Conduct of Affairs
CapitaLand is led by an effective Board The Board meets regularly to review the key
comprising a majority of independent non- activities and business strategies of the Group,
executive directors. Each director brings to the at least once every quarter, and as required
Board his skills, experience, insights and sound by business imperatives. The Board deliberates
judgement, which together with strategic strategic policies of the Group, including
networking relationships, serves to further the significant acquisitions and divestments,
interests of the Group. At all times, the directors approving the annual budget, reviewing the
are collectively and individually obliged to act performance of the Group’s businesses, and
in good faith and consider the best interests approving the release of the quarterly and
of CapitaLand. full-year results. The AC is delegated the
authority by the Board to review such results.
ANNUAL REPORT 2010
The key roles of our Board are to:

• guide the corporate strategy and directions A total of five Board meetings was held
of the Group; in 2010.
• ensure that Senior Management discharges
business leadership and the highest quality
of management skills with integrity and
enterprise; and
• oversee the proper conduct of the Group’s
business.
PAGE
81
CORPORATE
GOVERNANCE
A table of the Board members’ participation authority to the Boards and Management
in the various Board Committees is set out Committees of its various strategic business
on page 92 of this Report. This reflects each units (”SBU”) within strict limits. Apart from
Board member’s additional responsibilities convening four formal meetings of the IC in
and special focus in the respective 2010, the views of the IC and Board were
Board Committee. actively sought by the SBUs, and the approval
of the IC obtained where required.
A table showing the attendance record of
directors at Board and Board Committee Changes to regulations and accounting
meetings during the year is set out on page standards are monitored closely by
93 of this Report. We believe in the manifest Management. Where regulatory changes
contribution of our directors beyond attendance have an important bearing on CapitaLand’s
at formal Board and Board Committee or directors’ disclosure obligations, directors
meetings. CapitaLand’s directors are all are briefed during Board meetings or at
professionals with diverse experience able to specially-convened sessions conducted
provide effective guidance on the strategic by professionals.
direction of the Group’s businesses. To judge
a director’s contribution based on his Newly appointed directors are given briefings
attendance at formal meetings alone would by Management on the business activities of
not do justice to his overall contribution, which the Group and its strategic directions. Upon
includes being accessible to Management for appointment, each director is briefed and
guidance or exchange of views outside the provided with a formal letter setting out the
formal environment of Board meetings. director’s duties and obligations. Directors are
expected to exercise independent judgement
The Board has adopted a set of internal controls in the best interests of CapitaLand. Directors
which sets out approval limits for capital are also briefed and provided with relevant
expenditure, investments and divestments, information on CapitaLand’s policies and
bank borrowings and signature of cheques at procedures relating to corporate conduct and
Board level. Approval sublimits are also governance including disclosure of interests
provided at Management levels to facilitate in securities, prohibitions on dealings in
operational efficiency. CapitaLand’s securities, restrictions on
disclosure of price sensitive information and
The IC is chaired by Dr Hu Tsu Tau and the disclosure of interests relating to certain
comprises Mr Liew Mun Leong, Mr Jackson property transactions.
Peter Tai, Professor Kenneth Stuart Courtis,
Mr Simon Claude Israel (appointed on 1 July The directors are provided with opportunities
2010) and Mr Olivier Lim Tse Ghow, the Group for continuing education in areas such as
Chief Financial Officer (”Group CFO”). The IC directors’ duties and responsibilities, corporate
has been delegated the authority by the Board governance, changes in financial reporting
to approve the Group’s investments and standards, insider trading, changes in the
CAPITALAND LIMITED
divestments, participation in tenders and bids Companies Act and listing rules, and
and acceptance of credit facilities from financial industry-related matters, so as to update
institutions and banks. Since 2000, the Board them on matters that affect or may enhance
had approved the delegation of some of its their performance as Board or Board
Committee members.
PAGE
82
INVESTOR RESOURCE
Principle 2: Board Composition and Guidance amount of S$16,590 for consultancy services
The Board comprises 12 directors, with 11 non- rendered to a subsidiary of CapitaLand in
executive directors. the financial year 2010, the NC considers
both Professor Courtis and Mrs Selvam as
The non-executive Chairman Dr Hu Tsu Tau independent directors notwithstanding their
brings with him a wealth of experience both relationships with CapitaLand in respect of
in the Singapore Government (as a former Guidance Note 2.1(c) of the Code as the
Cabinet Minister) and in a major global amounts paid are not significant and they
company (as previous Chairman and Chief are able to exercise strong independent
Executive of the Shell Group of companies in judgement in their deliberations in the
Singapore). The sole executive director is Mr interests of CapitaLand.
Liew Mun Leong, who is also the President
and Chief Executive Officer (”CEO”). Principle 3: Chairman and
Chief Executive Officer
The directors are business leaders and To maintain effective supervision and
professionals with governmental, financial, accountability at each of the Board and
banking, tax, trading, real estate, transport and Management levels, the positions of Chairman
legal backgrounds. Profiles of the directors are and CEO are held by separate individuals.
provided on pages 18 to 25 of this Report.
The non-executive Chairman, Dr Hu Tsu Tau,
This composition of the Board enables is responsible for the Board and acts
Management to benefit from the directors’ independently in the best interests of
external, diverse and objective perspective CapitaLand and its shareholders, while the
on issues brought before the Board. It also President and CEO, Mr Liew Mun Leong,
enables the Board to interact and work with is responsible for the running of the
Management through a robust exchange of Group’s businesses.
ideas and views to help shape the strategic
process. This, together with a clear separation The Chairman ensures that the members of
of the role of the Chairman and the CEO, the Board and Management work together
provides a healthy professional relationship with integrity, competency and moral authority,
between the Board and Management with and that the Board constructively engages
clarity of roles and facilitates robust Management on strategy, business operations,
deliberations on the business activities enterprise risk and other plans.
of the Group.
The President and CEO is a Board member
The Board has established the NC which makes and has full executive responsibilities over
recommendations to the Board on all Board the business directions and operational
appointments and determines a director’s decisions of the Group. The President and
independence. The NC has determined that CEO, in consultation with the Chairman,
10 of the 11 non-executive directors on the schedules Board meetings and finalises the
ANNUAL REPORT 2010
Board were independent in the financial year preparation of the Board meeting agenda.
2010. Although Professor Kenneth Stuart He ensures the quality and timeliness of the
Courtis received payment of an amount of flow of information between Management and
US$2,016 for services rendered to CapitaLand the Board. He is also responsible for ensuring
as Economics Advisor and Mrs Arfat Pannir that CapitaLand complies with corporate
Selvam received payment of an aggregate governance guidelines.
PAGE
83
CORPORATE
GOVERNANCE
Principle 4: Board Membership The NC sources for candidates for appointment

Board renewal is a continual process, for good to the Boards of the Group, in particular,
governance and to maintain relevance to the candidates who would be able to add value to
changing needs of the Group’s businesses. Management through contributions of their
The President and CEO, as a Board member, skills, knowledge and experiences in the
is also subject to retirement and re-election by relevant strategic business areas.
shareholders as part of Board renewal. Election
of Board members is the prerogative and right CapitaLand’s Articles of Association require
of shareholders. one-third of its directors to retire and subject
themselves to re-election (”one-third rotation
The NC is chaired by Mr Peter Seah Lim Huat rule”) by shareholders at every Annual General
and comprises Mr Liew Mun Leong, Mrs Arfat Meeting (”AGM”). In other words, no director
Pannir Selvam, Mr John Powell Morschel stays in office for more than three years without
(appointed on 1 January 2011) and Mr Simon being re-elected by shareholders.
Claude Israel (appointed on 1 January 2011).
The President and CEO, as a Board member,
The majority of the NC members, including is also subject to the one-third rotation rule.
the Chairman, are independent This separates his role as President and CEO
non-executive directors. from his position as a Board member, and
enables shareholders to exercise their right to
The NC ensures that the Board and Board select all Board members.
Committees in the Group comprise individuals
who are best able to discharge their In addition, a new director appointed by the
responsibilities as directors having regard to Board will submit himself for retirement and
the law and the highest standards of corporate re-election at the AGM immediately following
governance. In performing its role, the NC is his appointment. Thereafter, he is subject to
guided by its Terms of Reference which sets the one-third rotation rule.
out its responsibilities. In particular, the NC
will: Directors who are above the age of 70 are also
• review and recommend candidates to be statutorily required to seek re-appointment at
CapitaLand’s nominees on the Board and each AGM.
Board Committees of listed companies
within the Group; The NC ensures that although some of
• review and recommend candidates to the our directors sit on the boards of various
Board and Board Committees of holding companies, they devote sufficient time and
companies of the SBUs; and attention to the affairs of CapitaLand.
• review CapitaLand’s corporate governance
practices, having regard to relevant local Principle 5: Board Performance
and international developments in the We believe that Board performance is
area of corporate governance (including ultimately reflected in the long term
CAPITALAND LIMITED
changes in applicable law, regulations and performance of the Group.

listing rules), and recommend changes to
the Board.
PAGE
84
INVESTOR RESOURCE
The financial indicators, set out in the Code papers being distributed. New Board members
as guides for the evaluation of the Board are fully briefed on the businesses of the Group.
and its directors, are in our opinion more of a
measurement of Management’s performance Management provides adequate and timely
and therefore less applicable to directors. In information to the Board on Board affairs
any case, such financial indicators provide a and issues requiring the Board’s decision.
snapshot of a company’s performance, and do It also provides ongoing reports relating to
not fully measure the sustainable long term operational and financial performance of
wealth and value creation of CapitaLand. CapitaLand, such as monthly management
financial reports. The Articles of Association
A more important consideration is that the of CapitaLand provide for directors to
Board, through the NC, had ensured from the convene meetings by teleconferencing or
outset the requisite blend of background, videoconferencing. Where a physical Board
experience and knowledge in technology, meeting is not possible, timely communication
business, finance and management skills with members of the Board is effected through
critical to the Group’s businesses. It has from electronic means which include electronic mail,
the outset ensured that each director with his teleconferencing and videoconferencing.
special contribution brings to the Board an Alternatively, Management will brief directors
independent and objective perspective to in advance before seeking the Board’s approval.
enable balanced and well-considered decisions
to be made. The Board has access to Senior Management
and the Company Secretary at all times. The
The NC has beginning 2011 initiated processes Company Secretary attends to corporate
for formal Board assessment to be carried out secretarial administration matters and is the
by an external consultant. corporate governance advisor on corporate
matters to the Board and Senior Management.
Renewal or replacement of Board members The Company Secretary attends Board
do not necessarily reflect their contributions meetings. The appointment and removal of
to date, but may be driven by the need to the Company Secretary are subject to the
position and shape the Board in line with approval of the Board. The Board also has
the medium term needs of CapitaLand and access to independent professional advice
its business. where appropriate.
Principle 6: Access to Information Board meetings for each year are

We believe that the Board should be provided scheduled in advance in the preceding
with timely and complete information prior to year to facilitate directors’ individual
Board meetings, and as and when the need administrative arrangements in respect
arises. As a general rule, Board papers are of competing commitments.
sent to Board members at least seven days
before the Board meeting so that the members The AC also meets the external and internal
ANNUAL REPORT 2010
may better understand the matters prior to the auditors separately at least once a year, without
Board meeting and discussion may be focused the presence of the President and CEO and
on questions that the members may have. the Senior Management, in order to have
However, sensitive matters may be tabled at unfettered access to information that it
the meeting itself or discussed without any may require.
PAGE
85
CORPORATE
GOVERNANCE
(B) REMUNERATION MATTERS The aim of the ERCC is to build capable and
Principle 7: Procedures for Developing committed management teams, through
Remuneration Policies competitive compensation, focused
Principle 8: Level and Mix of Remuneration management, and progressive policies which
Principle 9: Disclosure on Remuneration can attract, motivate and retain a pool of
We believe that a framework of remuneration talented executives to meet the current and
for the Board and key executives should not future growth of CapitaLand.
be taken in isolation. It should be linked to the
building of management bench strength and The ERCC conducts, on an annual basis, a
the development of key executives. This is to succession planning review of the President
ensure continual development of talent and and CEO and selected key positions in
renewal of strong and sound leadership for a CapitaLand. Potential internal and external
sustainable business and a lasting Company. candidates for succession are reviewed in the
CapitaLand’s ERCC plays a crucial role in light of immediate, medium term and longer
helping to ensure that we are able to attract, term needs and readiness.
recruit and retain the best talents to drive the
Group’s businesses forward. The ERCC has access to expert professional
advice on human resource matters whenever
The ERCC is chaired by Mr Peter Seah Lim there is a need to consult externally. In its
Huat and comprises Mr Ng Kee Choe and deliberations, the ERCC takes into consideration
Mr Simon Claude Israel. industry practices and norms in compensation.
The President and CEO is not present
The majority of the ERCC members, including during the discussions relating to his own
the Chairman, are independent non-executive compensation and terms and conditions of
directors. Outside members may be co-opted service, and the review of his performance.
into the ERCC to provide a global perspective The President and CEO will be in attendance
of talent management and remuneration when the ERCC discusses policies and
practices. compensation of his senior team and key staff.
This includes major compensation and
The ERCC oversees executive compensation incentive policies such as contingent share
and development in CapitaLand. The ERCC is awards, bonus, staff salary review and other
guided by its Terms of Reference. Specifically, incentive schemes. One ERCC meeting was
the ERCC will: held in 2010.
• approve the remuneration framework for
non-executive directors; Non-executive directors have remuneration
• establish compensation policies for packages consisting of directors’ fees,
key executives; attendance fees and share awards. The
• approve salary reviews, bonus and directors’ fee policy is based on a scale of fees
incentives for key executives; divided into basic retainer fees as director and
• approve share incentives and share additional fees for attendance and serving on
CAPITALAND LIMITED
ownership for executives; Board Committees. Details of the breakdown

• approve key appointments and review are provided in the Other Information section
succession plans for key positions; and of this Report (”Other Information”) on page
• oversee the development of key executives 102. Directors’ fees for non-executive directors
and younger talented executives. are subject to the approval of shareholders at
the AGM.
PAGE
86
INVESTOR RESOURCE
The basis of allocation of the number of share A separate remuneration report is not prepared
awards takes into account a director’s additional as most of the information is found in the Other
responsibilities at Board Committees. Information on page 102.
The President and CEO as executive director Share awards which were made in 2010 were
does not receive director’s fees. He is the lead based on the CapitaLand Performance Share
member of Management. His compensation Plan and the CapitaLand Restricted Stock Plan
consists of his salary, allowances, bonuses (the “Existing Share Plans”) approved and
and contingent share awards. The latter is adopted by shareholders of the Company at
conditional upon him and CapitaLand meeting an Extraordinary General Meeting held on
certain performance targets. The details of his 16 November 2000.
compensation package are provided in the
Other Information on page 102. At the Extraordinary General Meeting of
the Company held on 16 April 2010, the
Key executives’ compensation consists of shareholders approved the adoption of a new
salary, allowances, bonuses and contingent CapitaLand Performance Share Plan 2010 and
share awards. The latter is conditional upon a new CapitaLand Restricted Share Plan 2010
meeting certain performance targets. (the “New Share Plans”). Upon the adoption
A significant proportion of executives’ of the New Share Plans, the Existing Share
remuneration is linked to company and Plans were terminated without prejudice to
individual performance in the form of share the rights of holders of outstanding options
based and Economic Value Added based and awards. The New Share Plans carry the
compensation. The Code requires a company same terms as the Existing Share Plans except
to disclose the names of at least the top five that the maximum size of the shares to be
key executives of the company. CapitaLand awarded has been reduced to 8% over the 10-
considers members of the Office of the year life of the New Share Plans (compared to
President as its key executives. Currently, apart 15% for the Existing Share Plans).
from the President and CEO who is the
executive director, the other four members of Details of the Existing Share Plans and New
the Office of the President are CapitaLand Chief Share Plans as well as awards granted under
Corporate Officer Ms Jennie Chua Kheng Yeng, the Existing Share Plans are given in the Share
CapitaLand Chief Investment Officer Mr Wen Plans section of the Directors’ Report from
Khai Meng, CapitaLand Group CFO Mr Olivier pages 110 to 115.
Lim Tse Ghow and The Ascott Limited CEO
Mr Lim Ming Yan. Their remuneration in bands (C) ACCOUNTABILITY AND AUDIT
of S$250,000 are provided in the Other Principle 10: Accountability
Information on page 102. CapitaLand believes in conducting itself in
ways that deliver maximum sustainable value
No employee of CapitaLand and its subsidiaries to its shareholders. CapitaLand promotes best
is an immediate family member of a practices as a means to build an excellent
ANNUAL REPORT 2010
director or the President and CEO and whose business for its shareholders and is accountable
remuneration exceeds S$150,000 during to shareholders for its performance.
the financial year 2010. “Immediate family
member” means the spouse, child, adopted At CapitaLand, the separation of the roles of
child, step-child, sibling and parent. the Chairman and the President and CEO, and
PAGE
87
CORPORATE
GOVERNANCE
the holding of such appointments by separate between CapitaLand and CapitaMalls Asia
individuals, ensure effective supervision of Limited, the processes for the management of
Management and maintenance of material conflicts of interest within the
accountability of the Board to the shareholders, Group and also the resolution of all conflicts
and of Management to the Board. of interest matters referred to the AC.
Prompt fulfilment of statutory reporting The AC reviews quarterly and full-year results
requirements is but one way to maintain and the appointment and re-appointment of
shareholders’ confidence and trust in the auditors before recommending them to the
capability and integrity of CapitaLand. Board for approval. The AC also approves the
compensation of the external auditors, as
CapitaLand was the first listed real estate well as considers the nature and extent of
group in Singapore to implement quarterly non-audit services and their potential impact
reporting before it became a requirement by on the independence and objectivity of the
the Singapore Exchange Securities Trading external auditors.
Limited (”SGX-ST”). This shows CapitaLand’s
corporate intent to discharge its continuing The AC also reviews arrangements by which
obligation of prompt and thorough disclosures employees of CapitaLand may, in confidence,
as practised by international standards, in view raise concerns about possible improprieties
of the global reach of its businesses and in matters of financial reporting or other
shareholder base. matters. Pursuant to this, the AC has introduced
a Whistle Blowing Policy where staff may raise
Principle 11: Audit Committee improprieties to the Chairman, with the
CapitaLand’s internal policy requires the AC confidence that, in good faith, the staff making
to have at least three members, all of whom such reports will be treated fairly and be
are non-executive and the majority must protected from reprisal. The AC confirms that
be independent. no reports have been received under the
Whistle Blowing Policy thus far.
The AC is chaired by Mr Richard Edward
Hale and comprises Mr James Koh Cher Siang A total of four AC meetings was held in
and Mrs Arfat Pannir Selvam. All the members 2010. The AC also held one meeting with
of the AC, including the Chairman, are the external auditors and internal auditors,
independent non-executive directors. without Management’s presence, to discuss
The members bring with them invaluable the reasonableness of the financial reporting
managerial and professional expertise in process, the system of internal control,
the financial, tax and legal domains. and the significant comments and
recommendations by the auditors.
The AC is guided by Terms of Reference
which defines its scope of authority. These Principle 12: Internal Controls
Terms include review of the annual audit Principle 13: Internal Audit
CAPITALAND LIMITED
plan, adequacy of the internal audit process, CapitaLand believes that it has in place a
results of audit findings and Management’s system of internal controls to safeguard
response, adequacy and effectiveness of shareholders’ interests and the Group’s assets,
internal controls, Interested Person and also to manage risks.
Transactions, framework and processes
established for the implementation of the The AC’s responsibilities in the Group’s internal
terms of the collaboration agreement controls are complemented by the work of the
FBC and the RC.
PAGE
88
INVESTOR RESOURCE
The FBC is chaired by Mr Peter Seah Lim The Group has an Internal Audit Department
Huat and comprises Mr Liew Mun Leong, (”CL IA”) which reports directly to the Chairman
Mr Jackson Peter Tai, Professor Kenneth Stuart of the AC and administratively to the Group
Courtis and Mr Olivier Lim Tse Ghow, the CFO. CL IA plans its internal audit schedules in
Group CFO. The FBC reviews the annual budget consultation with, but independently of,
and financial policies of the Group. Management and its plan is submitted to the
AC for approval at the beginning of each year.
A total of two FBC meetings was held in The AC also meets with CL IA at least once a
2010 to review the financial forecasts and the year without the presence of Management.
annual financial plan of the Group. Major
business events, initiatives, strategies and CL IA is a corporate member of the Singapore
areas of concern were also discussed at the branch of the Institute of Internal Auditors Inc.
meetings. In addition, the FBC reviews and (”IIA”), which has its headquarters in the USA.
approves updates to the CapitaLand Group CL IA subscribes to, and is guided by, the
Finance Manual. Standards for the Professional Practice of
Internal Auditing (”Standards”) developed by
The RC was formed in September 2002 as part the IIA and has incorporated these Standards
of CapitaLand’s efforts to strengthen its risk into its audit practices.
management processes and framework. The
RC is chaired by Mr James Koh Cher Siang The Standards set by the IIA cover requirements
and comprises Mr Richard Edward Hale and on:
Mrs Arfat Pannir Selvam. A total of four RC • Independence;
meetings was held in 2010. • Professional Proficiency;
• Scope of Work;
The RC’s role is to: • Performance of Audit Work; and
• review the adequacy of CapitaLand’s risk • Management of the Internal Auditing
management process; Department.
• review and approve in broad terms,
the risk guidelines and limits. These CL IA staff involved in Information Technology
include country concentration limits and (”IT”) audits are Certified Information System
risk-adjusted country hurdle rates for the Auditors and members of the Information
Group and the SBUs, which are reviewed System Audit and Control Association
annually; and (”ISACA”) in the USA. The ISACA Information
• review CapitaLand’s risk portfolio and risk System Auditing Standards provide
levels, as assisted by the CapitaLand guidance on the standards and procedures to
Corporate Risk Assessment Group, be applied in IT audits.
which scrutinises the risk profile of every
major project which is proposed and is To ensure that the internal audits are performed
responsible for compiling the Group by competent professionals, CL IA recruits and
Quarterly Risk Report. Included in the employs suitably qualified staff. In order that
ANNUAL REPORT 2010
report is a monitoring of the utilisation of their technical knowledge remains current and
approved country and treasury limits relevant, CL IA identifies and provides training
of the Group. and development opportunities to these staff.
Based on the review of these Board

Committees, the Board, through the AC, is
satisfied that there are adequate internal
controls in place within the Group.
PAGE
89
CORPORATE
GOVERNANCE
(D) COMMUNICATION WITH SHAREHOLDERS under the Listing Manual of the SGX-ST, or as
Principle 14: Communication with soon as possible where immediate disclosure
Shareholders is not practicable. Regular briefings and
Principle 15: Greater Shareholder meetings for analysts and the media are held,
Participation generally coinciding with the release of the
CapitaLand’s Investor Relations and Corporate Group’s second quarter and full-year results.
Communications departments facilitate During these briefings, Senior Management
effective communication with CapitaLand’s reviews the Group’s most recent performance
shareholders, analysts, fund managers and and discusses CapitaLand’s outlook. In
the media. the interest of transparency and broad
dissemination, these briefings are webcast live
CapitaLand’s results for the first three quarters and accessible to the public on the Group’s
and full-year for financial year 2010 were all website at www.capitaland.com. Materials
released on a timely basis, within 35 days of used in the briefings are also disseminated
the end of the relevant quarter and 55 days of via SGXNET. Recordings of the briefings are
the end of the full year. archived on the website.
CapitaLand has also formed the CDC which In 2010, Senior Management conducted about
is chaired by Mr James Koh Cher Siang 700 meetings with institutional investors.
and comprises Mr Liew Mun Leong and Management also participated in investor
Mrs Arfat Pannir Selvam. The CDC reviews conferences in London, Paris, Amsterdam,
the promptness and comprehensiveness Edinburgh, New York, Boston, Denver, San
of corporate disclosure issues and Francisco, Frankfurt, Hong Kong, Tokyo and
announcements made to the SGX-ST, and Beijing besides Singapore. In addition,
ensures the adoption of good corporate CapitaLand pursues opportunities to keep its
governance and best practices in terms of retail shareholders informed through the
transparency to shareholders and the investing business media, website postings and other
community. The views and approvals of the publicity channels. In 2010, as part of continual
CDC were sought throughout the year on efforts to maintain a high level of investor
various announcements and news releases access, a CapitaLand Investor Day was
issued by CapitaLand. organised. Senior Management presented the
Group’s activities and strategies to 1,500 retail
CapitaLand continues to keep stakeholders shareholders who attended the event.
and analysts informed of its corporate activities
in Singapore and around the world on a timely CapitaLand supports the Code’s principle
and consistent basis. CapitaLand makes to encourage shareholder participation.
disclosures on an immediate basis as required Shareholders receive the summary financial
CAPITALAND LIMITED
PAGE
90
INVESTOR RESOURCE
report and notice of the AGM. Notice of the DEALINGS IN SECURITIES
AGM is also advertised in the press and issued Taking into consideration the SGX-ST Best
via SGXNET. At the AGM and immediately Practices Guide, CapitaLand has issued
thereafter, shareholders have the opportunity guidelines to directors and employees in the
to communicate their views and discuss with Group prohibiting dealings in CapitaLand’s
the Board and Management matters affecting securities (i) while in possession of material
CapitaLand. The respective Chairpersons unpublished price-sensitive information,
of the AC, NC and ERCC, and the external (ii) during two weeks before the release
auditors, would usually be present at the AGM. of CapitaLand’s results for the first three
Voting in absentia and by email may only be quarters and (iii) one month before the release
possible following careful study to ensure of CapitaLand’s full-year results.
that the integrity of the information and
authentication of the identity of shareholders Directors and employees are also prohibited
through the web are not compromised and from dealing in securities of other listed
legislative changes are effected to recognise companies in the Group while in possession
electronic voting. of unpublished price-sensitive information
by virtue of their status as directors and/or
In 2010, CapitaLand was the winner of the employees. They are also made aware of
Most Transparent Company (Property the applicability of the insider trading laws
Category) in the Securities Investors at all times.
Association (Singapore) (SIAS) Investors’
Choice Awards for the tenth consecutive year.
In addition, CapitaLand was named “Best
Overall Managed Property Company in Asia”
in Euromoney Best Managed and Governed
Companies – Asia Poll 2010, “Best Overall
for Corporate Governance” and “Best for
Disclosure and Transparency” in Asiamoney’s
Corporate Governance Poll 2010 and “Best
Disclosure Procedure in Asia Pacific” by World
Finance in its Investor Relations Awards 2010.
CapitaLand is also a signatory of the Statement
of Support Towards Excellence in Corporate
Governance, initiated by SIAS in conjunction
with the inaugural Singapore Corporate
Governance Week 2010.
ANNUAL REPORT 2010
PAGE
91
CORPORATE
GOVERNANCE
COMPOSITION OF BOARD AND BOARD COMMITTEES
Executive
Resource and Finance and Corporate
Audit Investment Compensation Nominating Budget Disclosure Risk
Board Members Committee Committee Committee Committee Committee Committee Committee
Dr Hu Tsu Tau C
Peter Seah Lim Huat 1 C C C
Liew Mun Leong M M M M
Lim Chin Beng 2 C C
Jackson Peter Tai M M
Richard Edward Hale C M
Dr Victor Fung Kwok King 3
James Koh Cher Siang M C C
Arfat Pannir Selvam M M M M
Professor Kenneth M M
Stuart Courtis
Dr Fu Yuning
John Powell Morschel 4 M
Ng Kee Choe 5 M
Simon Claude Israel 6 M M M
Non-Board Member
Olivier Lim Tse Ghow M M

CAPITALAND LIMITED
Denotes: C – Chairman M – Member
Notes:
1 Appointed as Chairman of Executive Resource and Compensation Committee and Chairman of Nominating Committee on
16 April 2010.
2 Retired as Director, Chairman of Executive Resource and Compensation Committee and Chairman of Nominating Committee on
16 April 2010.
3 Retired as Director on 16 April 2010.
4 Appointed as Director on 1 February 2010. Appointed as Member of Nominating Committee on 1 January 2011.
PAGE
5 Appointed as Director and Member of Executive Resource and Compensation Committee on 16 April 2010.
6 Appointed as Director, Member of Executive Resource and Compensation Committee and Member of Investment Committee on
92
1 July 2010. Appointed as Member of Nominating Committee on 1 January 2011.

INVESTOR RESOURCE
ATTENDANCE RECORD OF MEETINGS OF THE BOARD AND BOARD COMMITTEES IN 2010
Executive
Resource and Finance and
Audit Investment Compensation Budget Risk
Board Committee Committee Committee Committee Committee
No. of Meetings Held 5 4 4 1 2 4
Board Members
Dr Hu Tsu Tau 5 4
Peter Seah Lim Huat 5 1 2
Liew Mun Leong 5 4 2
Lim Chin Beng 1 1 1
Jackson Peter Tai 5 4 2
Richard Edward Hale 5 4 4
Dr Victor Fung Kwok King 2 1
James Koh Cher Siang 5 4 4
Arfat Pannir Selvam 5 4 4
Professor Kenneth 5 3 2
Stuart Courtis
Dr Fu Yuning 1
John Powell Morschel 3 4
Ng Kee Choe 4 3
Simon Claude Israel 5 2 3
Non-Board Member
Olivier Lim Tse Ghow 4 2

ANNUAL REPORT 2010
Notes:
1 Retired as Director, Chairman of Executive Resource and Compensation Committee and Chairman of Nominating Committee on
16 April 2010.
2 Retired as Director on 16 April 2010.
3 Appointed as Director on 1 February 2010. Appointed as Member of Nominating Committee on 1 January 2011.
PAGE
4 Appointed as Director and Member of Executive Resource and Compensation Committee on 16 April 2010.
5 Appointed as Director, Member of Executive Resource and Compensation Committee and Member of Investment Committee on
93
1 July 2010. Appointed as Member of Nominating Committee on 1 January 2011.

RISK ASSESSMENT
AND MANAGEMENT
At the core of CapitaLand’s risk management strategy is an

unwavering commitment to enhance shareholders’ value by
optimizing the risk-return relationship. It is a dynamic and
constantly adapting approach that is both innovative
and responsive to market changes. Risk assessment and
management is an integral part of the strategic and operational
decision-making process at all levels of the CapitaLand Group.
Since the formation of
Since the formation of CapitaLand in 2000, a comprehensive
CapitaLand in 2000, a risk management framework has been formalised across the
comprehensive risk Group. In 2002, a Risk Committee comprising independent
management framework board directors was formed as part of CapitaLand’s efforts to
has been formalised strengthen its risk management processes and framework.
across the Group
The Risk Committee currently comprises Mr James Koh Cher
Siang (Chairman), Mr Richard Edward Hale and Mrs Arfat
Pannir Selvam. The Group’s President and CEO Mr Liew Mun
Leong and other senior management regularly attend Risk
Committee meetings. The Risk Committee is assisted by the
Risk Assessment Group (RAG), an independent in-house unit
with members having diverse and vast experience in financial
and operational risk management.
Harnessing in-house and external expertise, RAG has pioneered

a real estate industry specific Value-at-Risk (VaR) model that
has been adapted from the banking industry. Every quarter,
CAPITALAND LIMITED
RAG uses this model as a foundation in generating a

comprehensive group-wide portfolio risk report, measuring
and highlighting relevant risks and exposures vis-à-vis the
Group’s financial risk capacity (as determined by the Risk
Harnessing in-house
Committee) and prevailing market conditions. This state-of-
and external expertise, the-art model measures the relative and absolute riskiness of
RAG has pioneered a real the Group’s exposures using a historical simulation method
estate industry specific while simultaneously incorporating relevant timely market
Value-at-Risk (VaR) model parameters. Clearly demonstrating RAG’s adaptability, RAG
that has been adapted adjusted the model during the year by adapting it to the
from the banking industry changing business environment that CapitaLand operates in.
PAGE
One new risk measurement developed was the interest cost

94
at risk stress simulation method. This new technique measures

INVESTOR RESOURCE
the potential rise in interest cost for a given debt portfolio in
view of the prevailing low interest rate environment.
Learning from the failures of established risk management

methodologies during the last financial crisis, it should be noted CapitaLand’s risk
RISK ASSESSMENT AND MANAGEMENT

that CapitaLand’s risk management approach is not only management approach
quantitative but also has a strong qualitative and integrative is not only quantitative
business approach. RAG proactively scans the wider business, but also has a strong
economic, social and political environment for short-, mid- and qualitative and integrative
long-term risk trends and identifies key risk elements promptly. business approach
RAG has been known to be boldly contrarian in its risk approach
when the market situation calls for it and has proven to be astute
in its observation and in-depth analysis of risk trends for key
markets like China and Vietnam. Such findings are presented
to the Risk Committee and to senior management in special-
focus reports and are useful in substantiating and supporting
business strategies from a risk-balanced perspective.
CapitaLand maintains a prudent risk profile by counterchecking

business initiatives with RAG and by striking a balance for
investments in a mix of stable assets and development
properties. Unique risk management models, developed
in-house, enable the Group to engage in a “disciplined
aggression” investment strategy while synthesizing valuable
information from both primary and secondary sources. RAG
has established a risk-based country asset allocation system
to manage country transfer risk effectively and avoid
concentration risk. This uses a multi-faceted and risk-adjusted
methodology based on CapitaLand’s investment strategy,
sovereign risk ratings by international rating agencies and
macroeconomic consensus views from the Group’s in-house
Economics and Research Units, among others.
RAG performs independent risk evaluations of investment

proposals by the Group’s business units above a stipulated For every investment
investment value threshold. Where applicable, RAG makes undertaken, the
recommendations to improve the structure of investment potential returns must
proposals to mitigate risks and optimise the risk-return profile. commensurate with the
RAG is instrumental in calculating the risk-adjusted weighted risks undertaken so as to
average cost of capital and target returns according to their create incremental value
ANNUAL REPORT 2010
respective risk profiles for the various countries and business for shareholders on a
units that the Group is active in. This is to ensure that for risk-adjusted basis
every investment undertaken, the potential returns must
commensurate with the risks undertaken so as to create
incremental value for shareholders on a risk-adjusted basis.
As CapitaLand steps into its next 10 years, it will continue

to challenge and adjust its risk management systems
and methodologies in a timely manner so as to manage
risks proactively, preserve capital and ultimately enhance
shareholders’ value. The Group’s key risk management principle
PAGE
remains its objective of optimising risk dynamically as business

95
strategies are implemented in a fast-changing environment.

STAKEHOLDER
COMMUNICATIONS
CapitaLand communicates regularly with shareholders,
investors, analysts and the media to ensure all stakeholders
are informed of its activities on a timely and consistent basis.
In 2010, CapitaLand
met with about 670 The Group maintains a high level of investor access through
investors globally and face-to-face meetings, teleconferences, investor conferences,
participated in investor roadshows and site visits. In 2010, CapitaLand met with about
conferences and 670 investors globally and participated in investor conferences
roadshows in and roadshows in Singapore, Beijing, Hong Kong, Shanghai,
Singapore, Beijing, London, New York. Site familiarisation tours were also organised
Hong Kong, Shanghai, for analysts and investors to CapitaLand’s projects across Asia.
London, New York Formal and informal networking events were organised for
investors and analysts to engage and interact with senior
management. Aside from institutional investors, CapitaLand
has also been committing time and resources to cater to retail
investors. To celebrate its 10th Anniversary, CapitaLand organised
an Investor Day specially for its retail shareholders. A total of
1,500 retail investors were present to listen to presentations
made by top and senior management.
CapitaLand engages the media and the investment community

through news releases, media and analyst briefings, and
familiarisation trips. The Group’s Investor Relations website
provides comprehensive company information such as news
releases, legal announcements, financial results and annual
reports, and includes features like push mail and RSS feeds
which provide real-time updates. All news releases and
legal announcements are also available on the Singapore
Exchange website.
At the half-year and full-year financial results briefings, top

management briefed the media and analysts on CapitaLand’s
performance. During the year, top management were
interviewed by key Singapore and international media on
issues including the Group’s growth strategy, acquisition of
Orient Overseas Developments Limited, and investment in
human capital.
CapitaLand continues to engage the media in the various

countries it operates in. In 2010, key media from Chengdu,
CAPITALAND LIMITED
Guangzhou, Shanghai and Hangzhou in China visited Singapore

and gained insight into CapitaLand’s properties and operations.
Ahead of CapitaMalls Malaysia Trust (CMMT)’s listing, key
Malaysian media visited CapitaLand’s malls in Singapore while
In 2010, key media
Singapore media were given a familiarisation tour of CMMT’s
from Chengdu,
malls in Malaysia. Singapore media also attended and
Guangzhou, Shanghai interviewed top management at the official opening of
and Hangzhou in China Ascott Huai Hai Road in Shanghai, China, and the topping-out
visited Singapore and of The Vista condominium in Ho Chi Minh City in Vietnam.
gained insight into In addition, they learnt more about CapitaLand’s plans for an
CapitaLand’s properties integrated residential-retail development at Bedok Town Centre
PAGE
and operations during a visit to the newly-acquired site.

96
INVESTOR RESOURCE
The Group’s stakeholder communication efforts have been
CapitaLand has won
recognized by the investment community. In 2010, CapitaLand
won multiple awards, including “Most Transparent Company
multiple awards,
(Property)” award from SIAS, “Overall Best Company in including “Overall Best
Singapore for Corporate Governance” by Asiamoney’s Company in Singapore for
Corporate Governance Poll 2010, as well as the “Best Overall Corporate Governance”
award by Asiamoney’s
STAKEHOLDER COMMUNICATIONS
Investor Relations (Large Cap)” by IR Magazine SEA Awards.
Corporate Governance
Poll for the second
2010 AWARDS (LISTING) year running.
• ASIAMONEY CORPORATE GOVERNANCE POLL 2010
OVERALL BEST COMPANY IN SINGAPORE FOR
CORPORATE GOVERNANCE (2nd consecutive year)
BEST IRO IN SINGAPORE
• SECURITIES INVESTORS ASSOCIATION SINGAPORE (SIAS)

MOST TRANSPARENT COMPANY (PROPERTY CATEGORY)
– 10th CONSECUTIVE YEAR
• IR MAGAZINE SEA AWARDS

GRAND PRIX FOR BEST OVERALL INVESTOR RELATIONS
(LARGE CAP)
OLIVIER LIM – BEST INVESTOR RELATIONS BY A CFO
• WORLD FINANCE
BEST FINANCIAL DISCLOSURE PROCEDURE IN ASIA PACIFIC
• THE ASSET
OLIVIER LIM – CFO OF THE YEAR
• FINANCE ASIA
BEST CFO (SINGAPORE) – 2nd
2010 INVESTOR RELATIONS CALENDAR
1st QUARTER 2nd QUARTER • Goldman Sachs 4th QUARTER

Non-Deal Roadshow
• Daiwa Investment • Annual General Meeting • Exane Asian Convertible
Conference • JP Morgan Asia Pacific Bonds Conference
• Release of 1Q2010 Equity Conference
• FY2009 Financial financial results • Morgan Stanley
ANNUAL REPORT 2010
results briefing to • DBS Vickers Pulse Asia Pacific Summit

media and analysts • OSK/DMG’s Spore of Asia Conference
and live webcast Property Corporate Day • KBC Convertible
Bonds Conference
• Credit Suisse Asian • Citi Asia Pacific Property rd
3 QUARTER
Investment Conference Conference • Macquarie Global
• 1H2010 financial results Property Series
• DB Access Asia briefing to media and
Conference analysts and live • UBS Non-Deal
webcast Roadshow
• CLSA Corporate Access
• 7th Nomura Asia • CLSA Investors’ Forum
Equity Forum
• Nomura Non-Deal
Roadshow
PAGE
97
ECONOMIC VALUE ADDED
STATEMENTS
2010 2009
Note S$ million S$ million
Net Operating Profit Before Tax 1,115.2 825.9

Adjust for:
Share of results of associates and joint ventures 820.8 269.2
Interest expense 458.8 466.6
Others 123.8 268.7
Adjusted Profit Before Interest and Tax 2,518.6 1,830.4

Cash operating taxes 1 (274.0) (134.7)
Net Operating Profit After Tax (NOPAT) 2,244.6 1,695.7
Average capital employed 2 26,751.4 22,747.3

Weighted average cost of capital (%) 3 6.400 6.887
Capital Charge (CC) 1,712.1 1,566.6
Economic Value Added (EVA) [NOPAT - CC] 532.5 129.1

Non-controlling interests (99.7) 206.8
Group EVA attributable to Owners of the Company 432.8 335.9
Note 1: The reported current tax is adjusted for the statutory tax impact of interest expense.
Note 2: Monthly average capital employed included equity, interest-bearing liabilities, timing provision, cumulative goodwill and
present value of operating leases.
Major Capital Components S$ million
Borrowings 10,175.0
Equity 16,067.8
Others 508.6
Total 26,751.4
Note 3 : The weighted average cost of capital is calculated as follows:

i) Cost of Equity using Capital Asset Pricing Model with market risk premium at 5.0% (2009: 5.0%) per annum;
ii) Risk-free rate of 2.59% (2009: 2.55%) per annum based on yield-to-maturity of Singapore Government 10-year Bonds;
iii) Ungeared beta ranging from 0.64 to 1.09 (2009: 0.51 to 1.06) based on the risk categorisation of CapitaLand’s strategic
business units; and
iv) Cost of Debt rate at 4.22% (2009: 4.30%) per annum using 5-year Singapore Dollar Swap Offer rate plus 187.5 basis points
(2009: 187.5 basis points).
CAPITALAND LIMITED
PAGE
98
VALUE ADDED
STATEMENTS
INVESTOR RESOURCE
2010 2009
S$ million S$ million
Value Added From:

Revenue earned 3,382.7 2,957.4
Less: Bought in materials and services (1,937.1) (1,731.4)
Gross Value Added 1,445.6 1,226.0
Share of results of associates and joint ventures 820.9 269.2
Exchange (losses)/gains (net) (27.5) 23.0
VALUE ADDED STATEMENTS

Other operating income (net) 734.9 566.7
1,528.3 858.9
Total Value Added 2,973.9 2,084.9
Distribution:
To employees in wages, salaries and benefits 475.3 421.2
To government in taxes and levies 314.6 146.3
To providers of capital in:
- Net interest on borrowings 433.8 430.3
- Dividends to shareholders 447.4 297.2
1,671.1 1,295.0
Balance Retained in the Business:
Depreciation and amortisation 59.6 63.0
Revenue reserves net of dividends to owners of the Company 825.8 755.8
Non-controlling interests 397.0 (44.3)
1,282.4 774.5
Non-Production Costs:
Allowance for doubtful receivables 6.4 15.4
Fidelity losses arising from financial irregularities 14.0 –
Total Distribution 2,973.9 2,084.9
Productivity Analysis:
Value added per employee (S$'000) # 223 192
Value added per dollar of employment cost (S$) 3.04 2.91
Value added per dollar sales (S$) 0.43 0.41
#
Based on average 2010 headcount of 6,482 (2009: 6,399).
ANNUAL REPORT 2010
PAGE
99
SHAREHOLDING
STATISTICS
AS AT 28 FEBRUARY 2011
SHARE CAPITAL FULLY PAID

S$6,323,369,888.27 (comprising 4,262,936,446 fully paid Ordinary Shares; voting rights: one
vote per share)
TWENTY LARGEST SHAREHOLDERS

As shown in the Register of Members and Depository Register
Name No. of Shares %
1 Temasek Holdings (Private) Limited 1,680,704,140 39.43

2 Citibank Nominees Singapore Pte Ltd 699,434,089 16.41
3 DBS Nominees (Private) Limited 456,128,294 10.70
4 DBSN Services Pte. Ltd. 260,454,908 6.11
5 HSBC (Singapore) Nominees Pte Ltd 205,760,169 4.83
6 United Overseas Bank Nominees (Private) Limited 129,761,010 3.04
7 Raffles Nominees (Pte.) Limited 40,829,118 0.96
8 BNP Paribas Securities Services Singapore Branch 34,850,789 0.82
9 DB Nominees (Singapore) Pte Ltd 21,481,235 0.50
10 UOB Kay Hian Private Limited 15,750,703 0.37
11 OCBC Nominees Singapore Private Limited 12,539,247 0.29
12 Phillip Securities Pte Ltd 12,127,980 0.28
13 Pei Hwa Foundation Limited 11,820,335 0.28
14 Lee Pineapple Company (Pte) Limited 10,000,000 0.23
15 DBS Vickers Securities (Singapore) Pte Ltd 9,772,495 0.23
16 Tatardjo Angkasa or Dewi Widjaja 9,759,990 0.23
17 OCBC Securities Private Limited 9,435,051 0.22
18 BNP Paribas Nominees Singapore Pte Ltd 8,184,174 0.19
19 Morgan Stanley Asia (Singapore) Securities Pte Ltd 7,726,041 0.18
20 Merrill Lynch (Singapore) Pte. Ltd. 7,098,037 0.17
Total 3,643,617,805 85.47
CAPITALAND LIMITED
PAGE
100
INVESTOR RESOURCE
SUBSTANTIAL SHAREHOLDERS
As shown in the Register of Substantial Shareholders as at 28 February 2011
No. of ordinary shares No. of ordinary shares

in which substantial shareholder in which substantial shareholder
Substantial Shareholder has a direct interest is deemed to have an interest
Temasek Holdings (Private) Limited 1,680,704,140 63,606,870(1)
Note:
SHAREHOLDING STATISTICS
(1) By virtue of Section 7 of the Companies Act, Cap. 50 of Singapore, Temasek Holdings (Private) Limited (“Temasek”) is deemed to have
an interest in 63,606,870 ordinary shares in which its associated companies have or are deemed to have an interest. Temasek is wholly
owned by the Minister for Finance.
SIZE OF HOLDINGS
No. of % of No. of % of
Size of Shareholdings shareholders shareholders shares shares
1 - 999 930 1.46 320,669 0.01

1,000 - 10,000 52,427 82.15 205,819,879 4.83
10,001 - 1,000,000 10,419 16.32 353,442,955 8.29
1,000,001 and above 45 0.07 3,703,352,943 86.87
Total 63,821 100.00 4,262,936,446 100.00
Approximately 58.94% of the issued ordinary shares are held in the hands of the public. Rule 723
of the Listing Manual of the Singapore Exchange Securities Trading Limited is complied with.
ANNUAL REPORT 2010

PAGE
101
OTHER
INFORMATION
1. DIRECTORS’ REMUNERATION
(a) Directors’ Compensation Table for the Financial Year Ended 31 December 2010:
Bonus and
Salary inclusive other benefits Directors’ fees
of AWS and inclusive of inclusive of Awards
employer’s CPF employer’s CPF(1) attendance fees(2) of shares(3) Total
Directors of the Company $ $ $ $ $
Payable by Company:
Dr Hu Tsu Tau – – 193,000 52,404 245,404
Peter Seah Lim Huat – – 169,250 63,123 232,373
Liew Mun Leong 1,298,840 3,602,021 – 1,792,701 6,693,562
Lim Chin Beng (4) – – 31,678 20,775 52,453
Jackson Peter Tai – – 157,400 36,921 194,321
Richard Edward Hale – – 138,000 56,374 194,374
(5)
Dr Victor Fung Kwok King – – 22,900 – 22,900
James Koh Cher Siang – – 140,000 48,831 188,831
Arfat Pannir Selvam – – 151,000 52,801 203,801
Professor Kenneth Stuart
Courtis – – 155,700 36,921 192,621
Dr Fu Yuning – – 61,000 22,629 83,629
John Powell Morschel (6) – – 77,500 21,041 98,541
Ng Kee Choe (6) – – 56,292 – 56,292
(6)
Simon Claude Israel – – 55,500 – 55,500
Sub-Total 1 1,298,840 3,602,021 1,409,220 2,204,521 8,514,602
Payable by Subsidiaries:
Liew Mun Leong – – – 67,058 67,058
Lim Chin Beng – – 63,500 – 63,500
Richard Edward Hale – – 80,000 – 80,000
Dr Fu Yuning – – 46,000 18,679 64,679
Sub-Total 2 – – 376,906 121,711 498,617
Total for Directors

of the Company 1,298,840 3,602,021 1,786,126 2,326,232 9,013,219
(1)
The bonus figures consist primarily of Economic Value Added (“EVA”) bonuses under the EVA incentive plan and are
disclosed based on an accrual basis and accrued for the performance of the same year. The EVA bonus for the year
2010 is lower than 2009 due to lower portfolio gain. The EVA bonus accrued for year 2010 is credited into the bonus
account and 1/3 of the balance in the bonus account will be paid out annually, provided that the account balance, which
CAPITALAND LIMITED
is subjected to a clawback feature, is positive.

(2)
The directors’ fees will only be paid upon approval by the shareholders at the forthcoming Annual General Meeting
of the Company and its subsidiaries.
(3)
For the year 2010, the awards granted under the CapitaLand Restricted Stock Plan (“RSP”) to all Directors except for
Mr Liew Mun Leong are time-based with no performance conditions and will be released over a vesting period of two
years. The awards of shares figures disclosed are based on the fair value of the shares at the time of grant. Contingent
awards of shares under the RSP and the CapitaLand Performance Share Plan (“PSP”) were granted to Mr Liew Mun
Leong. The final number of shares released under the contingent awards of shares for RSP and PSP will depend on
the achievement of pre-determined targets and subject to the respective vesting period under RSP and PSP. The
contingent awards of shares figures disclosed are based on the fair value of the shares comprised in the baseline
awards under the RSP and PSP at the time of grant.
(4)
Mr Lim Chin Beng retired from the Board of the Company on 16 April 2010. He continued to be a Director and the
Chairman of The Ascott Limited, a wholly-owned subsidiary.
(5)
Dr Victor Fung Kwok King had declined the grant of award of shares. He retired from the Board of the Company on
16 April 2010.
PAGE
(6)
Mr John Powell Morschel, Mr Ng Kee Choe and Mr Simon Claude Israel were appointed as Directors of the Company
on 1 February 2010, 16 April 2010 and 1 July 2010, respectively. Fees are payable to Mr Simon Claude Israel’s employer.
102
INVESTOR RESOURCE
1. DIRECTORS’ REMUNERATION (cont’d)
(b) Directors’ Compensation Table for the Financial Year Ended 31 December 2009:
Bonus and
Salary inclusive other benefits Directors’ fees Contingent
of AWS and inclusive of inclusive of awards
employer’s CPF employer’s CPF(1) attendance fees(2) of shares(3) Total
Directors of the Company $ $ $ $ $
Payable by Company:
Dr Hu Tsu Tau – – 130,634 58,463 189,097
Peter Seah Lim Huat – – 154,243 58,463 212,706
OTHER INFORMATION
Liew Mun Leong 1,019,148 3,828,384 – 947,858 5,795,390
Lim Chin Beng – – 105,184 53,591 158,775
Jackson Peter Tai – – 141,494 34,103 175,597
Richard Edward Hale – – 130,534 53,591 184,125
Dr Victor Fung Kwok King (4) – – 59,940 – 59,940
Professor Kenneth Stuart
Courtis – – 147,794 34,103 181,897
Dr Fu Yuning (5) – – 38,814 – 38,814
Sub-Total 1 1,019,148 3,828,384 1,183,331 1,342,483 7,373,346
Payable by Subsidiaries:
Lim Chin Beng – – 63,500 – 63,500
Richard Edward Hale – – 78,000 – 78,000
James Koh Cher Siang – – 131,000 – 131,000
Arfat Pannir Selvam – – 9,000 – 9,000
Dr Fu Yuning – – 6,900 – 6,900
Sub-Total 2 – – 288,400 – 288,400
Total for Directors

of the Company 1,019,148 3,828,384 1,471,731 1,342,483 7,661,746
(1)
The bonus figures consist primarily of Economic Value Added (“EVA”) bonuses under the EVA incentive plan and are
disclosed based on an accrual basis and accrued for the performance of the same year. The EVA bonus for the year
2009 is higher than 2008 due to higher portfolio gain. The EVA bonus accrued for year 2009 is credited into the bonus
account and 1/3 of the balance in the bonus account will be paid out annually, provided that the account balance, which
is subjected to a clawback feature, is positive.
(2)
The directors’ fees were approved by the shareholders and had since been paid.
(3)
With effect from the financial year ended 31 December 2009, the Company will be disclosing the value of the contingent
awards of shares granted to its Directors. The contingent awards of shares figures disclosed are based on the fair value
of the shares comprised in the baseline awards under the CapitaLand Restricted Stock Plan (“RSP”) and the CapitaLand
ANNUAL REPORT 2010
Performance Share Plan (“PSP”) at the time of grant. All Directors are granted the contingent awards of shares pursuant
to RSP except for Mr Liew Mun Leong who is granted the contingent awards of shares pursuant to both RSP and PSP.
The final number of shares released under the contingent awards of shares for RSP and PSP will depend on the
achievement of pre-determined targets and subject to the respective vesting period under RSP and PSP. The fair value
of the shares determined for the contingent awards in 2009 is significantly lower than 2008.
(4)
Dr Victor Fung Kwok King had declined the grant of contingent awards of shares.
(5)
Dr Fu Yuning was appointed as a director of the Company on 27 July 2009.
(c) Number of Directors in Remuneration Bands:
Remuneration Bands 2010 2009
$500,000 and above 1 1

$250,000 to $499,999 0 0
PAGE
Below $250,000 13 10
103
Total 14 11
OTHER
INFORMATION
2. INTERESTED PERSON TRANSACTIONS
Interested person transactions carried out during the financial year which fall under
Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited are
as follows:
2010
The Group $’000
Transactions for the Sale of Goods and Services:

Associates of Temasek Holdings (Private) Limited 7,687
Singapore Airlines Limited 3,200
Transactions for the Purchase of Goods and Services:

Associates of Temasek Holdings (Private) Limited 336
Consideration for the sale of units in residential developments

to the directors and their associates at
prevailing prices applicable to third parties:
Liew Mun Leong and his associates – 2 units of The Interlace 6,205
Associate of Liew Mun Leong – 1 unit of The Metropolis 219
Associates of Peter Seah Lim Huat – 1 unit of The Interlace 3,100
3. KEY EXECUTIVES’ REMUNERATION

Key Executives’ Compensation Table for the Financial Year Ended 31 December 2010:
Total Compensation (1) Bands Executives
$2,250,000 to $2,499,999 Jennie Chua Kheng Yeng

$2,500,000 to $2,749,999 –
$2,750,000 to $2,999,999 Wen Khai Meng and Olivier Lim Tse Ghow
More than $3,000,000 Lim Ming Yan
1
Total compensation comprises salary, annual wage supplement, bonus, employer’s CPF, contingent awards of shares and
other benefits in kind. The bonus is based on an accrual basis and accrued for the performance of the same year. The
contingent awards of shares are based on the fair value of the shares comprised in the baseline awards under the CapitaLand
Restricted Stock Plan (“RSP”) and the CapitaLand Performance Share Plan (“PSP”) at the time of grant. The final number
of shares released under the contingent awards of shares for RSP and PSP will depend on the achievement of pre-determined
targets and subject to the respective vesting period under RSP and PSP.
4. USE OF PROCEEDS
In September 2009, the Company issued $1.2 billion principal amount of convertible bonds
CAPITALAND LIMITED
due in 2016. As of 31 December 2010, the Company has utilised $659 million of the proceeds
and the balance of proceeds unutilised was $541 million.
5. PROPERTY PORTFOLIO
The Group’s property portfolio as at 31 December 2010 is set out in the booklet “Property
Portfolio 31 December 2010” accompanying this Annual Report.
PAGE
104
STATUTORY
ACCOUNTS
CONTENTS
Directors’ Report
106
Statement by Directors
120
Independent Auditors’ Report to
the Members of CapitaLand Limited
121
Balance Sheets
122
Income Statements
123
Statements of Comprehensive Income
124
Statements of Changes in Equity
125
Consolidated Statement of Cash Flows
128
Notes to the Financial Statements
130
DIRECTORS’
REPORT
We are pleased to submit this annual report to the members of the Company, together with the audited financial
statements for the financial year ended 31 December 2010.
Directors
The directors in office at the date of this report are as follows:
Dr Hu Tsu Tau
Peter Seah Lim Huat
Liew Mun Leong
Jackson Peter Tai
Richard Edward Hale
James Koh Cher Siang
Arfat Pannir Selvam
Professor Kenneth Stuart Courtis
Dr Fu Yuning
John Powell Morschel
Ng Kee Choe (appointed on 16 April 2010)
Simon Claude Israel (appointed on 1 July 2010)
Directors’ Interests in Shares or Debentures

Except as disclosed in this report, no director who held office at the end of the financial year had interests in
shares, debentures or options of the Company or of related corporations either at the beginning of the financial
year (or date of appointment, if later) or at the end of the financial year.
According to the register kept by the Company for the purposes of Section 164 of the Companies Act, Chapter
50, particulars of interests of directors who held office at the end of the financial year in shares, debentures,
options and awards in the Company and its related corporations are as follows:
Holdings in the name of the director,

spouse and/or infant children
At beginning of
the year/date of At end of
appointment the year
The Company
Ordinary shares
Dr Hu Tsu Tau 180,929 211,893
Peter Seah Lim Huat 180,741 267,417
Liew Mun Leong 2,628,307 3,356,436
Jackson Peter Tai 389,060 600,572
Richard Edward Hale 683,106 839,549
James Koh Cher Siang 64,648 193,633
CAPITALAND LIMITED
Arfat Pannir Selvam 75,696 179,799

Professor Kenneth Stuart Courtis 101,614 117,697
Ng Kee Choe 10,000 10,000

PAGE
106
STATUTORY ACCOUNTS
Directors’ Interests in Shares or Debentures (cont’d)

At beginning of
The Company (cont’d)

Options to subscribe for ordinary shares exercisable
from 26/02/2006 to 25/02/2010 at an exercise price of $1.791 per share
Jackson Peter Tai 99,090 –
DIRECTORS’ REPORT

Dr Hu Tsu Tau 41,760 41,760
Peter Seah Lim Huat 60,660 –
Richard Edward Hale 128,060 –
Arfat Pannir Selvam 80,880 –

Liew Mun Leong 493,600 –

Contingent award of Performance shares2 to be delivered after 2009
Liew Mun Leong 0 to 727,3384 –¶
¶
No share was released under the 2007 award.

Liew Mun Leong (368,7261 shares) 0 to 720,6604 0 to 737,4524

Liew Mun Leong (370,2581 shares) 0 to 718,3204 0 to 740,5164

Liew Mun Leong (381,0391 shares) – 0 to 762,0784
Unvested Restricted shares3 to be delivered after 2007

Liew Mun Leong 97,1327 –

ANNUAL REPORT 2010

Dr Hu Tsu Tau 11,8766 –
Peter Seah Lim Huat 6,9286 –
Liew Mun Leong 105,3988 53,5541,7
Richard Edward Hale 10,8866 –
James Koh Cher Siang 9,8976 –
Arfat Pannir Selvam 8,9076 –
Professor Kenneth Stuart Courtis 4,9496 –
PAGE
107
DIRECTORS’
REPORT

At beginning of
The Company (cont’d)

Dr Hu Tsu Tau 0 to 44,3915 19,3361,6
Peter Seah Lim Huat 0 to 44,3915 19,3361,6
Liew Mun Leong 0 to 295,4645 171,9581,8
Jackson Peter Tai 0 to 25,8955 11,2801,6
Richard Edward Hale 0 to 40,6925 17,7251,6
James Koh Cher Siang 0 to 44,3915 19,3361,6
Arfat Pannir Selvam 0 to 33,2945 14,5031,6
Professor Kenneth Stuart Courtis 0 to 25,8955 11,2801,6

Award of Restricted shares3 to be delivered after 2010
Dr Hu Tsu Tau – 13,3731,5
Peter Seah Lim Huat – 16,1081,5
Jackson Peter Tai – 9,4221,5
Richard Edward Hale – 14,3861,5
James Koh Cher Siang – 12,4611,5
Arfat Pannir Selvam – 13,4741,5
Professor Kenneth Stuart Courtis – 9,4221,5
Dr Fu Yuning – 5,7751,5
John Powell Morschel – 5,3691,5

Contingent award of Restricted shares3 to be delivered after 2010
Liew Mun Leong (201,2751 shares) – 0 to 301,9135

$1.3 billion convertible bonds 3.125% due 2018
(Aggregate principal amount of bonds which remains
outstanding is $1.05 billion)
Liew Mun Leong – $1,500,000
Related Corporations
CapitaMalls Asia Limited
Ordinary shares
Dr Hu Tsu Tau 29,000 29,000
CAPITALAND LIMITED
Peter Seah Lim Huat 29,000 29,000

Liew Mun Leong 442,000 442,000
Jackson Peter Tai 29,000 29,000
Richard Edward Hale 38,000 38,000
Arfat Pannir Selvam 54,000 54,000
Dr Fu Yuning 54,000 54,000
Ng Kee Choe 130,000 130,000

PAGE

108
STATUTORY ACCOUNTS

At beginning of
Related Corporations (cont’d)

CapitaMalls Asia Limited (cont’d)
Award of Restricted shares3 to be delivered after 2010
Liew Mun Leong – 29,0805
DIRECTORS’ REPORT
James Koh Cher Siang – 2,8005
Arfat Pannir Selvam – 12,8005
Dr Fu Yuning – 8,1005

The Ascott Capital Pte Ltd
Liew Mun Leong
- $50 million 3.10% Fixed Rate Notes due 2010 $1,000,000 –
- $150 million 4.70% Fixed Rate Notes due 2011 $1,000,000 $1,000,000

Footnotes:
1
On 30 April 2010 and 3 May 2010, adjustments were made to the exercise prices of unexercised options and the number of
shares under awards respectively. The adjustments were made in accordance with the rules of the CapitaLand Share Option
Plan, the CapitaLand Performance Share Plan and the CapitaLand Restricted Stock Plan, arising from the payment of a special
dividend of $0.05 per issued ordinary share for the financial year ended 31 December 2009.
2
Performance shares are shares under awards pursuant to the CapitaLand Performance Share Plan.
3
Restricted shares are shares under awards pursuant to the CapitaLand Restricted Stock Plan or CMA Restricted Stock Plan.
4
The final number of shares released will depend on the achievement of pre-determined targets over a three-year performance
period. No share will be released if the threshold targets are not met at the end of the performance period. On the other hand, if
superior targets are met, more shares than the baseline award could be delivered up to a maximum of 200% of the baseline
award.
5
The final number of shares released will depend on the achievement of pre-determined targets at the end of a one-year
performance period and the release will be over a vesting period of two to three years. No share will be released if the threshold
targets are not met at the end of the performance period. On the other hand, if superior targets are met, more shares than the
baseline award could be delivered up to a maximum of 150% of the baseline award. For the year 2010, the awards granted to
non-executive directors are time-based with no performance conditions and will be released over a vesting period of two years.
6
Being the unvested half of the award.
7
Being the unvested one-third of the award.
8
Being the unvested two-thirds of the award.
ANNUAL REPORT 2010
There was no change in any of the above-mentioned directors’ interests in the Company and its related
corporations between the end of the financial year and 21 January 2011.
PAGE
109
DIRECTORS’
REPORT
Directors’ Interests in Contracts
During the financial year, the directors’ interests in contracts relate to:
(i) sale of residential properties to directors and their associates:
Directors Projects Transaction Amount

Liew Mun Leong and his family members 2 units of The Interlace $6,204,500
Family members of Peter Seah Lim Huat 1 unit of The Interlace $3,099,500
Family member of Liew Mun Leong 1 unit of The Metropolis RMB1,116,519
(ii) professional advisory fees of $2,843 paid to Professor Kenneth Stuart Courtis;
(iii) professional fees of $16,590 paid or payable to Selvam LLC (formerly known as Arfat Selvam Alliance LLC),
of which Mrs Arfat Pannir Selvam is a shareholder; and
(iv) an ongoing tenancy lease agreement entered into between a related corporation and a company in which
Mr Liew Mun Leong is a shareholder.
Save as disclosed above, since the end of the last financial year, no other director has received or become entitled
to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or
with a firm of which he is a member or with a company in which he has a substantial financial interest.
Directors’ emoluments are disclosed in “Other Information”.
Arrangements to Enable Directors to Acquire Shares and Debentures

Except as disclosed under the “Directors’ Interests in Shares or Debentures” and “Share Plans” sections of this
report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement
whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by
means of the acquisition of shares in or debentures of the Company or any other body corporate.
Share Plans
The Executive Resource and Compensation Committee (“ERCC”) of the Company has been designated as the
Committee responsible for the administration of the Share Plans. The ERCC comprises the following members:
Mr Peter Seah Lim Huat (Chairman)

Mr Ng Kee Choe
Mr Simon Claude Israel
(a) CapitaLand Share Option Plan, Performance Share Plan and Restricted Stock Plan
The CapitaLand Share Option Plan, the CapitaLand Performance Share Plan and the CapitaLand Restricted
CAPITALAND LIMITED
Stock Plan (collectively referred to as the “Existing Share Plans”) were approved and adopted by the
members of the Company at an Extraordinary General Meeting (“EGM”) held on 16 November 2000.
A new CapitaLand PSP 2010 and CapitaLand RSP 2010 (together, the “New Share Plans”) were approved
by the members of the Company at the EGM held on 16 April 2010. These new plans are intended to replace
the CapitaLand Performance Share Plan and the CapitaLand Restricted Stock Plan under the Existing Share
Plans. The Company did not extend the duration of, or replace, the existing CapitaLand Share Option Plan.
The Existing Share Plans were terminated following the adoption of the New Share Plans. However, all
awards granted under the Existing Share Plans prior to its termination will continue to be valid and be subject
to the terms and conditions of the Existing Share Plans.
PAGE
110
STATUTORY ACCOUNTS
Share Plans (cont’d)
(a) CapitaLand Share Option Plan, Performance Share Plan and Restricted Stock Plan (cont’d)
The CapitaLand RSP 2010 is intended to apply to a broader base of executives as well as to the non-executive
directors, while the CapitaLand PSP 2010 is intended to apply to a select group of key senior management.
Under the CapitaLand PSP 2010, the awards granted are conditional on performance targets set based on
medium-term corporate objectives. Awards represent the right of a participant to receive fully paid shares,
their equivalent cash value or combinations thereof, free of charge, upon the Company achieving prescribed
performance target(s). Awards are released once the ERCC is satisfied that the prescribed target(s) have
been achieved. There are no vesting periods beyond the performance achievement periods.
DIRECTORS’ REPORT
Under the CapitaLand RSP 2010, awards granted to eligible participants vest only after the satisfactory
completion of time-based service conditions or where the award is performance-related, after a further
period of service beyond the performance target completion date (performance-based restricted awards).
No minimum vesting periods are prescribed under the CapitaLand RSP 2010.
Awards granted under the CapitaLand RSP 2010 differ from awards granted under the CapitaLand PSP 2010
in that an extended vesting period is normally imposed beyond the performance target completion date, that
is, they also incorporate a time-based service condition as well, to encourage participants to continue serving
the Group beyond the achievement date of the pre-determined performance target(s). In addition, the
CapitaLand RSP 2010 also enable grants of fully paid shares to be made to non-executive directors as part
of their remuneration in respect of their office as such in lieu of cash.
The aggregate number of new shares which may be allotted, issued and/or delivered pursuant to awards
granted under the New Share Plans on any date, when aggregated with existing shares (including shares
held in treasury and cash equivalents) delivered and/or to be delivered, pursuant to the New Shares Plans,
and all shares, options or awards granted under any other share schemes of the Company then in force,
shall not exceed 8% of the total number of issued shares (excluding treasury shares) from time
to time.
The duration of each share plan is 10 years commencing on 16 April 2010. As at the end of the financial
year, there were no issued shares of the Company under the New Share Plans.
(b) Options Exercised

The Company ceased to grant options under the CapitaLand Share Option Plan since 2007. During the
financial year, there were new ordinary shares issued for cash in the capital of the Company and its subsidiary
pursuant to the exercise of options granted:
Exercise Price Number of

Name of Company (per share) Shares Issued

CapitaLand Limited $0.30 to $4.19 8,048,400
ANNUAL REPORT 2010
Australand A$0.22 144,250**
** The number of stapled securities issued pursuant to the exercise of options were prior to the consolidation of the stapled
securities in May 2010.
Save as disclosed above, there was no share issued during the financial year by virtue of the exercise of
options to take up unissued shares of the Company and its subsidiary.
PAGE
111
DIRECTORS’
REPORT
(c) Unissued Shares under Options
At the end of the financial year, there were the following unissued ordinary shares of the Company
under options:

Exercise Price* Number of
Number of (per share) Unissued Shares
Holders Expiry Date $ under Options

The Company

Non-Executive Directors 7 24/02/2011 3.22 285,280
(including non-executive directors
of subsidiaries and former directors)

Group Executives 14 18/06/2011 1.15 96,741
14 10/05/2012 0.49 62,459
25 28/02/2013 0.30 239,488
4 29/08/2013 0.30 7,846
67 27/02/2014 0.50 615,517
7 27/08/2014 0.85 43,210
179 25/02/2015 1.72 1,811,796
25 26/08/2015 2.15 111,090
410 24/02/2016 3.18 6,377,502
1 19/06/2016 3.65 87,350
54 01/09/2016 4.09 662,066
10,115,065
Total 10,400,345
* On 30 April 2010, adjustments were made to the exercise prices of unexercised options in accordance with the rules of the
CapitaLand Share Option Plan arising from the payment of a special dividend of $0.05 per issued ordinary share for the
financial year ended 31 December 2009. Exercise prices of the unexercised options were adjusted lower by $0.05 to $0.10
per option to compensate for the decline in values of the said options.
CAPITALAND LIMITED
PAGE
112
STATUTORY ACCOUNTS
(c) Unissued Shares under Options (cont’d)
The aggregate number of options granted since the commencement of the CapitaLand Share Option Plan
to the end of the financial year is as follows:
Aggregate options granted

since the commencement Aggregate Aggregate Aggregate
of the CapitaLand options options lapsed/ outstanding
Participants Share Option Plan exercised cancelled options

Directors of the Company:
Dr Hu Tsu Tau 281,760 (240,000) – 41,760
DIRECTORS’ REPORT
Peter Seah Lim Huat 494,460 (494,460) – –
Liew Mun Leong 6,257,200 (6,257,200) – –
Jackson Peter Tai 722,250 (502,250) (220,000) –
Richard Edward Hale 608,230 (608,230) – –
James Koh Cher Siang 134,800 (100,000) – 34,800
Arfat Pannir Selvam 100,880 (100,880) – –
8,599,580 (8,303,020) (220,000) 76,560
Non-Executive Directors
of subsidiaries (including former
directors of the Company) 10,024,290 (9,286,120) (529,450) 208,720
Group Executives
(excluding Liew Mun Leong) 138,155,955 (93,835,458) (34,205,432) 10,115,065
Parent Group Executives
and others 2,662,482 (2,232,834) (429,648) –
Total 159,442,307 (113,657,432) (35,384,530) 10,400,345
At the end of the financial year, there were also unissued stapled securities of a subsidiary under options
as follows:
Exercise Price** Number of

(per stapled Unissued Stapled
Number of security) Securities Under
Australand Holders Expiry Date A$ Options**
Employees 9 11/03/2011 1.10 13,550
** In May 2010, the total number of stapled securities on issue were consolidated on a 1 for 5 basis. For every 5 stapled
securities on issue prior to the consolidation, security holders received 1 new stapled security. The exercise price has been
adjusted for the effect of the security consolidation.
Save as disclosed above, there were no unissued shares of the Company or its subsidiary under options as
at the end of the financial year.
ANNUAL REPORT 2010
PAGE
113
DIRECTORS’
REPORT
(d) Awards under the CapitaLand Performance Share Plan
During the financial year, the ERCC of the Company has granted awards under the Existing Share Plans
which are conditional on targets set for a performance period, currently prescribed to be a three-year
performance period. A specified number of shares will only be released by the ERCC to the recipient at the
end of the qualifying performance period, provided the threshold targets are achieved.
The final number of shares released will depend on the achievement of pre-determined targets over a three-
year performance period. No share will be released if the threshold targets are not met at the end of the
performance period. On the other hand, if superior targets are met, more shares than the baseline award
could be delivered up to a maximum of 200% of the baseline award.
Details of the movement in the awards of the Company during the year were as follows:
<------------ Movements during the year ------------>

Balance as at Granted/ Lapsed/ Balance as at
1 January 2010 Adjusted^ Released Cancelled 31 December 2010
Year of No. of No. of No. of No. of No. of No. of No. of
Award holders shares shares shares shares holders shares

2007 60 2,619,614 – (335,967) (2,283,647) – –
2008 74 2,988,755 62,466 – (469,318) 66 2,581,903
2009 81 3,855,286 109,932 – (467,507) 73 3,497,711
2010 – – 3,418,124 – (278,258) 56 3,139,866
9,463,655 3,590,522 (335,967) (3,498,730) 9,219,480
^
On 3 May 2010, adjustments were made to the number of shares under awards in accordance with the rules of the
CapitaLand Performance Share Plan arising from the payment of a special dividend of $0.05 per issued ordinary share for the
financial year ended 31 December 2009. The Company granted a total of 362,822 shares to compensate for the decline in
values of the said awards.
(e) Awards under the CapitaLand Restricted Stock Plan

During the financial year, the ERCC of the Company has granted awards under the Existing Share Plans
which are conditional on targets set for a performance period, currently prescribed to be a one-year
performance period. A specified number of shares will only be released by the ERCC to the recipients at the
end of the qualifying performance period, provided the threshold targets are achieved.
The final number of shares released will depend on the achievement of pre-determined targets at the end of
a one-year performance period. No share will be released if the threshold targets are not met at the end of
the performance period. On the other hand, if superior targets are met, more shares than the baseline award
could be delivered up to a maximum of 150% of the baseline award. The shares have a vesting schedule of
two to three years. Recipients can receive fully paid shares, their equivalent cash value or combinations
thereof, at no cost.
CAPITALAND LIMITED
With effect from 2008, the ERCC of the Company has instituted a set of share ownership guidelines for
senior management who receives shares under the CapitaLand Restricted Stock Plan. Under these
guidelines, members of the senior management team are required to retain a portion of the total number of
CapitaLand shares acquired through the CapitaLand Restricted Stock Plan which will vary according to their
job grades and base salaries. For the year 2010, awards granted to non-executive directors are time-based
with no performance conditions and will be released over a vesting period of two years.
PAGE
114
STATUTORY ACCOUNTS
(e) Awards under the CapitaLand Restricted Stock Plan (cont’d)
Details of the movement in the awards by the Company during the year were as follows:

Balance as at Granted/ Lapsed/ Balance as at
1 January 2010 Adjusted^^ Released+ Cancelled 31 December 2010

2007 868 2,012,134 – (1,958,147) (53,987) – –
2008 1,223 3,378,636 24,507 (1,714,443) (261,609) 1,069 1,427,091
DIRECTORS’ REPORT
2009 1,656 8,230,224 2,420,934 (3,505,177) (950,888) 1,430 6,195,093
2010 – – 6,405,436 – (536,667) 885 5,868,769
13,620,994 8,850,877 (7,177,767) (1,803,151) 13,490,953
^^
On 3 May 2010, adjustments were made to the number of shares under awards in accordance with the rules of the
CapitaLand Restricted Stock Plan arising from the payment of a special dividend of $0.05 per issued ordinary share for the
financial year ended 31 December 2009. The Company granted a total of 254,118 shares (of which 34,083 are to be
cash-settled) to compensate for the decline in values of the said awards.
+
The number of shares released during the year was 7,177,767, of which 1,063,145 were cash-settled.
As at 31 December 2010, the number of shares comprised in awards granted under the CapitaLand
Restricted Stock Plan is as follows:
Equity-settled Cash-settled

Final number of shares has not been determined (baseline award) # 5,078,845 663,863
Final number of shares determined but not released 6,594,458 1,153,787
11,673,303 1,817,650
#
The final number of shares released could range from 0% to 150% of the baseline award.
During the year, the aggregate number of new shares issued pursuant to the Existing Share Plans did not exceed
15% of the issued share capital of the Company.
(f) Awards under the CapitaMalls Asia Limited (“CMA”) Share Plans
The CMA Performance Share Plan and the CMA Restricted Stock Plan (collectively referred to as the
“CMA Share Plans”) were approved and adopted by the shareholders’ of CMA at an Extraordinary General
Meeting held on 30 October 2009.
Under the CMA Share Plans, awards are granted to eligible participants who will have the right to receive
ANNUAL REPORT 2010
fully paid shares, their equivalent cash value or combinations thereof, free of charge, upon the company
achieving prescribed performance target(s).
PAGE
115
DIRECTORS’
REPORT
(f) Awards under the CapitaMalls Asia Limited (“CMA”) Share Plans (cont’d)
(i) Awards under the CMA Performance Share Plan
The CMA Performance Share Plan has no vesting periods beyond the performance achievement periods
and applies only to key executives.
Details of the movement in the awards by CMA during the year were as follows:

Balance as at Lapsed/ Balance as at
1 January 2010 Granted Released Cancelled 31 December 2010

2010 – – 871,700 – – 20 871,700
(ii) Awards under the CMA Restricted Stock Plan

Under the CMA Restricted Stock Plan, awards granted to eligible participants vest only after the
satisfactory completion of time-based service conditions or where the awards are performance-related,
after a further period of service beyond the performance target completion date (performance-related
awards). No minimum vesting period is prescribed under the CMA Restricted Stock Plan. Performance-
related awards differ from awards granted under the CMA Performance Share Plan in that an extended
vesting period is imposed beyond the performance target completion date.

Details of the movement in the awards by CMA during the year were as follows:

Balance as at Lapsed/ Balance as at
1 January 2010 Granted Released Cancelled 31 December 2010
2010 – – 4,633,710 – (516,731) 795 4,116,979*
* Included 1,209,807 shares which were to be cash-settled.
(g) Awards under the Australand Share Plans

(i) Australand Performance Rights Plan
The establishment of the Australand Performance Rights Plan was approved by Australand’s shareholders
at the 2007 Annual General Meeting (“AGM”).
The number of securities outstanding under the Australand Performance Rights Plan as at the end of the
year is summarised below:
CAPITALAND LIMITED
Year of Balance as at <------- Movements during the year --------> Balance as at

Award 1 January 2010* Granted Lapsed/Forfeited 31 December 2010

2007 111,620 – – 111,620
2008 279,627 – (243,954) 35,673
2009 2,333,833 – (327,681) 2,006,152
2010 – 1,939,700 (179,927) 1,759,773
2,725,080 1,939,700 (751,562) 3,913,218
* In May 2010, the total number of stapled securities on issue were consolidated on a 1 for 5 basis. For every 5 stapled
securities on issue prior to the consolidation, security holders received 1 new stapled security. Opening balances of
performance rights granted, and performance rights exercised, lapsed and forfeited, as well as their fair values, have
PAGE
been adjusted for the effect of the security consolidation.

116
STATUTORY ACCOUNTS
(g) Awards under the Australand Share Plans (cont’d)
(ii) Australand Tax Exempt Employee Security Plan
The Australand Tax Exempt Employee Security Plan in which tax exempt stapled securities may be
issued by the company to employees for no cash consideration was approved by Australand’s
shareholders at the 2007 AGM. All Australian resident permanent (full-time and part-time) employees
(excluding directors and participants in the Australand Performance Rights Plan) who have been
continuously employed by the Group for a period of at least nine months as at the invitation date and are
still employees as at the acquisition date are eligible to participate in the plan. Employees may elect not
to participate in the plan.
DIRECTORS’ REPORT
The plan provides up to A$1,000 of Australand stapled securities (tax-free) to eligible employees annually
for no cash consideration.
A three-year restriction period on selling, transferring or otherwise dealing with the securities applies,
unless the employee leaves Australand. Under the plan, employees will receive the same benefits as all
other security holders.
The number of securities issued to participants in the plan is the offer amount divided by the weighted
average price at which Australand’s stapled securities are traded on the Australian Stock Exchange
during the week up to and including the acquisition date (rounded down to the nearest whole number
of stapled securities).
During the year, 110,410 (2009: Nil) securities were issued under the Australand Tax Exempt Employee
Security Plan at the weighted average market price of A$2.76 per security.
(iii) Australand Employees Securities Ownership Plan

The Australand Employees Securities Ownership Plan (“Australand ESOP”) offers a five-year, interest-
free loan to enable employees to purchase specified number of Australand stapled securities allocated
by Australand’s Remuneration Committee. The loan has limited recourse and the employees’ obligations
to repay the loan are limited to the market value of the securities at any time. The loan will be partly
repaid by distributions on the securities held and must be fully repaid on cessation of employment
with Australand or by the fifth anniversary of the origination date of the loan, whichever is earlier. The
last offer under Australand ESOP was made on 30 June 2006 and hence Australand ESOP will cease
to exist from 30 June 2011.
In addition to the above Australand ESOP, options over unissued Australand stapled securities have
previously been issued to employees under the terms of the Australand Share Option Scheme.
No option has been issued under this scheme since March 2002. No future options will be issued
under this scheme.
ANNUAL REPORT 2010
PAGE
117
DIRECTORS’
REPORT
Audit Committee
The Audit Committee members at the date of this report are Mr Richard Edward Hale (Chairman), Mr James Koh
Cher Siang and Mrs Arfat Pannir Selvam.
The Audit Committee performs the functions specified by Section 201B of the Companies Act, Chapter 50 (the
“Act”), the Listing Manual of the SGX-ST, and the Code of Corporate Governance.
The principal responsibility of the Audit Committee is to assist the Board of Directors in fulfilling its oversight
responsibilities. Areas of review by the Audit Committee include:
• the reliability and integrity of the financial statements;
• the impact of new, revised or proposed changes in accounting policies or regulatory requirements on the
financial statements;
• the compliance with laws and regulations, particularly those of the Act and the Listing Manual of the
SGX-ST;
• the appropriateness of quarterly and full year announcements and reports;
• the adequacy of internal controls and evaluation of adherence to such controls;
• the effectiveness and efficiency of internal and external audits;
• the appointment and re-appointment of external auditors and the level of auditors’ remuneration;
• the nature and extent of non-audit services and their impact on independence and objectivity of the
external auditors;
• interested person transactions;
• the findings of internal investigation, if any;
• the framework and processes established for the implementation of the terms of the collaboration agreement
with CMA in order to ensure that such framework and processes remain appropriate;
• the processes put in place to manage any material conflicts of interest within the Group; and
• all conflicts of interest matters referred to it.
The Audit Committee also reviews arrangements by which employees of the Company may, in confidence, raise
CAPITALAND LIMITED
concerns about possible improprieties in matters of financial reporting or other matters. Pursuant to this, the
Audit Committee has introduced a Whistle Blowing Policy where employees may raise improprieties to the Audit
Committee Chairman in good faith, with the confidence that employees making such reports will be treated fairly
and be protected from reprisal.
The Audit Committee met four times in 2010. Specific functions performed during the year included reviewing
the scope of work and strategies of both the internal and external auditors, and the results arising therefrom,
including their evaluation of the system of internal controls. The Audit Committee also reviewed the assistance
given by the Company’s officers to the auditors. The financial statements of the Group and the Company were
reviewed by the Audit Committee prior to the submission to the Board of Directors of the Company for adoption.
The Audit Committee also met with the internal and external auditors, without the presence of management, to
discuss issues of concern to them.
PAGE
118
STATUTORY ACCOUNTS
Audit Committee (cont’d)
The Audit Committee has, in accordance with Chapter 9 of the Listing Manual of the SGX-ST, reviewed the
requirements for approval and disclosure of interested person transactions, reviewed the procedures set by the
Group and the Company to identify and report and where necessary, seek approval for interested person
transactions and, with the assistance of the internal auditors, reviewed interested person transactions.
The Audit Committee also undertook quarterly reviews of all non-audit services provided by KPMG LLP and
its member firms and was satisfied that they did not affect their independence as external auditors of
the Company.
The Audit Committee has recommended to the Board of Directors that the auditors, KPMG LLP, be nominated
DIRECTORS’ REPORT
for re-appointment as auditors at the forthcoming Annual General Meeting of the Company.
Auditors
The auditors, KPMG LLP, have indicated their willingness to accept re-appointment.
On behalf of the Board of Directors
Dr Hu Tsu Tau
Director
Liew Mun Leong

Director
Singapore
28 February 2011
ANNUAL REPORT 2010
PAGE
119
STATEMENT
BY DIRECTORS
In our opinion:
(a) the financial statements set out on pages 122 to 215 are drawn up so as to give a true and fair view of the
state of affairs of the Group and of the Company as at 31 December 2010, and of the results and changes
in equity of the Group and of the Company, and of the cash flows of the Group for the year ended on that
date in accordance with the provisions of the Singapore Companies Act, Chapter 50 and Singapore Financial
Reporting Standards; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they fall due.
The Board of Directors has, on the date of this statement, authorised these financial statements for issue.
On behalf of the Board of Directors
Dr Hu Tsu Tau
Director
Liew Mun Leong

Director
Singapore
28 February 2011
CAPITALAND LIMITED
PAGE
120
INDEPENDENT
AUDITORS’ REPORT
STATUTORY ACCOUNTS
TO THE MEMBERS OF CAPITALAND LIMITED
We have audited the accompanying financial statements of CapitaLand Limited (the “Company”) and its
subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 December
2010, the income statements, statements of comprehensive income and statements of changes in equity
of the Group and the Company and the statement of cash flows of the Group for the year then ended, and a
summary of significant accounting policies and other explanatory notes, as set out on pages 122 to 215.
INDEPENDENT AUDITORS’ REPORT

Management’s responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting
Standards and for devising and maintaining a system of internal accounting controls sufficient to provide a
reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and
transactions are properly authorised and that they are recorded as necessary to permit the preparation of true
and fair profit and loss accounts and balance sheets and to maintain accountability of assets.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements
that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet, income statement,
statement of comprehensive income and statement of changes in equity of the Company are properly drawn up
in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and fair
view of the state of affairs of the Group and of the Company as at 31 December 2010 and the results, changes
in equity of the Group and the Company and cash flows of the Group for the year ended on that date.
ANNUAL REPORT 2010
Report on other legal and regulatory requirements

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those
subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with
the provisions of the Act.
KPMG LLP
Public Accountants and
Certified Public Accountants
PAGE
Singapore
121
28 February 2011
BALANCE
SHEETS
AS AT 31 DECEMBER 2010
The Group The Company
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
Non-Current Assets
Property, Plant and Equipment 3 1,049,407 1,772,301 8,164 7,291
Intangible Assets 4 459,605 518,026 147 147
Investment Properties 5 4,732,895 5,058,507 – –
Interests in Subsidiaries 6 – – 12,435,703 12,258,126
Interests in Associates 7(a) 8,249,142 7,012,174 – –
Interests in Joint Ventures 8(a) 1,861,232 1,672,056 – –
Other Financial Assets 9(a) 308,205 233,359 – –
Deferred Tax Assets 10 87,686 81,250 3,135 5,461
16,748,172 16,347,673 12,447,149 12,271,025

Current Assets
Development Properties for
Sale and Stock 11 5,419,350 3,590,270 – –
Trade and Other Receivables 12 2,139,625 1,301,916 1,166,526 87,847
Other Financial Assets 9(b) 203,009 196,437 – –
Cash and Cash Equivalents 15 7,190,064 8,729,718 53,954 2,356,466
14,952,048 13,818,341 1,220,480 2,444,313

Less: Current Liabilities
Trade and Other Payables 16 1,694,385 1,880,017 195,367 1,242,589
Short Term Bank Borrowings 18 852,255 992,974 – –
Current Portion of Debt Securities 19 909,519 400,776 – –
Current Portion of Finance Leases 20 – 3,836 – –
Current Tax Payable 496,405 457,374 5,424 10,515
3,952,564 3,734,977 200,791 1,253,104
Net Current Assets 10,999,484 10,083,364 1,019,689 1,191,209

Less: Non-Current Liabilities
Long Term Bank Borrowings 18 3,798,410 3,951,770 – –
Debt Securities 19 4,797,859 4,929,453 3,379,883 3,305,801
Finance Leases 20 – 33,745 – –
Deferred Tax Liabilities 10 593,238 173,756 55,176 65,986
Other Non-Current Liabilities 21 540,687 462,550 32,373 44,597
9,730,194 9,551,274 3,467,432 3,416,384
Net Assets 18,017,462 16,879,763 9,999,406 10,045,850

CAPITALAND LIMITED
Representing:
Share Capital 23 6,276,504 6,229,227 6,276,504 6,229,227
Revenue Reserves 7,652,261 6,839,047 3,301,550 3,396,949
Other Reserves 24 241,886 339,999 421,352 419,674
Equity attributable to Owners
of the Company 14,170,651 13,408,273 9,999,406 10,045,850
Non-controlling Interests 3,846,811 3,471,490 – –
Total Equity 18,017,462 16,879,763 9,999,406 10,045,850
PAGE
122
The accompanying notes form an integral part of these financial statements.

INCOME
STATEMENTS
STATUTORY ACCOUNTS
YEAR ENDED 31 DECEMBER 2010
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Revenue 26 3,382,742 2,957,359 286,565 510,348
Cost of sales (2,106,384) (1,931,165) – –
Gross profit 1,276,358 1,026,194 286,565 510,348
Other operating income 27(a) 892,687 1,238,399 320,579 1,284,775
Administrative expenses (488,279) (412,649) (79,245) (149,068)
Other operating expenses (117,421) (572,121) (94) (115,509)
Financial Statements
Profit from operations 1,563,345 1,279,823 527,805 1,530,546
Finance costs 27(d) (448,183) (453,922) (183,895) (144,796)
Share of results (net of tax) of:
- associates 499,357 (197,961) – –
- joint ventures 321,495 467,156 – –
820,852 269,195 – –
Profit before taxation 27 1,936,014 1,095,096 343,910 1,385,750
Taxation 28 (265,907) (86,462) 8,060 (760)
Profit for the year 1,670,107 1,008,634 351,970 1,384,990

Attributable to:
Owners of the Company 1,273,139 1,052,959 351,970 1,384,990
Non-controlling interests 396,968 (44,325) – –
Basic earnings per share (cents) 29 29.9 26.2

Diluted earnings per share (cents) 29 29.2 25.9
ANNUAL REPORT 2010

PAGE
123

STATEMENTS OF
COMPREHENSIVE INCOME
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000


Other comprehensive income:
Exchange differences arising from
translation of foreign operations
and foreign currency loans
forming part of net investment
in foreign operations (218,574) 158,751 – –
Change in fair value of
available-for-sale investments 19,730 12,436 – –
Effective portion of change in
fair value of cash flow hedges 33,674 102,585 – –
Other capital reserve – (132) – –
Share of other comprehensive
income of associates and
joint ventures 15,762 (27,522) – –
Total other comprehensive
income for the year, net of income tax 25 (149,408) 246,118 – –
Total comprehensive income
for the year 1,520,699 1,254,752 351,970 1,384,990
Attributable to:
Owners of the Company 1,152,083 1,056,899 351,970 1,384,990
Non-controlling interests 368,616 197,853 – –
Total comprehensive income for the year 1,520,699 1,254,752 351,970 1,384,990

CAPITALAND LIMITED
PAGE
124

STATEMENTS OF
CHANGES IN EQUITY
STATUTORY ACCOUNTS
Non-
Share Revenue Other controlling Total
Capital Reserves Reserves Total Interests Equity
The Group $’000 $’000 $’000 $’000 $’000 $’000

At 1 January 2010 6,229,227 6,839,047 339,999 13,408,273 3,471,490 16,879,763
Profit for the year – 1,273,139 – 1,273,139 396,968 1,670,107
Other comprehensive income

Exchange differences arising
from translation of foreign
operations and foreign
currency loans forming
part of net investment in
foreign operations – – (189,549) (189,549) (29,025) (218,574)
Change in fair value of available-
for-sale investments – – 19,730 19,730 – 19,730
fair value of cash flow hedges – – 30,476 30,476 3,198 33,674
joint ventures – – 18,287 18,287 (2,525) 15,762
income, net of income tax – – (121,056) (121,056) (28,352) (149,408)
Total comprehensive income – 1,273,139 (121,056) 1,152,083 368,616 1,520,699

Transactions with owners,
recorded directly in equity
Issue of shares 47,277 – (25,110) 22,167 – 22,167
Dividends paid/payable – (447,369) – (447,369) (103,656) (551,025)
Share-based payments – – 32,150 32,150 2,006 34,156
Non-controlling interests
contributions (net) – – – – 19,742 19,742
Changes in ownership interests
in subsidiaries with a
change in control – – – – (33,786) (33,786)
in subsidiaries with no
change in control – 14,168 (2,204) 11,964 123,339 135,303
Share of reserves of associates
and joint ventures – (6,745) (1,737) (8,482) (877) (9,359)
ANNUAL REPORT 2010
Others – (19,979) 19,844 (135) (63) (198)

Total transactions with owners 47,277 (459,925) 22,943 (389,705) 6,705 (383,000)
At 31 December 2010 6,276,504 7,652,261 241,886 14,170,651 3,846,811 18,017,462

PAGE
125

STATEMENTS OF
CHANGES IN EQUITY
Non-
Share Revenue Other controlling Total
Capital Reserves Reserves Total Interests Equity
The Group $’000 $’000 $’000 $’000 $’000 $’000

At 1 January 2009 4,396,144 5,423,671 861,874 10,681,689 1,306,113 11,987,802
Profit for the year – 1,052,959 – 1,052,959 (44,325) 1,008,634
Other comprehensive income

Exchange differences arising
from translation of foreign
operations and foreign
currency loans forming
part of net investment in
foreign operations – – (51,324) (51,324) 210,075 158,751
Change in fair value of available-
for-sale investments – – 12,436 12,436 – 12,436
fair value of cash flow hedges – – 67,281 67,281 35,304 102,585
Other capital reserve – – (132) (132) – (132)
joint ventures – – (24,321) (24,321) (3,201) (27,522)
income, net of income tax – – 3,940 3,940 242,178 246,118
Total comprehensive income – 1,052,959 3,940 1,056,899 197,853 1,254,752

Rights issue 1,789,901 – – 1,789,901 – 1,789,901
Issue of shares 43,182 – (35,028) 8,154 – 8,154
Dividends paid/payable – (297,159) – (297,159) (93,690) (390,849)
Transfer between reserves – 684,231 (684,231) – – –
Equity portion of convertible
bonds issued – – 173,767 173,767 – 173,767
Repurchase of convertible bonds – 4,780 (16,462) (11,682) – (11,682)
Share-based payments – – 23,892 23,892 225 24,117
Non-controlling interests
contributions (net) – – – – 214,952 214,952
in subsidiaries with a change
CAPITALAND LIMITED
in control – – – – 39,574 39,574

in subsidiaries with no
change in control – – – – 1,811,068 1,811,068
Share of other capital reserve
of associates and a subsidiary – – (18,153) (18,153) (4,609) (22,762)
Others – (29,435) 30,400 965 4 969
Total transactions with owners 1,833,083 362,417 (525,815) 1,669,685 1,967,524 3,637,209
At 31 December 2009 6,229,227 6,839,047 339,999 13,408,273 3,471,490 16,879,763

PAGE
126

STATUTORY ACCOUNTS
Equity
Share Revenue Capital Compensation Total
Capital Reserves Reserves Reserve Equity
The Company $’000 $’000 $’000 $’000 $’000

At 1 January 2010 6,229,227 3,396,949 383,490 36,184 10,045,850
Profit for the year – 351,970 – – 351,970

Dividends paid – (447,369) – – (447,369)
Issue of shares 47,277 – – (6,186) 41,091
Share-based payments – – – 7,864 7,864
Total transactions with owners 47,277 (447,369) – 1,678 (398,414)
At 31 December 2010 6,276,504 3,301,550 383,490 37,862 9,999,406

At 1 January 2009 4,396,144 1,617,293 213,212 41,592 6,268,241
Profit for the year – 1,384,990 – – 1,384,990

Dividends paid – (297,159) – – (297,159)
Rights issue 1,789,901 – – – 1,789,901
Issue of shares 43,182 – – (10,151) 33,031
Equity portion of convertible
bonds issued – – 189,240 – 189,240
Repurchase of convertible bonds – 7,280 (18,962) – (11,682)
Share-based payments – – – 4,743 4,743
Capital return by a subsidiary – 684,545 – – 684,545
Total transactions with owners 1,833,083 394,666 170,278 (5,408) 2,392,619
At 31 December 2009 6,229,227 3,396,949 383,490 36,184 10,045,850 ANNUAL REPORT 2010
PAGE
127

CONSOLIDATED STATEMENT
OF CASH FLOWS
2010 2009
$’000 $’000
Operating activities
Profit after taxation 1,670,107 1,008,634

Adjustments for:
Amortisation and impairment of intangible assets 1,627 56,565
Allowance/(Write back) for:
- foreseeable losses 30,848 304,028
- doubtful receivables 6,381 15,361
- impairment on financial assets 10,936 50,953
- impairment on interests in associates and joint ventures (5,413) 55,254
- impairment on property, plant and equipment 23,891 1,826
Gain from bargain purchase (11,580) (2,958)
Share-based expenses 39,128 28,727
Changes in fair value of financial instruments (19,652) 34,210
Depreciation of property, plant and equipment 57,998 61,466
Gain on disposal of property, plant and equipment (12,077) (23,576)
Gain on disposal of investment properties (13,845) (19,140)
Net fair value (gain)/loss from investment properties (394,585) 225,932
Gain on disposal/liquidation/dilution of equity investments
and other financial assets (254,523) (981,681)
Share of results of associates and joint ventures (820,852) (269,195)
Provision for fidelity losses 7,021 –
Accretion of deferred income (9,209) 895
Interest expense 448,183 453,922
Interest income (83,027) (76,550)
Tax expense 265,907 86,462
(732,843) 2,501
Operating profit before working capital changes 937,264 1,011,135

Decrease/(Increase) in working capital:
Trade and other receivables (324,723) 172,784
Development properties for sale 600,349 (109,362)
Trade and other payables (131,430) (195,636)
Other financial assets – 58,804
Restricted bank deposits (2,729) –
Changes in working capital 141,467 (73,410)
Cash generated from operations 1,078,731 937,725
Income tax paid (176,490) (61,662)
CAPITALAND LIMITED
Net cash generated from operating activities carried down 902,241 876,063
PAGE
128

STATUTORY ACCOUNTS
2010 2009
Note $’000 $’000
Net cash generated from operating activities brought forward 902,241 876,063

Investing activities
Proceeds from disposal of property, plant and equipment 110,286 82,592
Purchase of property, plant and equipment (88,310) (205,774)
Investments in associates and joint ventures (215,657) (1,174,234)
(Advance to)/repayment from investee companies
and other receivables (95,462) 34,277
Prepayment for acquisition of an investment property (18,631) –
Deposits for new investments (135,933) –
Acquisition of investment properties (315,776) (269,831)
Proceeds from disposal of investment properties 1,001,467 238,903
Proceeds from disposal of other financial assets 10,360 132,233
Dividends received from associates and joint ventures 247,839 319,069
Acquisitions of subsidiaries, net of cash acquired 31(b) (3,034,955) (60,051)
Disposals of subsidiaries, net of cash disposed off 31(d) 692,208 509,051
Proceeds from public offering of a subsidiary – 2,763,112
Acquisition of remaining interests in subsidiaries – (21,786)
Transaction costs for public offering of a subsidiary (18,932) –
Interest income received 44,682 33,159
Net cash (used in)/generated from investing activities (1,816,814) 2,380,720

Financing activities
Proceeds from issue of shares under options 22,155 8,154
Proceeds from rights issue – 1,789,655
Borrowing from non-controlling interests 18,739 20,382
Contributions from non-controlling interests 19,742 203,634
Proceeds from disposal of interests in subsidiaries
with no change in control 150,412 –
Repayment of amount owing from sales of future receivables – (234,279)
Proceeds from bank borrowings 3,184,232 2,578,312
Repayment of bank borrowings (3,288,517) (3,114,737)
Proceeds from issue of debt securities 700,000 1,450,000
Repayment of debt securities (404,438) (548,553)
Repayment of finance lease payables (2,387) (4,509)
Dividends paid to non-controlling interests (104,366) (83,037)
Dividends paid to shareholders (447,369) (297,159)
Interest expense paid (438,608) (495,552)
Net cash (used in)/generated from financing activities (590,405) 1,272,311
ANNUAL REPORT 2010
Net (decrease)/increase in cash and cash equivalents (1,504,978) 4,529,094

Cash and cash equivalents at beginning of the year 8,729,718 4,228,405
Effect of exchange rate changes on cash balances
held in foreign currencies (37,405) (27,781)
Cash and cash equivalents at end of the year 15 7,187,335 8,729,718
Significant non-cash transaction:

In 2010, the Group disposed off three investment properties to an associate, CapitaMalls Malaysia Trust
(“CMMT”), for a consideration of $889.7 million, of which $637.5 million was settled by cash and the balance
was settled by way of issuance of 563.5 million units in CMMT.
PAGE
129

NOTES TO THE
FINANCIAL STATEMENTS
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 28 February 2011.
1 Domicile and Activities

CapitaLand Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered
office at 168 Robinson Road, #30-01, Capital Tower, Singapore 068912.
The principal activities of the Company during the financial year are those relating to investment holding and
consultancy services as well as the corporate headquarters which gives direction, provides management
support services and integrates the activities of its subsidiaries.
The principal activities of the significant subsidiaries are those relating to investment holding, real estate
development, investment in real estate financial products and real estate assets, investment advisory and
management services as well as management of serviced residences.
The consolidated financial statements relate to the Company and its subsidiaries (the “Group”) and the
Group’s interests in associates and joint ventures.
2 Summary of Significant Accounting Policies

(a) Basis of preparation
The financial statements have been prepared in accordance with the Singapore Financial Reporting
Standards (“FRS”).
The financial statements have been prepared on the historical cost basis except as disclosed in the
accounting policies below.
These financial statements are presented in Singapore Dollars, which is the Company’s functional
currency. All financial information presented in Singapore Dollars have been rounded to the nearest
thousand, unless otherwise stated.
The preparation of the financial statements in conformity with FRSs requires management to
make judgements, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised and in any future
periods affected.
Information about critical judgements in applying accounting policies that have the most significant
CAPITALAND LIMITED
effect on the amount recognised in the financial statements are described in the following notes:

Note 2(m) – classification of leases
Note 2(p) – recognition of deferred tax assets
Note 36 – contingencies
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
material adjustment within the next financial year are included in the following notes:

Note 2(n) – estimation of the percentage of completion of the projects, attributable profits for
development properties for sale and allowance for foreseeable losses
Note 3 – measurement of recoverable amounts of property, plant and equipment
PAGE
Note 4 – assumptions of recoverable amounts relating to goodwill impairment

130
Note 5 – valuation of investment properties.

STATUTORY ACCOUNTS
2 Summary of Significant Accounting Policies (cont’d)
(a) Basis of preparation (cont’d)
Note 21 – provisions
Note 22 – measurement of share-based payments
Note 32 – valuation of assets, liabilities and contingent liabilities acquired in business combinations
Note 33 – valuation of financial instruments.
NOTES TO THE FINANCIAL STATEMENTS

On adoption of new/revised FRSs effective from 1 January 2010, the Group has changed its accounting
policies in the following areas:
The Group has applied FRS 103 Business Combinations (2009) in its accounting for business
combinations. Business combinations are now accounted for using the acquisition method as at the
acquisition date (see note 2(b)(i)). Previously, business combinations were accounted for under the
purchase method. In the purchase method, the cost of an acquisition was measured at the fair value of
the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange,
plus costs directly attributable to the acquisition; and the excess of the Group’s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition was credited
to the profit or loss in the period of acquisition. For business acquisitions that were achieved in stages,
any existing equity interests in the acquiree were not re-measured to their fair value. Contingent
consideration was recognised as an adjustment to the cost of acquisition only when it was probable and
can be measured reliably.
The Group has also applied FRS 27 Consolidated and Separate Financial Statements (2009) in accounting
for transaction with non-controlling interests (see note 2(b)(ii) and 2(e)(i)). Changes in the Group’s interest
in subsidiaries that do not result in a loss of control are accounted for as equity transactions. When the
Group losses control of a subsidiary, any interest retained in the former subsidiary will be recorded at fair
value with the re-measurement gain or loss recognised in the profit or loss.
The above changes in accounting policies have been applied prospectively and had the following impact
on the financial statements:
The Group
Increase/(Decrease)
2010
$’000
Impact to income statement for the year ended 31 December

(net of tax and non-controlling interests):
Re-measurement gain of investments retained in former subsidiaries to
their fair values 78,250
Acquisition-related costs (5,175)
Gain arising from changes in ownership interests in subsidiaries with
no change in control now recognised in equity (14,168)
ANNUAL REPORT 2010
Profit attributable to the owners of the Company 58,907

Impact to earnings per share:
Increase in basic earnings per share (cents) 1.4
Increase in basic earnings per share (cents) 1.3
Except for the above changes, the accounting policies set out below have been applied consistently by
the Group to all periods presented in these financial statements and have been applied consistently by
the entities in the Group.
PAGE
131
NOTES TO THE
(b) Basis of consolidation
(i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group. Control is the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing
control, the Group takes into consideration potential voting rights that are currently exercisable.

The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in the profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, that the Group incurs in connection with a business combination are expensed
as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the
contingent consideration is classified as equity, it is not re-measured and settlement is accounted
for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration
are recognised in the profit or loss.

The Group elects on a transaction-by-transaction basis whether to measure non-controlling interests
at fair value, or at their proportionate share of the recognised amount of the identifiable net assets
of the acquiree, at the acquisition date. If the business combination is achieved in stages, the
Group’s previously held equity interest in the acquiree is re-measured to fair value at each acquisition
date and any changes are taken to the profit or loss.

From 1 January 2004 to 31 December 2009, business combinations are accounted for under the
purchase method. The cost of an acquisition is measured at the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly
attributable to the acquisition.
For acquisition of subsidiaries prior to 1 January 2004 which previously met the criteria for merger
of businesses such that the assets and liabilities and results were accounted for under the pooling
of interests method, the classification and accounting treatment of these business combinations
have not been reconsidered or restated in preparing the Group’s financial statements.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control commences until
the date that control ceases. Losses applicable to the non-controlling interest in a subsidiary are
allocated to the non-controlling interests even if this results in the non-controlling interests having
CAPITALAND LIMITED
a deficit balance.
Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted
for as equity transactions. Upon the loss of control of a subsidiary, the Group derecognises the
assets and liabilities of the subsidiary, any non-controlling interests and the other components of
equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognised
in the profit or loss. If the Group retains any interest in the previous subsidiary, then such interest
is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an
equity-accounted investee or as an available-for-sale financial asset depending on the level of
influence retained.
PAGE
132
STATUTORY ACCOUNTS
(b) Basis of consolidation (cont’d)
(iii) Associates and joint ventures
Associates are those entities in which the Group has significant influence, but not control, over their
financial and operating policies. Significant influence is presumed to exist when the Group holds
between 20% and 50% of the voting power of another entity. Joint ventures are entities (including

unincorporated or incorporated companies, partnerships and trusts) over whose activities the Group
has joint control, established by contractual agreement and requiring unanimous consent for
strategic financial and operating decisions.
Associates and joint ventures (collectively referred to as “equity-accounted investees”) are

accounted for using the equity method and are recognised initially at cost. The Group’s investments
in equity-accounted investees include goodwill identified on acquisition, net of any accumulated
impairment losses. The consolidated financial statements include the Group’s share of the profit or
loss and other comprehensive income of the equity-accounted investees, after adjustments to align
the accounting policies of the equity-accounted investees with those of the Group, from the date
that significant influence or joint control commences until the date that significant influence or joint
control ceases.
When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying
amount of that interest is stated at zero and the recognition of further losses is discontinued except
to the extent that the Group has an obligation or has made payments on behalf of the investee.
(iv) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated in preparing the consolidated financial statements. Unrealised
gains arising from transactions with associates and joint ventures are eliminated against the
investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in
the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(v) Accounting for subsidiaries, associates and joint ventures by the Company
Investments in subsidiaries, associates and joint ventures are stated in the Company’s balance
sheet at cost less accumulated impairment losses.
(c) Foreign currencies

Foreign currency transactions
Items included in the financial statements of each entity in the Group are measured using the currency
that best reflects the economic substance of the underlying events and circumstances relevant to that
entity (the “functional currency”).
Transactions in foreign currencies are translated to the respective functional currencies of the Group’s
ANNUAL REPORT 2010
entities at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies at the end of the reporting period are retranslated to the functional currency at the
exchange rate prevailing at that reporting date. Non-monetary assets and liabilities denominated in
foreign currencies that are measured at fair value are retranslated to the functional currency at the
exchange rate at the date on which the fair value was determined.
Foreign currency differences arising from retranslation are recognised in the profit or loss, except for
differences arising from the retranslation of monetary items that in substance form part of the Group’s
net investment in a foreign operation, available-for-sale equity instruments and financial liabilities
designated as hedges of net investment in a foreign operation (see note 2(g)) or qualifying cash flow
hedges, which are recognised in other comprehensive income.
PAGE
133
NOTES TO THE
(c) Foreign currencies (cont’d)
Foreign operations
The assets and liabilities of foreign operations are translated to Singapore Dollars at exchange rates
prevailing at the end of the reporting period. The income and expenses of foreign operations are
translated to Singapore Dollars at exchange rates prevailing at the dates of the transactions. Goodwill
and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and
liabilities of the foreign operation and translated at the closing rate.
Foreign currency differences are recognised in other comprehensive income, and presented in the
foreign currency translation reserve in equity. However, if the operation is not a wholly-owned subsidiary,
then the relevant proportionate share of the translation difference is allocated to the non-controlling
interests. When a foreign operation is disposed off such that control, significant influence or joint control
is lost, the cumulative amount in the translation reserve related to that foreign operation is transferred to
the profit or loss as part of the gain or loss on disposal. When the Group disposes off only part of its
interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion
of the cumulative amount is reattributed to non-controlling interests. When the Group disposes off only
part of its investment in an associate or joint venture that includes a foreign operation while retaining
significant influence or joint control, the relevant proportion of the cumulative amount is transferred to
the profit or loss.
Net investment in a foreign operation

Exchange differences arising from monetary items that in substance form part of the Group entity’s net
investment in a foreign operation are recognised in the respective entity’s profit or loss. Such exchange
differences are reclassified to equity in the consolidated financial statements. When the foreign operation
is disposed off, the cumulative amount in equity is transferred to the profit or loss.
(d) Property, plant and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
Subsequent expenditure relating to property, plant and equipment that has already been recognised is
added to the carrying amount of the asset when it is probable that future economic benefits, in excess
of the originally assessed standard of performance of the existing asset, will flow to the Group. All other
subsequent expenditure is recognised as an expense in the period in which it is incurred.
Depreciation on property, plant and equipment is recognised in the profit or loss on a straight-line
basis over the estimated useful lives of each component of an item of property, plant and equipment
as follows:

Leasehold land and buildings (excluding Remaining lease period ranging from
CAPITALAND LIMITED
serviced residence properties) 9 years to 35 years

Hospitality plant, machinery, improvements,
furniture, fittings and equipment 1 to 10 years
Plant, machinery and improvements 3 to 10 years
Motor vehicles 5 years
Furniture, fittings and equipment 2 to 5 years

PAGE
134
STATUTORY ACCOUNTS
(d) Property, plant and equipment (cont’d)
For serviced residence properties where the residual value at the end of the intended holding period
is lower than the carrying amount, the difference in value is depreciated over the Group’s intended
holding period. No depreciation is recognised where the residual value is higher than the carrying
amount. Based on historical trends and past experience, the intended holding period (the period from

the date of commencement of serviced residence operations to the date of expected strategic
divestment of the properties) ranges from three to five years.
Residual values of the properties at the end of the intended holding period are determined based
on annual independent professional valuation. Residual value is the estimated amount that the Group
would obtain from the disposal of a property if the property is already of the age and in the condition
expected at the date when the Group has the intention to dispose that property.
Assets under construction are stated at cost and are not depreciated. Expenditure relating to assets
under construction (including borrowing costs) are capitalised when incurred. Depreciation will
commence when the development is completed.
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, at each reporting date.
(e) Intangible assets

(i) Goodwill
Acquisition on or after 1 January 2010
For business combinations on or after 1 January 2010, the Group measures goodwill as at acquisition
date based on the fair value of the consideration transferred (including the fair value of any previously-
held equity interest in the acquiree) and the recognised amount of any non-controlling interests in
the acquiree, less the net recognised amount (generally fair value) of the identifiable assets acquired
and liabilities assumed. When the amount is negative, a bargain purchase gain is recognised in the
profit or loss. Goodwill is subsequently measured at cost less accumulated impairment losses.
Goodwill arising from the acquisition of subsidiaries is presented in intangible assets. Goodwill
arising from the acquisition of associates and joint ventures is presented together with interests in
associates and joint ventures.
Acquisition on or after 1 January 2004 up to 31 December 2009

Goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment
as described in note 2(j). Negative goodwill is credited to profit or loss in the period of the acquisition.
Acquisition prior to 1 January 2004

From 1 January 2001 to 31 December 2003, goodwill was stated at cost from the date of initial
ANNUAL REPORT 2010
recognition and amortised over its estimated useful life of 20 years. On 1 January 2004, the Group
discontinued the amortisation of goodwill. The remaining goodwill balance is subject to testing for
impairment (see note 2(j)). Negative goodwill was derecognised by crediting revenue reserves on 1
January 2004.
Prior to 1 January 2001, goodwill and negative goodwill on acquisitions were written off against
revenue reserves in the year of acquisition.
PAGE
135
NOTES TO THE
(e) Intangible assets (cont’d)
(i) Goodwill (cont’d)
Acquisition of non-controlling interests
From 1 January 2010, acquisitions of non-controlling interests are accounted for as transactions
with owners in their capacity as owners and therefore no goodwill is recognised. Previously, goodwill
arising on the acquisition of non-controlling interests in a subsidiary has been recognised, and
represented the excess of the cost of the additional investment over the carrying amount of the
interest in the net assets acquired at the date of the transaction.
(ii) Other intangible assets

Other intangible assets with finite useful lives are measured at cost less accumulated amortisation
and impairment losses. They are amortised in the profit or loss on a straight-line basis over their
estimated useful lives of one to 10 years, from the date on which they are available for use.
Other intangible assets with indefinite useful lives are not amortised and are measured at cost less
impairment losses.
(f) Investment properties and properties under development

Investment properties are properties held either to earn rental or for capital appreciation or both.
Properties under development are properties being constructed or developed for future use as
investment properties. Investment properties and properties under development are initially recognised
at cost, including transaction costs, and subsequently at fair value with any change therein recognised
in the profit or loss. The fair value is determined based on internal valuation or independent professional
valuation. Independent professional valuation is obtained at least once every three years.
When an investment property or property under development is disposed off, the resulting gain or loss
recognised in the profit or loss is the difference between the net disposal proceed and the carrying
amount of the property.
(g) Financial instruments

(i) Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and
other receivables, cash and cash equivalents, financial liabilities and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at
fair value through profit or loss, any directly attributable transaction costs. Subsequent to initial
recognition, non-derivative financial instruments are measured as described below.
A financial instrument is recognised if the Group becomes a party to the contractual provisions of
the instrument. Financial assets are derecognised if the Group’s contractual rights to the cash flows
CAPITALAND LIMITED
from the financial assets expire or if the Group transfers the financial assets to another party without
retaining control or transfers substantially all the risks and rewards of the assets. Regular way
purchases and sales of financial assets are accounted for at trade date, i.e., the date that the Group
commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Group’s
obligations specified in the contract expire or are discharged or cancelled.
Cash and cash equivalents comprise cash balances and bank deposits. Bank overdrafts that are
repayable on demand and form an integral part of the Group’s cash management are included as a
component of cash and cash equivalents for the purpose of the statement of cash flows.
PAGE
136
STATUTORY ACCOUNTS
(g) Financial instruments (cont’d)
(i) Non-derivative financial instruments (cont’d)
Instruments at fair value through profit or loss
An instrument is classified as fair value through profit or loss if it is held for trading or is designated
as such upon initial recognition. Financial instruments are designated as fair value through profit or

loss if the Group manages such investments and makes purchase and sale decisions based on their
fair value. Upon initial recognition, attributable transaction costs are recognised in the profit or loss
when incurred. Financial instruments classified as fair value through profit or loss are measured at
fair value, and changes therein are recognised in the profit or loss.
Available-for-sale financial assets

The Group’s investments in equity securities and certain debt securities are classified as available-
for-sale financial assets. Subsequent to initial recognition, they are measured at fair value and
changes therein, other than for impairment losses (see note 2(g)(v)) and foreign exchange gains and
losses on available-for-sale monetary items (see note 2(c)), are recognised directly in other
comprehensive income and presented in the available-for-sale reserve in equity. When an investment
is derecognised, the cumulative gain or loss in other comprehensive income is reclassified to the
profit or loss.
Investments in equity securities whose fair value cannot be reliably measured are measured at
cost less impairment loss.
Others
Other non-derivative financial instruments are categorised as loans and receivables or financial
liabilities, which are measured at amortised cost using the effective interest method, less any
impairment losses.
(ii) Derivative financial instruments and hedging activities

The Group holds derivative financial instruments to hedge its foreign currency and interest rate
risk exposures. Embedded derivatives are separated from the host contract and accounted for
separately if the economic characteristics and risks of the host contract and the embedded derivative
are not closely related, a separate instrument with the same terms as the embedded derivative
would meet the definition of a derivative, and the combined instrument is not measured at fair
value through profit or loss.
On initial designation of the derivative as the hedging instrument, the Group formally documents the
relationship between the hedging instrument and hedged item, including the risk management
objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the
methods that will be used to assess the effectiveness of the hedging relationship. The Group
makes an assessment, both at the inception of the hedge relationship as well as on an ongoing
ANNUAL REPORT 2010
basis, of whether the hedging instruments are expected to be “highly effective” in offsetting the
changes in the fair value or cash flows of the respective hedged items attributable to the hedged
risk, and whether the actual results of each hedge are within a range of 80%-125%. For a cash flow
hedge of a forecast transaction, the transaction should be highly probable to occur and should
present an exposure to variations in cash flows that could ultimately affect reported profit or loss.

Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the
profit or loss when incurred. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are accounted for as described below.
PAGE
137
NOTES TO THE
(ii) Derivative financial instruments and hedging activities (cont’d)
Cash flow hedges
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge
are recognised directly in other comprehensive income and presented in the hedging reserve in
equity to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes
in fair value are recognised in the profit or loss. If the hedging instrument no longer meets the
criteria for hedge accounting, expires or is sold, terminated or exercised, hedge accounting is
discontinued prospectively.
When the hedged item is a non-financial asset, the amount accumulated in equity is included in
the carrying amount of the asset when the asset is recognised. In other cases, the amount
accumulated in equity is reclassified to the profit or loss in the same period that the hedged item
affects profit or loss.

Fair value hedges
Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are
recognised in the profit or loss. The hedged item is adjusted to reflect change in its fair value in
respect of the risk being hedged, with any gain or loss being recognised in the profit or loss.

Hedge of net investment in a foreign operation
Foreign currency differences arising from the retranslation of a financial liability designated as a
hedge of a net investment in a foreign operation are recognised in the profit or loss. On consolidation,
such differences are recognised directly in other comprehensive income and presented in the
foreign currency translation reserve in equity, to the extent that the hedge is effective. To the extent
that the hedge is ineffective, such differences are recognised in the profit or loss. When the hedged
net investment is disposed off, the cumulative amount in other comprehensive income is transferred
to the profit or loss.
Separable embedded derivatives

Changes in the fair value of separated embedded derivatives are recognised immediately in the
profit or loss.

Other non-trading derivatives
When a derivative financial instrument is not designated in a hedge relationship that qualifies for
hedge accounting, all changes in its fair value are recognised immediately in the profit or loss.
(iii) Convertible bonds

Convertible bonds that can be converted into share capital where the number of shares issued does
not vary with changes in the fair value of the bonds are accounted for as compound financial
CAPITALAND LIMITED
instruments. The gross proceeds are allocated to the equity and liability components, with the
equity component being assigned the residual amount after deducting the fair value of the liability
component from the fair value of the compound financial instrument.
Subsequent to initial recognition, the liability component of convertible bonds is measured at

amortised cost using the effective interest method. The equity component of convertible bonds is
not re-measured. When the conversion option is exercised, its carrying amount will be transferred
to the share capital. When the conversion option lapses, its carrying amount will be transferred to
revenue reserve.
When a convertible bond is being repurchased before its maturity date, the purchase consideration
(including directly attributable costs, net of tax effects) are allocated to the liability and equity
PAGE
components of the instrument at the date of transaction. Any resulting gain or loss relating to the
138
liability component is recognised in the profit or loss.

STATUTORY ACCOUNTS
(iv) Financial guarantees
Financial guarantee contracts are classified as financial liabilities unless the Group or the Company
has previously asserted explicitly that it regards such contracts as insurance contracts and accounted
for them as such.

Financial guarantees classified as financial liabilities
Such financial guarantees are recognised initially at fair value and are classified as financial liabilities.
Subsequent to initial measurement, the financial guarantees are stated at the higher of the initial fair
value less cumulative amortisation and the amount that would be recognised if they were accounted
for as contingent liabilities. When financial guarantees are terminated before their original expiry
date, the carrying amount of the financial guarantees is transferred to the profit or loss.
Financial guarantees classified as insurance contracts

These financial guarantees are accounted for as insurance contracts. Provision is recognised based
on the Group’s or the Company’s estimate of the ultimate cost of settling all claims incurred but
unpaid at the end of the reporting period.
The provision is assessed by reviewing individual claims and tested for adequacy by comparing the
amount recognised and the amount that would be required to settle the guarantee contract.
(v) Impairment of financial assets

A financial asset not carried at fair value through profit or loss is assessed at each reporting period
to determine whether there is any objective evidence that it is impaired. A financial asset is impaired
if objective evidence indicates that a loss event has occurred after the initial recognition of the asset,
and that the loss event had a negative effect on the estimated future cash flows of that asset that
can be estimated reliably.
Significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar risk characteristics.
In assessing collective impairment, the Group uses historical trends of the probability of default,
timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to
whether current economic and credit conditions are such that the actual losses are likely to be
greater or lesser than that suggested by historical trends.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the
difference between its carrying amount, and the present value of the estimated future cash flows
discounted at the original effective interest rate. Losses are recognised in the profit or loss and
reflected as an allowance account against receivables. When a subsequent event causes the
ANNUAL REPORT 2010
amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit
or loss.

Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses
accumulated in the available-for-sale reserve in equity to profit or loss. The cumulative loss that is
reclassified from equity to profit or loss is the difference between the acquisition cost, net of any
principal repayment and amortisation, and the current fair value, less any impairment loss recognised
previously in the profit or loss. Changes in impairment provision attributable to application of the
effective interest method are reflected as a component of interest income.

PAGE
139
NOTES TO THE
(v) Impairment of financial assets (cont’d)
If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and
the increase can be related objectively to an event occurring after the impairment loss was
recognised in the profit or loss, then the impairment loss is reversed, with the amount of the
reversal recognised in the profit or loss. However, any subsequent recovery in the fair value of an
impaired available-for-sale equity security is recognised in other comprehensive income.
(h) Share capital

Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of ordinary shares and options are recognised as a
deduction from equity.
Where share capital recognised as equity is repurchased (“treasury shares”), the amount of the
consideration paid, including directly attributable costs, net of any tax effects, is presented as a deduction
from equity. Where such shares are subsequently reissued, sold or cancelled, the consideration received
is recognised as a change in equity. No gain or loss is recognised in the profit or loss.
(i) Development properties for sale

Development properties for sale are stated at the lower of cost plus, where appropriate, a portion of the
attributable profit, and estimated net realisable value, net of progress billings. Net realisable value
represents the estimated selling price less costs to be incurred in selling the property.
The cost of properties under development comprises specifically identified costs, including acquisition
costs, development expenditure, borrowing costs and other related expenditure. Borrowing costs
payable on loans funding a development property are also capitalised, on a specific identification basis,
as part of the cost of the development property until the completion of development.
(j) Impairment – non-financial assets

The carrying amounts of the Group’s non-financial assets, other than investment properties, inventories
and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication
of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill,
the recoverable amount is estimated at each reporting date, and as and when indicators of impairment
are identified. An impairment loss is recognised if the carrying amount of an asset or its related cash-
generating unit (“CGU”) exceeds its estimated recoverable amount.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs
to sell. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and
CAPITALAND LIMITED
the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be
tested individually are grouped together into the smallest group of assets that generates cash inflows
from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to
an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which
goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the
lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a
business combination is allocated to groups of CGU that are expected to benefit from the synergies of
the combination.
PAGE
140
STATUTORY ACCOUNTS
(j) Impairment – non-financial assets (cont’d)
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated
recoverable amount. Impairment losses are recognised in the profit or loss. Impairment losses
recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill
allocated to the units and then to reduce the carrying amounts of the other assets in the unit (group of

units) on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses
recognised in prior periods are assessed at each reporting date for any indication that the loss has
decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the
extent that the asset’s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Goodwill that forms part of the carrying amount of an investment in an associate is not recognised
separately, and therefore is not tested for impairment separately. Instead, the entire amount of the
investment in an associate is tested for impairment as a single asset when there is objective evidence
that the investment in an associate may be impaired.
(k) Employee benefits

Short term employee benefits
All short term employee benefits, including accumulated compensated absences, are recognised in the
period in which the employees render their services.
A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-
sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of
past service provided by the employee and the obligation can be estimated reliably.
Defined contribution plans

Contributions to post-employment benefits under defined contribution plans are recognised as an
expense as incurred.
Long service leave

Liabilities for other employee entitlements which are not expected to be paid or settled within twelve
months of the reporting date are accrued in respect of all employees at the present value of the future
amounts expected to be paid based on a projected weighted average increase in wage and salary rates.
Expected future payments are discounted using interest rates on relevant government securities with
terms to maturity that match, as closely as possible, the estimated future cash outflows.
Share-based payments
ANNUAL REPORT 2010
For equity-settled share-based payment transactions, the fair value of the services received is recognised
as an expense with a corresponding increase in equity over the vesting period during which the
employees become unconditionally entitled to the equity instrument. The fair value of the services
received is determined by reference to the fair value of the equity instrument granted at the grant date.
At each reporting date, the number of equity instruments that are expected to be vested are estimated.
The impact on the revision of original estimates is recognised as an expense and as a corresponding
adjustment to equity over the remaining vesting period, unless the revision to original estimates is due
to market conditions. No adjustment is made if the revision or actual outcome differs from the original
estimate due to market conditions.
PAGE
141
NOTES TO THE
(k) Employee benefits (cont’d)
Share-based payments (cont’d)
For cash-settled share-based payment transactions, the fair value of the goods or services received is
recognised as an expense with a corresponding increase in liability. The fair value of the services received
is determined by reference to the fair value of the liability. Until the liability is settled, the fair value of the
liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value
recognised for the period.
The proceeds received from the exercise of the equity instruments, net of any directly attributable
transaction costs, are credited to share capital when the equity instruments are exercised.
(l) Provision
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation.
A provision for onerous contract is recognised when the expected benefits to be derived by the Group
from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The
provision is measured at the present value of the lower of the expected cost of terminating the contract
and the expected net cost of continuing with the contract.
(m) Leases
When entities within the Group are lessees of a finance lease
Leased assets in which the Group assumes substantially all the risks and rewards of ownership are
classified as finance leases. Upon initial recognition, property, plant and equipment acquired through
finance leases are capitalised at the lower of their fair value and the present value of the minimum lease
payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting
policy applicable to that asset. Leased assets are depreciated over the shorter of the lease term and their
useful lives. Lease payments are apportioned between finance expense and reduction of the lease
liability. The finance expense is allocated to each period during the lease term so as to produce a
constant periodic rate of interest over the remaining balance of the liability. Contingent lease payments
are accounted for by revising the minimum lease payments over the remaining term of the lease when
the lease adjustment is confirmed.
At inception, an arrangement that contains a lease is accounted for as such based on the terms and
conditions even though the arrangement is not in the legal form of a lease.
When entities within the Group are lessees of an operating lease

Where the Group has the use of assets under operating leases, payments made under the leases
are recognised on a straight-line basis over the term of the lease. Lease incentives received are
CAPITALAND LIMITED
recognised as an integral part of the total lease payments made. Contingent rentals are charged to
the profit or loss in the accounting period in which they are incurred.
When entities within the Group are lessors of an operating lease

Assets subject to operating leases are included in either property, plant and equipment (see note 2(d)) or
investment properties (see note 2(f)).
PAGE
142
STATUTORY ACCOUNTS
(n) Revenue recognition
Rental income
Rental income receivable under operating leases is recognised on a straight-line basis over the term of
the lease, except where an alternative basis is more representative of the pattern of benefits to be
derived from the leased asset. Lease incentives granted are recognised as an integral part of the total

rental income to be received. Contingent rentals are recognised as income in the accounting period in
which they are earned.
Development properties for sale

The Group recognises income on property development projects when the risks and rewards of
ownership have been transferred to the buyer. In cases where the Group is obliged to perform any
significant acts after the transfer of legal title or equitable interest, revenue is recognised as the acts are
performed based on the percentage of completion method, which is an allowed alternative method
under Recommended Accounting Practice 11 Pre-completion Contracts for the Sale of Development
Property (“RAP 11”) issued by the Institute of Certified Public Accountants of Singapore in October
2005. Under the percentage of completion method, profit is brought into profit or loss only in respect of
sales procured and to the extent that such profit relates to the progress of construction work. The
progress of construction work is measured by the proportion of the construction costs incurred to date
to the estimated total construction costs for each project. Depending on the selling conditions associated
with each development project, revenue is generally not recognised if the Group provides various
guarantees and other financial support to the buyers (“continuing involvement”) during the period of
property development. Such continuing involvement by the Group would then require revenue to be
deferred until the Group’s continuing involvement ceases.
Revenue excludes goods and services or other sale taxes and is after deduction of any trade discounts.
No revenue is recognised if there are significant uncertainties regarding recovery of the consideration
due, associated costs or the possible return of unit sold.
Financial advisory and management fee

Financial advisory and management fee is recognised as and when services are rendered.
Dividends
Dividend income is recognised on the date that the Group’s right to receive payment is established.
Interest income
Interest income is recognised as it accrues, using the effective interest method.
(o) Finance costs

Borrowing costs are recognised using the effective interest method, except to the extent that they are
capitalised as being directly attributable to the acquisition, construction or production of an asset which
ANNUAL REPORT 2010
necessarily takes a substantial period of time to be prepared for its intended use or sale.
PAGE
143
NOTES TO THE
(p) Income tax expense
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the profit
or loss except to the extent that it relates to a business combination, or items recognised directly in
equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax
is not recognised for the following temporary differences: the initial recognition of goodwill, the initial
recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit, and differences relating to investments in subsidiaries and joint
ventures to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax
is measured at the tax rates that are expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same
taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a
net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which temporary differences can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will
be realised.
(q) Earnings per share

The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS
is calculated by dividing the profit or loss attributable to owners of the Company by the weighted
average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting
the profit or loss attributable to owners of the Company and the weighted average number of ordinary
shares outstanding, for the effects of all dilutive potential ordinary shares, which comprise issued
convertible bonds and share plans granted to employees.
(r) Operating segments

An operating segment is a component of the Group that engages in business activities from which it
may earn revenues and incur expenses, including revenues and expenses that relate to transactions
with any of the Group’s other components. Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating decision-maker. The chief operating decision-
CAPITALAND LIMITED
maker has been identified as the Council of Chief Executive Officers (“CEOs”) that makes strategic
resources allocation decisions. The Council of CEOs comprises the President & CEO, key management
officers of the corporate office and CEOs of the strategic business units.
PAGE
144
STATUTORY ACCOUNTS
3 Property, Plant and Equipment
Plant, Furniture,
Serviced Other Assets machinery fittings
residence Leasehold leasehold under and Motor and
properties land buildings construction improvements vehicles equipment Total
The Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Cost
At 1 January 2010 1,502,438 841 23,276 190,024 72,336 2,831 272,373 2,064,119
Translation differences (156,820) (188) (1,720) 754 (8,423) (60) (17,842) (184,299)
Additions 34,914 – 235 37,474 6,262 370 41,686 120,941
Acquisition of subsidiaries 245,006 4,364 37,964 – 45,601 784 16,854 350,573
Disposal of subsidiaries (872,801) – – (114) (18,667) (168) (21,988) (913,738)
Disposals/Written off (64,066) – (3,117) – (7,069) (702) (29,613) (104,567)
Reclassification 164,777 – (7,451) (180,377) 291 – 22,760 –
At 31 December 2010 853,448 5,017 49,187 47,761 90,331 3,055 284,230 1,333,029

Accumulated depreciation
and impairment loss
At 1 January 2010 49,061 41 10,818 – 52,359 1,806 177,733 291,818
Translation differences (4,740) (3) 1,250 – (1,538) 618 (3,402) (7,815)
Depreciation for the year 9,061 133 2,845 – 10,375 339 35,245 57,998
Impairment loss 12,092 – – – – – 11,408 23,500
Disposal of subsidiaries (22,571) – – – (12,244) (88) (11,277) (46,180)
Disposals/Written off – – (549) – (6,739) (594) (27,817) (35,699)
Reclassification (21,544) – – – (89) – 21,633 –
At 31 December 2010 21,359 171 14,364 – 42,124 2,081 203,523 283,622

Carrying amount
At 1 January 2010 1,453,377 800 12,458 190,024 19,977 1,025 94,640 1,772,301
At 31 December 2010 832,089 4,846 34,823 47,761 48,207 974 80,707 1,049,407
Cost
At 1 January 2009 1,361,778 841 23,511 160,942 70,531 3,037 249,315 1,869,955
Translation differences 27,413 – (373) 9,081 (5,550) 194 16,952 47,717
Additions 51,528 – 341 126,304 8,677 128 18,007 204,985
Acquisition of subsidiaries 24,965 – – 35,425 – 55 105 60,550
Disposal of subsidiaries (40,104) – – – (137) (247) (10,311) (50,799)
Disposals/Written off (53,879) – (203) (775) (1,418) (336) (11,678) (68,289)
Reclassification 130,737 – – (140,953) 233 – 9,983 –
At 31 December 2009 1,502,438 841 23,276 190,024 72,336 2,831 272,373 2,064,119

and impairment loss
At 1 January 2009 37,585 24 8,989 – 47,428 1,909 140,642 236,577
Translation differences 73 – (93) – (2,542) (40) 10,699 8,097
Depreciation for the year 10,241 17 2,024 – 8,657 403 40,124 61,466
Impairment loss 1,161 – 83 – – – – 1,244
Disposal of subsidiaries – – – – (22) (175) (4,277) (4,474)
Disposals/Written off 1 – (185) – (1,162) (291) (9,455) (11,092)
ANNUAL REPORT 2010
At 31 December 2009 49,061 41 10,818 – 52,359 1,806 177,733 291,818

Carrying amount
At 1 January 2009 1,324,193 817 14,522 160,942 23,103 1,128 108,673 1,633,378
At 31 December 2009 1,453,377 800 12,458 190,024 19,977 1,025 94,640 1,772,301

PAGE
145
NOTES TO THE
3 Property, Plant and Equipment (cont’d)
(a) As at 31 December 2010, certain property, plant and equipment with carrying value totalling
approximately $392.2 million (2009: $984.1 million) were mortgaged to banks to secure credit facilities
for the Group (note 18).
(b) During the year, the Group recognised an impairment loss of $23.5 million relating to a serviced residence
property in Australia and operating assets of certain leased properties in Europe. The impairment loss
was determined based on value in use calculation using cash flow projections based on financial budgets
and forecasts, and was recognised in “Other Operating Expenses” in the income statement.
(c) During the financial year, interest capitalised as cost of property, plant and equipment amounted to
approximately $4.2 million (2009: Nil) (note 27(d)).
(d) There was no property, plant and equipment held under finance leases as at 31 December 2010
following the sale of certain subsidiaries by the Group during the year. As at 31 December 2009, the
value of property, plant and equipment of the Group held under finance leases was $59.7 million.
Plant, Furniture,
machinery fittings
and and Motor
improvements equipment vehicles Total
The Company $’000 $’000 $’000 $’000
Cost
At 1 January 2010 11,418 11,879 431 23,728
Additions 327 5,303 11 5,641
Disposals/Written off (167) (441) - (608)
At 31 December 2010 11,578 16,741 442 28,761

At 1 January 2010 8,161 7,845 431 16,437
Depreciation for the year 2,661 1,989 2 4,652
Disposals/Written off (38) (454) - (492)
At 31 December 2010 10,784 9,380 433 20,597

Carrying amount
At 1 January 2010 3,257 4,034 – 7,291
At 31 December 2010 794 7,361 9 8,164

CAPITALAND LIMITED
PAGE
146
STATUTORY ACCOUNTS
3 Property, Plant and Equipment (cont’d)

Plant, Furniture,
machinery fittings
and and Motor
improvements equipment vehicles Total
The Company $’000 $’000 $’000 $’000

Cost
At 1 January 2009 10,250 10,664 431 21,345
Additions 1,331 1,661 – 2,992
Disposals/Written off (163) (446) – (609)
At 31 December 2009 11,418 11,879 431 23,728

At 1 January 2009 5,644 6,469 418 12,531
Depreciation for the year 2,645 1,646 13 4,304
Disposals/Written off (128) (270) – (398)
At 31 December 2009 8,161 7,845 431 16,437

Carrying amount
At 1 January 2009 4,606 4,195 13 8,814
At 31 December 2009 3,257 4,034 – 7,291

4 Intangible Assets

Goodwill Others^ Total
The Group $’000 $’000 $’000

Cost
At 1 January 2010 570,443 23,624 594,067
Additions – 3,343 3,343
Disposals/Written off (57,231) (194) (57,425)
Translation differences (1,871) (725) (2,596)
At 31 December 2010 511,341 26,048 537,389

Accumulated amortisation
At 1 January 2010 64,943 11,098 76,041
Amortisation for the year – 1,627 1,627
Disposals/Written off – (185) (185)
Translation differences 981 (680) 301
At 31 December 2010 65,924 11,860 77,784
ANNUAL REPORT 2010

Carrying amount
At 1 January 2010 505,500 12,526 518,026
At 31 December 2010 445,417 14,188 459,605

^
Other comprised trademarks, franchises, patents, licences and club memberships.
PAGE
147
NOTES TO THE
4 Intangible Assets (cont’d)
The Group Note $’000 $’000 $’000

Cost
At 1 January 2009 585,125 23,974 609,099
Additions – 72 72
Disposals/Written off (16,195) (746) (16,941)
Translation differences 1,513 324 1,837
At 31 December 2009 570,443 23,624 594,067

Accumulated amortisation
and impairment loss
At 1 January 2009 9,942 9,546 19,488
Amortisation for the year – 1,564 1,564
Impairment loss 27(c)(iii) 55,001 – 55,001
Write back – (6) (6)
Disposals/Written off – (164) (164)
Translation differences – 158 158
At 31 December 2009 64,943 11,098 76,041

Carrying amount
At 1 January 2009 575,183 14,428 589,611
At 31 December 2009 505,500 12,526 518,026

The Company $’000 $’000 $’000

Cost and carrying amount
At 1 January 2009, 31 December 2009
and 31 December 2010 – 147 147
^
Others comprised trademarks, franchises, patents, licences and club memberships.
Impairment test for Goodwill

For the purpose of goodwill impairment testing, the aggregate carrying amount of goodwill allocated to each
cash-generating unit (“CGU”) as at 31 December are as follows:

Terminal
Growth Rate Discount Rate Carrying Value
2010 2009 2010 2009 2010 2009
CAPITALAND LIMITED
% % % % $’000 $’000
The Ascott Limited (“Ascott”) 0.8 1.2 6.4 6.5 445,417 481,161
Serviced residences in Europe – 2.0 to 2.5 – 8.2 to 11.3 – 24,339
Balance as at 31 December 445,417 505,500

The recoverable amount of the CGUs is determined based on value in use calculation. The value in use
calculation is a discounted cash flow model using cash flow projections based on the most recent budgets
and forecasts approved by management covering three years (2009: three to 10 years). Cash flows beyond
these periods are extrapolated using the estimated terminal growth rates stated in the table above. The
discount rate applied is the weighted average cost of capital from the relevant business segment. The key
assumptions are those relating to expected changes in average room rates and occupancy and direct costs.
PAGE
The terminal growth rate used for each CGU does not exceed management’s expectation of the long term
148
average growth rate of the respective industry and country in which the CGU operates.
STATUTORY ACCOUNTS
4 Intangible Assets (cont’d)
The Group believes that any reasonably possible changes in the above key assumptions applied are not
likely to materially cause the recoverable amount to be lower than its carrying amount. The movement in
goodwill during the year relates principally to the disposal of certain subsidiaries.
For the year ended 31 December 2009, an impairment charge of $55.0 million was taken in respect

of the Ascott CGU. This impairment charge was included under “Other Operating Expenses” in the
income statement.
5 Investment Properties
The Group
2010 2009
Note $’000 $’000

At 1 January 5,058,507 4,848,784
Acquisition of subsidiaries 31(b) 1,263,170 –
Disposal of subsidiaries 31(d) (1,052,291) (403,017)
Additions 336,243 611,076
Disposals (1,216,693) (219,358)
Reclassification to development properties for sale (39,505) –
Changes in fair value 27(a), (c)(iii) 394,585 (225,932)
Translation differences (11,121) 446,954
At 31 December 4,732,895 5,058,507

(a) Investment properties, which include investment properties in the course of development are stated at
fair value based on internal valuations or independent professional valuations. All the properties were
independently valued during the year. The fair values are based on open market values, being the
estimated amount for which a property could be exchanged on the date of the valuation between a
willing buyer and a willing seller in an arm’s length transaction wherein the parties had each acted
knowledgeably and without compulsion. In determining the fair value, the valuers have used valuation
techniques which involve certain estimates. The key assumptions used to determine the fair value of
investment properties include market-corroborated capitalisation yield, terminal yield and discount rate.
In relying on the valuation reports, management has exercised its judgement and is satisfied that the
valuation methods and estimates are reflective of current market conditions.
The valuers have considered valuation techniques including the direct comparison method, capitalisation
approach and/or discounted cash flows in arriving at the open market value as at the balance sheet date.
The direct comparison method involves the analysis of comparable sales of similar properties and
adjusting the sale prices to that reflective of the investment properties. The capitalisation approach
capitalises an income stream into a present value using revenue multipliers or single-year capitalisation
rates. The discounted cash flow method involves the estimation and projection of an income stream
ANNUAL REPORT 2010
over a period and discounting the income stream with an internal rate of return to arrive at the
market value.
(b) As at 31 December 2010, investment properties included $1,176.0 million (2009: $652.3 million) of
properties under development.
(c) As at 31 December 2010, certain investment properties with carrying value of approximately $1,552.4
million (2009: $3,744.9 million) were mortgaged to banks to secure credit facilities for the Group (notes
18 and 19).
PAGE
149
NOTES TO THE
5 Investment Properties (cont’d)
(d) During the financial year, interest capitalised as cost of investment properties amounted to approximately
$4.9 million (2009: $6.6 million) (note 27(d)).
(e) Investment properties of the Group are held mainly for use by tenants under operating leases. There
was no non-cancellable lease as at 31 December 2010. In the previous year, certain leases contain an
initial non-cancellable period of three to six years. Contingent rents, representing income based on
certain sale achieved by tenants, recognised in the income statement during the year amounted to $4.8
million (2009: $4.6 million).
6 Interests in Subsidiaries
The Company
2010 2009
$’000 $’000

(a) Unquoted shares, at cost 7,247,453 7,138,412
Less:
Allowance for impairment loss (113,700) (163,132)
7,133,753 6,975,280
Add:
Amounts owing by subsidiaries:
Loan accounts
- interest bearing 3,674,750 3,674,750
- interest free 1,636,160 1,626,145
Less: Allowance for doubtful debts (8,960) (18,049)
5,301,950 5,282,846
12,435,703 12,258,126

(i) The loans to subsidiaries form part of the Company’s net investment in the subsidiaries. These
loans are unsecured and settlement is neither planned nor likely to occur in the foreseeable future.

(ii) Movements in allowance for impairment loss are as follows:
The Company
2010 2009
$’000 $’000

At 1 January (163,132) (47,764)
Allowance during the year (48,541) (115,368)
Allowance written back during the year 97,973 –
At 31 December (113,700) (163,132)

CAPITALAND LIMITED
During the year, an allowance for impairment loss was recognised in respect of the Company’s
investments in certain subsidiaries amounting to $48.5 million (2009: $115.4 million) as a result of
decline in market valuation of assets held through these subsidiaries, taking into account the general
economic and operating environment in which the relevant subsidiaries operate in. The recoverable
amount for the relevant subsidiaries was estimated based on the higher of the value in use calculation
using cash flow projections based on financial budgets and forecasts covering three years period,
or the fair value of the net assets as at balance sheet date. In respect of certain subsidiaries, a
reversal of impairment amounting to $98.0 million was recognised during the year, as a result of an
increase in recoverable amounts of these subsidiaries.
(iii) The movement in allowance for doubtful debts relates to provision written back during the year of
$9.1 million (2009: provision made of $18.0 million).
PAGE
150
(b) Details of the subsidiaries are set out in note 38.

STATUTORY ACCOUNTS
7 Associates
The Group
2010 2009
$’000 $’000

(a) Interests in associates

Investment in associates 7,537,504 6,534,701
Less:
7,489,031 6,490,228
Add:
Amounts owing by associates:
Loan accounts
- interest free 435,112 239,608
- interest bearing 331,289 289,288
766,401 528,896
8,255,432 7,019,124
Less:
Allowance for doubtful receivables (6,290) (6,950)
8,249,142 7,012,174
(i) Movements in allowance for impairment loss are as follows:

The Group
2010 2009
Note $’000 $’000

At 1 January (44,473) (3,490)
Allowance during the year 27(c)(iii) (4,000) (40,983)
At 31 December (48,473) (44,473)

During the year, allowance for impairment loss amounting to $4.0 million was made in respect of
the Group’s investments in Gulf Cooperation Council countries (“GCC”) to reduce the carrying value
of the investment to its recoverable amount. The recoverable amount for the investment in GCC
was estimated based on the residual value method. In 2009, allowance for impairment loss
amounting to $41.0 million was made in respect of the Group’s investments in Malaysia and GCC.

(ii) The loans to associates form part of the Group’s net investment in associates. These loans are
unsecured and settlement is neither planned nor likely to occur in the foreseeable future.
(iii) Loan accounts include an amount of approximately $359.3 million (2009: $317.5 million) which is
subordinated to the repayment of borrowings of certain associates.
ANNUAL REPORT 2010
(iv) The Group’s share of the contingent liabilities of the associates is $271.7 million (2009: $43.7 million).
(v) The Group’s investments in associates include investments in listed associates with a carrying
amount of $4,427.7 million (2009: $3,780.0 million), for which the published price quotations are
$4,612.4 million (2009: $3,578.9 million).
PAGE
151
NOTES TO THE
7 Associates (cont’d)
The Group
2010 2009
Note $’000 $’000
(b) Amounts owing by/(to) associates:

Current accounts (unsecured)
- interest free (trade) 41,484 95,283
- interest free (non-trade) 241,284 246,775
- interest bearing (non-trade) 276,836 325,641
559,604 667,699
Less:
12 553,274 662,108

Current accounts (mainly non-trade and unsecured)
- interest free (105,156) (227,870)
- interest bearing (1,586) (78,638)
16 (106,742) (306,508)
(c) Details of the associates are set out in note 39.

(d) The financial information of the associates, not adjusted for the percentage ownership held by the
Group is as follows:
The Group
2010 2009
$’000 $’000
Balance sheet
Total assets 40,604,614 33,998,399
Total liabilities 14,433,374 14,871,218

Income statement
Revenue 3,638,021 3,063,571
Profit/(Loss) after taxation 2,185,280 (870,392)
8 Joint Ventures
The Group
2010 2009
$’000 $’000
(a) Interests in joint ventures

CAPITALAND LIMITED
Investment in joint ventures 1,210,765 1,006,636

Less:
1,197,761 984,219
Amounts owing by joint ventures:
Loan accounts
- interest free 217,641 190,743
- interest bearing 459,327 509,193
676,968 699,936
1,874,729 1,684,155
Less:
PAGE

152
1,861,232 1,672,056
STATUTORY ACCOUNTS
8 Joint Ventures (cont’d)
(a) Interests in joint ventures (cont’d)
(i) Movements in allowance for impairment loss are as follows:
The Group
2010 2009
Note $’000 $’000

At 1 January (22,417) (8,050)
Translation differences – (96)
Allowance during the year 27(c)(iii) – (14,271)
Allowance written back during the year 27(a) 9,413 –
At 31 December (13,004) (22,417)

(ii) The loans to joint ventures form part of the Group’s net investment in joint ventures. These loans
are unsecured and settlement is neither planned nor likely to occur in the foreseeable future.
(iii) Loan accounts include an amount of approximately $177.1 million (2009: $570.7 million) which is
subordinated to the repayment of borrowings of certain joint ventures.
(b) Amounts owing by/(to) joint ventures:

The Group
2010 2009
Note $’000 $’000

- interest free (trade) 11,457 16,771
- interest free (non-trade) 167,220 205,916
- interest bearing (non-trade) – 694
178,677 223,381
Less:
12 167,425 214,337

- interest free (mainly non-trade) (22,050) (20,135)
- interest bearing (non-trade) – (11)
16 (22,050) (20,146)
(c) Details of the joint ventures are set out in note 40.
(d) Movements in allowance for doubtful receivables in respect of the above loan and current accounts
are as follows:
ANNUAL REPORT 2010
The Group
2010 2009
$’000 $’000

At 1 January (21,143) (8,811)
Allowance during the year (4,500) (21,156)
Allowance written back during the year 6 8,796
Translation differences 888 28
At 31 December (24,749) (21,143)
PAGE
153
NOTES TO THE
8 Joint Ventures (cont’d)
(e) The Group’s share of the joint ventures’ assets, liabilities and results is as follows:
The Group
2010 2009
$’000 $’000

Balance sheet
Investment properties 1,617,720 1,556,170
Other non-current assets 130,963 112,789
1,748,683 1,668,959

Current assets 1,441,901 1,965,616
Less:
Current liabilities (436,191) (843,994)
Net current assets 1,005,710 1,121,622
2,754,393 2,790,581
Less:
Non-current liabilities (1,497,256) (1,671,203)
1,257,137 1,119,378

Income statement
Revenue 733,583 871,783
Expenses (461,228) (730,407)
Fair value gains on investment properties 94,086 378,589
Profit before taxation 366,441 519,965
Taxation (44,946) (52,809)
Profit after taxation 321,495 467,156

(f) The Group’s share of the capital commitments of the joint ventures is $199.8 million (2009:
$183.5 million).
(g) The Group’s share of the contingent liabilities of the joint ventures is $41.8 million (2009: $70.8 million).
9 Other Financial Assets

The Group
2010 2009
Note $’000 $’000

(a) Non-current other financial assets
Available-for-sale equity securities 202,494 193,156
Loans and receivables (i),(ii) 100,897 39,634
CAPITALAND LIMITED
Derivative assets 4,814 569

308,205 233,359

PAGE
154
STATUTORY ACCOUNTS
9 Other Financial Assets (cont’d)
(a) Non-current other financial assets (cont’d)
(i) As at 31 December, loans and receivables include:
(a) accrued interest receivables of (i) $28.8 million (2009: $16.8 million) from an associate which
bears interest at 3.38% per annum (2009: 3.80% per annum) and is due on 31 December 2014;
and (ii) $8.8 million (2009: $5.4 million) from a joint venture which bears interest at 1.38% per

annum (2009: 3.04% per annum) and is due after the Temporary Occupation Permit for the
development property is obtained, which is expected to be in December 2013; and
(b) an amount of $42.9 million (2009: Nil) due from a third party which bears an effective interest at
5.4% per annum, is unsecured and repayable in June 2012, or such earlier date as mutually
agreed.
(ii) As at 31 December 2009, loans and receivables amounting to $15.9 million were mortgaged to
banks to secure credit facilities of the Group (notes 18 and 19).
(b) Current other financial assets

The Group
2010 2009
$’000 $’000

Available-for-sale money market investment 195,000 195,000
Derivative assets 8,009 1,437
203,009 196,437

10 Deferred Taxation
Recognised Acquisition/
At in profit Disposal of Translation At
1/1/2010 or loss Equity subsidiaries differences 31/12/2010
The Group $’000 $’000 $’000 $’000 $’000 $’000
Deferred tax liabilities

Accelerated tax depreciation 25,117 7,873 – (16,725) (3,529) 12,736
Discounts on compound
financial instruments 65,986 (10,810) – – – 55,176
Accrued income and
interest receivable 7,340 5,605 – – 716 13,661
Capital allowances of assets
in investment properties 9,851 283 – – (59) 10,075
Profits recognised on
percentage of completion and
ANNUAL REPORT 2010
fair value adjustments on initial

recognition of development
properties for sale 87,632 (14,387) – 396,699 (22,752) 447,192
Fair value changes of
investment properties 26,820 67,425 – 11,495 (10,048) 95,692
Unremitted earnings/
Deferred income 39,042 (12,852) – – 119 26,309
Derivative financial instruments – 578 – – 11 589
Others 10,389 10,394 1,482 1,998 (1,497) 22,766
Total 272,177 54,109 1,482 393,467 (37,039) 684,196
PAGE
155
NOTES TO THE
10 Deferred Taxation (cont’d)
The Group $’000 $’000 $’000 $’000 $’000 $’000
Deferred tax assets

Unutilised tax losses (75,692) (10,733) – 8,038 3,487 (74,900)
Provisions and expenses (75,214) 14,170 – 3,202 457 (57,385)
Deferred income (15,528) (2,028) – – (185) (17,741)
Derivative financial instruments (3,609) – 3,647 – (38) –
Fair value adjustments on initial
recognition on development
properties for sale – – – (24,652) 1,060 (23,592)
Others (9,628) 1,783 – – 2,819 (5,026)
Total (179,671) 3,192 3,647 (13,412) 7,600 (178,644)
The Group $’000 $’000 $’000 $’000 $’000 $’000

Accelerated tax depreciation 20,512 3,843 – 237 525 25,117
financial instruments 39,995 (12,769) 38,760 – – 65,986
Accrued income and
interest receivable 9,837 (2,496) – – (1) 7,340
Capital allowances of assets
in investment properties 9,727 124 – – – 9,851
Profits recognised on
percentage of completion
of development properties
for sale 34,806 47,137 – – 5,689 87,632
Fair value changes of
investment properties 39,273 29,623 – (43,375) 1,299 26,820
Unremitted earnings/
Deferred income 26,580 5,403 – – 7,059 39,042
Others 6,439 2,384 – – 1,566 10,389
Total 187,169 73,249 38,760 (43,138) 16,137 272,177

CAPITALAND LIMITED
Deferred tax assets

Unutilised tax losses (19,545) (45,945) – – (10,202) (75,692)
Provisions and expenses (46,595) (21,221) – – (7,398) (75,214)
Deferred income (13,141) (2,911) – (15) 539 (15,528)
Derivative financial instruments (34,905) – 36,117 – (4,821) (3,609)
Others (20,436) 10,346 – – 462 (9,628)
Total (134,622) (59,731) 36,117 (15) (21,420) (179,671)
PAGE
156
STATUTORY ACCOUNTS
10 Deferred Taxation (cont’d)
Recognised
At in profit At
1/1/2010 or loss Equity 31/12/2010
The Company $’000 $’000 $’000 $’000


financial instruments 65,986 (10,810) – 55,176

Deferred tax assets
Provisions (5,461) 2,326 – (3,135)

Recognised
At in profit At
1/1/2009 or loss Equity 31/12/2009
The Company $’000 $’000 $’000 $’000

financial instruments 39,995 (12,769) 38,760 65,986

Deferred tax assets
Provisions (9,854) 4,393 – (5,461)

Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when the deferred taxes relate to the same taxation authority.

2010 2009 2010 2009
$’000 $’000 $’000 $’000

Deferred tax liabilities 593,238 173,756 55,176 65,986
Deferred tax assets (87,686) (81,250) (3,135) (5,461)
505,552 92,506 52,041 60,525

Deferred tax assets have not been recognised in respect of the following:
The Group
2010 2009
$’000 $’000

Deductible temporary differences 118,232 142,711
Tax losses 254,334 244,195
ANNUAL REPORT 2010
Unutilised capital allowances 819 686

373,385 387,592

Deferred tax assets have not been recognised in respect of these items because it is not probable that future
taxable profits will be available against which the subsidiaries of the Group can utilise the benefits. The tax
losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective
countries in which the subsidiaries operate. The deductible temporary differences do not expire under
current tax legislation.
PAGE
157
NOTES TO THE
11 Development Properties for Sale and Stock
The Group
2010 2009
$’000 $’000

(a) Properties in the course of development, at cost 5,763,896 3,854,973
Less:
Allowance for foreseeable losses (47,693) (42,693)
5,716,203 3,812,280
Add:
Attributable profit 283,181 388,237
5,999,384 4,200,517
Less:
Progress billings (890,118) (799,414)
5,109,266 3,401,103

(b) Completed development properties, at cost 309,764 189,141

(c) Consumable stock 320 26
Total development properties for sale and stock 5,419,350 3,590,270
(d) During the financial year, the following amounts were capitalised as cost of development properties
for sale:
The Group
2010 2009
Note $’000 $’000

Staff costs 27(b) 52,119 33,377
Interest and securitisation costs paid/payable 27(d) 83,321 74,179
Less:
Interest received/receivable from project
fixed deposit accounts 27(a) (259) (134)
135,181 107,422
(e) As at 31 December 2010, development properties for sale amounting to approximately $1,069.5 million
(2009: $1,158.3 million) were mortgaged to banks to secure credit facilities of the Group (notes 18
and 19).
(f) As at 31 December 2010, properties amounting to approximately $137.5 million (2009: $93.9 million)
were acquired through unconditional exchange contracts with various land vendors. The related amount
CAPITALAND LIMITED
owing to land vendors is secured over the title of the properties being purchased (notes 16 and 21).
PAGE
158
STATUTORY ACCOUNTS
11 Development Properties for Sale and Stock (cont’d)
(g) The Group’s current policy of recognising revenue using the percentage of completion method on its
development projects is an allowed alternative under RAP 11. If the Group had adopted the completion
of construction method, the effects on the financial statements would have been as follows:
The Group

Increased/(Decreased) by
2010 2009
$’000 $’000

Balance Sheet:
Development properties for sale as at 1 January (240,052) (72,754)
Development properties for sale as at 31 December (121,380) (240,052)
Interests in associates (57,575) (23,942)
Interests in joint ventures (3,872) 907
Revenue reserves as at 1 January (228,125) (196,906)

Income Statement:
Revenue (104,274) (166,619)
Profit attributable to owners of the Company 45,321 (31,219)

12 Trade and Other Receivables

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Accrued receivables (a) 134,725 57,413 – –
Trade receivables 13 285,194 143,626 20 31
Deposits and other receivables 14 891,558 140,557 278 526
Amounts owing by:
- subsidiaries 17 – – 1,163,057 87,033
- associates 7(b) 553,274 662,108 – –
- joint ventures 8(b) 167,425 214,337 – –
- investees:
- interest free 1,789 38 – –
- interest bearing – 2,003 – –
- non-controlling interests
(unsecured and
interest free) – 35,279 – –
Loans and receivables 33(e) 2,033,965 1,255,361 1,163,355 87,590
Prepayments 105,660 46,555 3,171 257
2,139,625 1,301,916 1,166,526 87,847
ANNUAL REPORT 2010
(a) In accordance with the Group’s accounting policy, income is recognised based on the progress of
construction work for development properties for sale. Upon receipt of Temporary Occupation Permit,
the balance of sales consideration to be billed is included as accrued receivables.
(b) As at 31 December 2010, certain trade and other receivables amounting to approximately $1.8 million
(2009: $224.3 million) were mortgaged to banks to secure credit facilities of the Group (notes 18
and 19).
PAGE
159
NOTES TO THE
13 Trade Receivables

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Trade receivables 299,709 154,281 20 31
Less:
Allowance for doubtful receivables (14,515) (10,655) – –
12 285,194 143,626 20 31

(a) The maximum exposure to credit risk for trade receivables at the reporting date (by Strategic Business
Units) is:

The Group
2010 2009
$’000 $’000

CapitaLand Residential Singapore 33,629 11,607
CapitaLand China Holdings 6,065 437
CapitaLand Commercial 18,043 15,931
The Ascott Limited 42,936 30,177
CapitaLand Financial 49,254 7,948
CapitaMalls Asia 28,890 24,910
Australand 103,338 48,950
Others 3,039 3,666
285,194 143,626
(b) The ageing of trade receivables at the reporting date is:

Allowances for Allowances for
Gross doubtful Gross doubtful
amount receivables amount receivables
2010 2010 2009 2009
The Group $’000 $’000 $’000 $’000

Not past due 240,426 – 96,453 –
Past due 1 – 30 days 20,550 (3,410) 26,659 –
Past due 31 – 90 days 15,426 (5,448) 8,310 (4,717)
More than 90 days 23,307 (5,657) 22,859 (5,938)
299,709 (14,515) 154,281 (10,655)
(c) The movements in allowances for doubtful receivables in respect of trade receivables during the year
CAPITALAND LIMITED
are as follows:

The Group
2010 2009
$’000 $’000

At 1 January (10,655) (9,639)
Provision utilised 464 518
Provision during the year (4,255) (1,906)
Translation differences (69) 372
At 31 December (14,515) (10,655)

Based on historical default rates, the Group believes that no allowance for doubtful debts is necessary
PAGE
in respect of the receivables not past due.

160
STATUTORY ACCOUNTS
14 Deposits and Other Receivables

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

292,494 228

Deposits 29,337 61
Other receivables 609,511 116,473 50 465
Less:
Allowance for doubtful receivables (17,823) (20,265) – –
591,688 96,208 50 465
Tax recoverable 7,376 15,012 – –
12 891,558 140,557 278 526

Other receivables include staff loans, interest receivables, deferred sales consideration and other
recoverables.
As at 31 December 2010, other receivables include consideration receivable of $399.9 million and loans of
$50.8 million assigned to the buyers relating to the sale of a subsidiary.
Other than disclosed above, the Group believes that no additional allowance for doubtful debts is required in
respect of the other receivables.
15 Cash and Cash Equivalents

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Fixed deposits 5,629,566 7,656,852 52,647 2,355,955
Cash at banks and in hand 1,364,912 975,722 1,307 511
Amounts held under “Project
Account Rules – 1997 Ed” (a) 195,586 97,144 – –
Cash and cash equivalents 7,190,064 8,729,718 53,954 2,356,466
Restricted bank deposits (2,729) –
Cash and cash equivalents in the
statement of cash flows 7,187,335 8,729,718

(a) The withdrawal from amounts held under “Project Account Rules – 1997 Ed” are restricted to payments
for expenditure incurred on development projects.
(b) The Group’s cash and cash equivalents are held mainly in Singapore Dollars, US Dollars, Australian
ANNUAL REPORT 2010
Dollars, Euros, Chinese Renminbi, Hong Kong Dollars, Malaysian Ringgit and Vietnamese Dong. As at
31 December 2010, the effective interest rates for cash and cash equivalents ranged from 0% to 13.0%
(2009: 0% to 10.4%) per annum.
PAGE
161
NOTES TO THE
16 Trade and Other Payables

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Trade payables 115,021 121,756 2,239 1,093
Accruals (a) 595,465 530,968 37,649 34,965
Accrued development
expenditure 321,632 209,535 – –
Accrued capital expenditure (b) 107,065 78,565 – –
Other payables (c) 304,117 366,884 1,867 22,623
Rental and other deposits 29,413 33,519 3 3
Derivative liabilities 3,216 40,539 – –
Provisions 21(b) 7,177 8,995 – –
Liability for employee benefits 22 40,542 46,272 22,927 32,677
Amounts owing to:
- subsidiaries 17 – – 130,682 1,151,228
- associates 7(b) 106,742 306,508 – –
- joint ventures 8(b) 22,050 20,146 – –
Non-controlling interests (unsecured):
- interest free 41,747 116,127 – –
- interest bearing 198 203 – –
1,694,385 1,880,017 195,367 1,242,589

(a) Accruals included accrued interest payable, accrued expenditure for property, plant and equipment
purchases and accrued administrative expenses.
(b) Accrued capital expenditure relates to amounts owing by a subsidiary of the Group to land vendors
under certain unconditional contracts entered into to purchase properties for future developments. The
total acquisition cost of the properties has been included in development properties for sale and the
amount payable is secured over the relevant development properties.
(c) Other payables included retention sums and amounts payable in connection with capital expenditure
incurred.
CAPITALAND LIMITED
PAGE
162
STATUTORY ACCOUNTS
17 Amounts Owing by/(to) Subsidiaries
The Company
2010 2009
Note $’000 $’000

Current

Amounts owing by subsidiaries:
- current accounts, mainly non-trade and interest bearing 52,835 35,115
- loan accounts
- interest free 988,374 152,374
- interest bearing 177,797 –
1,166,171 152,374
Less: Allowance for doubtful receivables (55,949) (100,456)
1,110,222 51,918
12 1,163,057 87,033

Amounts owing to subsidiaries:
- current accounts, mainly non-trade and interest bearing (293) (1,137)
- current loan
- interest free (130,389) (62,428)
- interest bearing – (1,087,663)
16 (130,682) (1,151,228)

(a) Movements in allowance for doubtful receivables are as follows:

The Company
2010 2009
$’000 $’000

At 1 January 100,456 27,799
Allowance during the year – 72,757
Allowance written back during the year (44,507) (100)
At 31 December 55,949 100,456
(b) All balances with subsidiaries are unsecured and repayable on demand.
18 Bank Borrowings

The Group
2010 2009
$’000 $’000

ANNUAL REPORT 2010
Bank borrowings
- secured 1,276,512 2,325,741
- unsecured 3,374,153 2,619,003
4,650,665 4,944,744

PAGE
163
NOTES TO THE
18 Bank Borrowings (cont’d)

The Group
2010 2009
$’000 $’000

Repayable:
Not later than 1 year 852,255 992,974
Between 1 and 2 years 1,420,784 1,762,539
Between 2 and 5 years 2,061,522 2,061,723
After 5 years 316,104 127,508
After 1 year 3,798,410 3,951,770
4,650,665 4,944,744

(a) The Group’s borrowings are denominated mainly in Singapore Dollars, US Dollars, Australian Dollars,
Chinese Renminbi, Hong Kong Dollars and Vietnamese Dong. As at 31 December 2010, the effective
interest rates for bank borrowings ranged from 0.63% to 16.00% (2009: 0.42% to 15.04%) per annum.
(b) Bank borrowings are secured by the following assets, details of which are disclosed in the respective
notes to the financial statements:
(i) mortgages on the borrowing subsidiaries’ property, plant and equipment, investment properties
and development properties for sale; and
(ii) assignment of all rights, titles and benefits with respect to the properties mortgaged.
19 Debt Securities
Debt securities comprise fixed rate notes, floating rate notes, hybrid rate notes and bonds issued by the
Company and subsidiaries in the Group.

2010 2009 2010 2009
$’000 $’000 $’000 $’000

Convertible bonds (unsecured) 3,370,641 3,294,681 3,379,883 3,305,801
Notes issued 2,336,737 2,035,548 – –
5,707,378 5,330,229 3,379,883 3,305,801

Secured notes 339,551 397,120 – –
Unsecured notes and bonds 5,367,827 4,933,109 3,379,883 3,305,801
5,707,378 5,330,229 3,379,883 3,305,801

CAPITALAND LIMITED
Repayable:
Not later than 1 year 909,519 400,776 – –
Between 1 and 2 years 300,000 906,120 – –
After 5 years 4,367,990 3,593,498 3,379,883 3,305,801
After 1 year 4,797,859 4,929,453 3,379,883 3,305,801
5,707,378 5,330,229 3,379,883 3,305,801

(a) As at 31 December 2010, the effective interest rates for debt securities ranged from 0.97% to 6.27%
(2009: 1.31% to 4.78%) per annum.
PAGE
(b) The repayment schedule for convertible bonds was based on its final maturity dates.
164
STATUTORY ACCOUNTS
19 Debt Securities (cont’d)
(c) The Company has the following convertible bonds which remain outstanding as at 31 December 2010:
Aggregate
Principal Final
Date Amount Conversion Interest Maturity Redemption
Issued Outstanding Price Rate Put Dates Dates Price

15 November 2006 $424.7 million $6.01 2.1% 15 November 2013 15 November 2016 100%
20 June 2007 $1.0 billion $11.5218 2.95% 20 June 2017 20 June 2022 100%
& 20 June 2019
5 March 2008 $1.05 billion $7.1468 3.125% 5 March 2015 5 March 2018 109.998%
3 September 2009 $1.2 billion $4.7275* 2.875% – 3 September 2016 100%
* The conversion price has been adjusted as a result of the payment of special dividend of $0.05 per issued ordinary
share for the financial year ended 31 December 2009.
(d) Secured debt securities

(i) A subsidary of the Group, Australand, issued Commercial Mortgage-backed Securities amounting
to A$267.5 million (2009: A$267.5 million), equivalent to $339.6 million (2009: $336.3 million),
maturing on 10 March 2011.
(ii) These notes are fully secured by a first ranking real property mortgage over specific investment
properties. Details on assets pledged are disclosed in the respective notes to the financial
statements.
(e) Unsecured debt securities

The holders of some of the debt securities have the option to have all or any of their notes purchased by
the Group at their principal amounts on interest payment dates. Unless previously redeemed or
purchased and cancelled, the debt securities are redeemable at the principal amounts on their
respective maturity dates.
20 Finance Leases
There was no outstanding obligation under finance leases as at 31 December 2010 following the sale of
certain subsidiaries by the Group during the year. In 2009, the Group had obligations under finance leases
that are repayable as follows:

Lease
Principal Interest Payments
$’000 $’000 $’000
2009
Repayable:
Not later than 1 year 3,836 738 4,574
ANNUAL REPORT 2010
Between 1 and 5 years 17,199 2,085 19,284

After 5 years 16,546 681 17,227
After 1 year 33,745 2,766 36,511
37,581 3,504 41,085
PAGE
165
NOTES TO THE
21 Other Non-Current Liabilities

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
Amounts owing to non-controlling

interests (unsecured) (a)
- interest free 112,378 20,927 – –
- interest bearing 157,919 157,919 – –
Liability for employee benefits 22 39,941 54,689 32,373 44,597
Derivative liabilities 6,767 23,491 – –
Provisions (b) 175,322 154,696 – –
Customer deposits and other
non-current payables (c) 47,929 50,300 – –
Deferred income (d) 431 528 – –
540,687 462,550 32,373 44,597

(a) The amounts owing to non-controlling interests are not expected to be repaid in the next 12 months.
(b) During the year, provisions totalling $25.8 million (2009: $145.9 million) were made for the Group’s
exposure to the unavoidable costs of meeting its obligation under contractual agreements. Movements
in the provisions are as follows:

The Group
2010 2009
Note $’000 $’000

At 1 January 163,691 35,654
Provision during the year 27(c)(iii) 25,848 145,924
Provision utilised (7,040) (17,887)
At 31 December 182,499 163,691

Current 16 7,177 8,995
Non-current 175,322 154,696
182,499 163,691

(c) The other non-current payables include an amount of approximately $30.5 million (2009: $15.3 million),
owing to land vendors on terms similar to those described in note 16(b).
(d) Deferred income represents a government grant received to fund the costs of an infrastructure
in Singapore.
CAPITALAND LIMITED
PAGE
166
STATUTORY ACCOUNTS
22 Employee Benefits

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000

Liability for short term
accumulating
compensated absences 5,594 3,120 722 212
Liability for long service
leave entitlement 5,359 4,430 – –
Liability for cash-settled
share-based payments 9,682 11,403 807 845
Liability for staff incentive 59,848 82,008 53,771 76,217
80,483 100,961 55,300 77,274

Current 16 40,542 46,272 22,927 32,677
Non-current 21 39,941 54,689 32,373 44,597
80,483 100,961 55,300 77,274

(a) Long service leave
This liability relates principally to provision made by a foreign subsidiary in relation to employees’ leave
entitlement granted after certain qualifying periods based on duration of employees’ services rendered.
(b) Staff incentive

This relates to staff incentive which is related to the achievement of the Group’s financial performance
and payable over a period of time.
(c) Equity compensation benefits

Share Plans of the Company
The CapitaLand Share Option Plan, the CapitaLand Performance Share Plan and the CapitaLand
Restricted Stock Plan (collectively referred to as the “Existing Share Plans”) were approved and
adopted by the members of the Company at an Extraordinary General Meeting (“EGM”) held on 16
November 2000.
A new CapitaLand PSP 2010 and CapitaLand RSP 2010 (together, the “New Share Plans”) were
approved by the members of the Company at the EGM held on 16 April 2010. These new plans are
intended to replace the CapitaLand Performance Share Plan and the CapitaLand Restricted Stock Plan
under the Existing Share Plans. The Company did not extend the duration of, or replace, the existing
CapitaLand Share Option Plan. The Existing Share Plans were terminated following the adoption of the
New Share Plans. However, all awards granted under the Existing Share Plans prior to its termination will
continue to be valid and be subject to the terms and conditions of the Existing Share Plans.
ANNUAL REPORT 2010

PAGE
167
NOTES TO THE
22 Employee Benefits (cont’d)
(c) Equity compensation benefits (cont’d)
CapitaLand Share Option Plan
The Company ceased to grant options under the CapitaLand Share Option Plan with effect from 2007.
Statutory information regarding the CapitaLand Share Option Plan is set out below:
(i) The exercise price of the options is set either at:

- A price equal to the volume-weighted average price on the SGX-ST over the three consecutive
trading days immediately preceding the grant of the option (“Market Price”), or such higher
price as may be determined by the ERCC in its absolute discretion; or
- A discount not exceeding 20% of the Market Price in respect of that option.
(ii) The options vest between one year and four years from the grant date.
(iii) The options granted expire after five or 10 years from the dates of the grant.
Movements in the number of outstanding options and their related weighted average exercise prices
are as follows:

Weighted Weighted
average No. of average No. of
exercise price options exercise price options
2010 2010 2009 2009
$ (’000) $ (’000)

At 1 January 2.78 18,707 3.05 20,044
Additional options granted arising
from modification – – 3.00 3,674
Forfeited/Expired 2.87 (259) 3.60 (826)
Exercised 2.75 (8,048) 1.95 (4,185)
At 31 December 2.71 10,400 2.78 18,707

Exercisable on 31 December 2.71 10,400 2.59 13,763

Options exercised in 2010 resulted in 8,048,400 (2009: 4,185,255) shares being issued at a weighted
average market price of $3.93 (2009: $3.54) each. Options were exercised on a regular basis throughout
the year. The weighted average share price during the year was $3.88 (2009: $3.14).
CAPITALAND LIMITED
PAGE
168
STATUTORY ACCOUNTS
CapitaLand Share Option Plan (cont’d)
The fair value of services received in return for options granted is measured by reference to the fair value
of options granted. The fair value of the options granted is measured based on Enhanced Trinomial (Hull
and White) valuation model.

The share price is based on volume-weighted average share price for three consecutive trading days
prior to the grant date. The expected volatility is based on the historical volatility and calculated based on
36 months prior to the date of grant. The Company uses 10 (or five) years risk-free rate for options with
a 10 (or five) years contractual term. Expected dividend yield is based on expected dividend payout over
the 1-year volume-weighted average share price prior to the grant date. Pre-vesting forfeiture rates and
post-vesting forfeiture rates are based on historical option forfeiture and employee turnover rates.
Exercise multiple is estimated based on historical employee exercise behaviour.
The Modification Exercise in the CapitaLand Share Option Plan

The Company paid a special dividend of $0.05 per issued ordinary share for the financial year ended 31
December 2009. In accordance with the Company’s Share Option Plan, when the Company declares a
special dividend (whether in cash or in specie), the ERCC may as it deems appropriate determine
whether the number of shares which are the subject of an award to the extent not yet vested shall be
adjusted. Any adjustment under this rule should be made in a way that an option holder will not receive
a benefit that a shareholder does not receive and has been confirmed in writing by the auditors to be in
their opinion, fair and reasonable.

On 30 April 2010, adjustments to the terms of the unexercised options were made (based on the ex-
rights date of 26 April 2010, and hereby also known as “modification date”) in manner such that the
option holder will maintain parity of fair value before and on the modification date using the Equivalent
Economic Value concept. The fair value of options was calculated using the Enhanced Trinomial (Hull and
White) option valuation model.

Exercise prices of the unexercised options were adjusted lower ranging from $0.05 to $0.10 per option
to reflect the special dividend paid. No adjustments were made to the vesting and exercise periods of
the options.
No incremental fair value of options was recognised as a result of the modification exercise and the
significant inputs into the Enhanced Trinomial (Hull and White) option valuation model were:

– Share price of $3.94, based on volume-weighted average share price for three consecutive trading
days prior to the modification date;
– The volatility measured at the standard deviation of expected share price returns of 32.64%, based
on 36 months closing share price prior to the modification date;
ANNUAL REPORT 2010
– Risk-free interest rate ranging from 0.43% to 2.13% per annum that matches the remaining life of
the award. This is based on the zero-coupon Singapore Government bond yield on modification date
for awards matching tenure contractual life; and
– Dividend yield of 1.46% based on expected dividend over one-year volume-weighted average share
price prior to the modification date.
PAGE
169
NOTES TO THE
CapitaLand Share Option Plan (cont’d)
Options outstanding at the end of the year are summarised below:
Options Weighted Options Weighted

outstanding average outstanding average
Range of Exercise Price 2010 contractual life 2009 contractual life
Pre Modification Post Modification (’000) (years) (’000) (years)

$0.35 to $0.49 $0.30 to $0.44 247 2.18 290 3.18
$0.50 to $0.55 $0.45 to $0.50 678 3.00 951 3.88
$0.56 to $1.14 $0.51 to $1.09 43 3.66 103 3.45
$1.15 to $1.48 $1.10 to $1.43 97 0.46 230 1.43
$1.49 to $2.22 $1.44 to $2.16 1,923 4.18 3,886 5.03
$2.23 to $4.20 $2.17 to $4.10 7,412 5.01 13,247 5.87
10,400 18,707

CapitaLand Performance Share Plan
This relates to compensation costs of the Company’s Performance Share Plan reflecting the benefits
accruing to the employees over the service period to which the performance criteria relate.

The number of shares outstanding under the CapitaLand Performance Share Plan at the end of the year
is summarised below:

2010 2009
(’000) (’000)

At 1 January 9,464 8,425
Granted 3,227 5,243
Lapsed/Cancelled (3,499) (1,432)
Additional shares granted arising from modification 363 1,840
Released (336) (4,612)
At 31 December 9,219 9,464
The final number of shares released will depend on the achievement of pre-determined targets over a
three-year performance period. No share will be released if the threshold targets are not met at the end
of the performance period. On the other hand, if superior targets are met, more shares than the baseline
award could be delivered up to a maximum of 200% of the baseline award.

The fair values of the shares are determined using Monte Carlo simulation method at the measurement
date which projects future share price assuming log normal distribution based on Geometric Brownian
CAPITALAND LIMITED
Motion Theory. The fair value and assumptions are set out below:
Year of Award 2010 2009

Weighted average fair value of shares and assumptions
Weighted average fair value at measurement date $2.92 $1.56
Expected volatility based on 36 months closing
share price prior to grant date 32.69% 41.25%
MSCI Asia Pacific ex-Japan Real Estate Index annualised volatility
based on 36 months prior to grant date 23.77% 26.97%
PAGE
170
STATUTORY ACCOUNTS
CapitaLand Performance Share Plan (cont’d)


Share price at grant date $3.89 $2.03
Risk-free interest rate equal to the implied yield on zero-coupon
Singapore Government bond with a term equal to the
length of vesting period 0.67% 0.99%
Expected dividend yield over 12 months volume-weighted average
share price prior to the grant date 1.57% 1.77%
Correlation of return between MSCI Asia Pacific ex-Japan
Real Estate Index and the Company’s share price measured
over 36 months prior to the grant date 67.74% 55.79%
The Modification Exercise in the CapitaLand Performance Share Plan

During the year, the Company paid a special dividend of $0.05 per issued ordinary share for the financial
year ended 31 December 2009. In accordance with the rules of the CapitaLand Performance Share Plan,
when the Company declares a special dividend (whether in cash or in specie), the ERCC may as it
deems appropriate determine whether the number of shares which are the subject of an award to the
extent not yet vested shall be adjusted. Any adjustment under this rule should be made in a way that a
CapitaLand Performance Share Plan participant will not receive a benefit that a shareholder does not
receive and has been confirmed in writing by the auditors to be in their opinion, fair and reasonable.

On 3 May 2010, adjustments to the terms of the unvested shares were made (based on the ex-rights
date of 26 April 2010, and hereby also known as “modification date”) in manner such that the CapitaLand
Performance Share Plan participants will maintain parity of fair value before and on the modification date
using the Equivalent Economic Value concept. The fair value of the shares was calculated using the
Monte Carlo simulation model.

The number of shares was adjusted to reflect the special dividend paid. The adjustments resulted in
additional awards of 362,822 shares during the financial year ended 31 December 2010.

No incremental fair value of shares was recognised as a result of the modification exercise and the
significant inputs into the Monte Carlo simulation model were:

– The volatility measured at the standard deviation of expected share price returns of 32.64%,
ANNUAL REPORT 2010
based on 36 months closing share price prior to the modification date;

– The MSCI Asia Pacific ex Japan Real Estate Index annualised volatility based on 36 months prior
to the modification date of 24.15%;
– Correlation of return between MSCI Asia Pacific ex-Japan Real Estate Index and the Company’s
share price measured over 36 months prior to the modification date of 68.07%;
the award. This is based on the zero-coupon Singapore Government bond yield on modification
date for awards matching tenure contractual life; and
– Dividend yield of 1.46% based on expected dividend over one-year volume-weighted average
share price prior to the modification date.
PAGE
171
NOTES TO THE
CapitaLand Restricted Stock Plan – Equity-settled/Cash-settled
This relates to compensation costs of the Company’s Restricted Stock Plan reflecting the benefits
accruing to the employees over the service period to which the performance criteria relate. The
Company granted awards of shares under the CapitaLand Restricted Stock Plan in place of options
with effect from 2007.
With effect from 2008, the ERCC of the Company has instituted a set of share ownership guidelines for
senior management who receives shares under the CapitaLand Restricted Stock Plan. Under these
guidelines, members of the senior management team are required to retain a portion of the total number
of CapitaLand shares acquired through the CapitaLand Restricted Stock Plan which will vary according
to their job grades and base salaries.
The number of shares outstanding under the CapitaLand Restricted Stock Plan at the end of the year is
summarised below:

2010 2009
(’000) (’000)

At 1 January 13,621 9,883
Granted 8,597 7,951
Lapsed/Cancelled (1,803) (1,624)
Additional shares granted arising from modification 254 1,736
Released* (7,178) (4,325)
At 31 December 13,491 13,621
* The number of shares released during the year was 7,177,767 (2009: 4,324,511), of which 1,063,145 (2009: 579,928)
were cash-settled.
As at 31 December 2010, the number of shares comprised in awards granted under the CapitaLand
Restricted Stock Plan is as follows:

2010 2009
Equity-settled Cash-settled Equity-settled Cash-settled
(’000) (’000) (’000) (’000)

Final number of shares has not been
determined (baseline award) # 5,079 664 6,965 1,265
Final number of shares determined
but not released 6,594 1,154 4,616 775
11,673 1,818 11,581 2,040
CAPITALAND LIMITED

#
The final number of shares released could range from 0% to 150% of the baseline award.
The final number of shares released will depend on the achievement of pre-determined targets at the
end of a one-year performance period. No share will be released if the threshold targets are not met at
the end of the performance period. On the other hand, if superior targets are met, more shares than the
baseline award could be delivered up to a maximum of 150% of the baseline award. The shares have a
vesting schedule of two to three years. Recipient can receive fully paid shares, their equivalent cash
value or combinations thereof, at no cost. For the year 2010, the awards granted to non-executive
directors are time-based with no performance conditions and will be released over a vesting period of
two years.

PAGE
Cash-settled awards of shares are measured at their current fair values at each balance sheet date.
172
STATUTORY ACCOUNTS
CapitaLand Restricted Stock Plan – Equity-settled/Cash-settled (cont’d)
The fair values of the shares are determined using Monte Carlo simulation method at the measurement
date which projects future share price assuming log normal distribution based on Geometric Brownian
Motion Theory. The fair value and assumptions are set out below:


Weighted average fair value at measurement date $3.78 $1.96
share price prior to grant date 32.69% 41.25%
Share price at grant date $3.89 $2.03
Singapore Government bond with a term equal to the 0.38% to 0.47% to
length of vesting period 0.67% 0.99%
Expected dividend yield over 12 months volume-weighted
average share price prior to the grant date 1.57% 1.77%

The Modification Exercise in the CapitaLand Restricted Stock Plan
The Company paid a special dividend of $0.05 per issued ordinary share for the financial year ended 31
December 2009. In accordance with the Company’s Restricted Stock Plan Rules, when the Company
declares a special dividend (whether in cash or in specie), the ERCC may as it deems appropriate
determine whether the number of shares which are the subject of an award to the extent not yet vested
shall be adjusted. Any adjustment under this rule should be made in a way that a CapitaLand Restricted
Stock Plan participant will not receive a benefit that a shareholder does not receive and has been
confirmed in writing by the auditors to be in their opinion, fair and reasonable.

On 3 May 2010, adjustments to the terms of the unvested shares were made (based on the ex-rights
date of 26 April 2010, and hereby also known as “modification date”) in manner such that the CapitaLand
Restricted Stock Plan participants will maintain parity of fair value before and on the modification date
using the Equivalent Economic Value concept. The fair value of the shares was calculated using the
Monte Carlo simulation model.

The number of shares was adjusted to reflect the special dividend paid. The adjustments resulted in
additional awards of 254,118 shares (of which 34,083 are to be cash-settled) during the financial year
ended 31 December 2010.

No incremental fair value of shares was recognised as a result of the modification exercise and the
significant inputs into the Monte Carlo simulation model were:
ANNUAL REPORT 2010

– The volatility measured at the standard deviation of expected share price returns of 32.64%, based
on 36 months closing share price prior to the modification date;
the award. This is based on the zero-coupon Singapore Government bond yield on modification date
for awards matching tenure contractual life; and
– Dividend yield of 1.46% based on expected dividend over one-year volume-weighted average share
price prior to the modification date.

PAGE
173
NOTES TO THE
Share Plans of Subsidiaries
(a) CapitaMalls Asia Limited (“CMA”)
The CMA Performance Share Plan and the CMA Restricted Stock Plan (collectively referred to
as the “CMA Share Plans”) were approved and adopted by the shareholders of CMA at an
Extraordinary General Meeting held on 30 October 2009.
CMA Performance Share Plan

This relates to compensation costs of the CMA’s Performance Share Plan reflecting the benefits
accruing to the employees of CMA over the service period to which the performance criteria relate.
The number of shares granted during the year and remained outstanding under the CMA
Performance Share Plan at the end of the year is 871,700 (2009: Nil).
The final number of shares released will depend on the achievement of pre-determined targets
over a three-year performance period. No share will be released if the threshold targets are not met
at the end of the performance period. On the other hand, if superior targets are met, more shares
than the baseline award could be delivered up to a maximum of 200% of the baseline award.

The fair values of the shares are determined using Monte Carlo simulation method at the
measurement date which projects future share price assuming log normal distribution based on
Geometric Brownian Motion Theory. The fair value and assumptions are set out below:

Weighted average fair value at measurement date $1.88 –
share price prior to grant date 36.38% –
MSCI Asia Pacific ex-Japan Real Estate Index annualised volatility
based on 36 months prior to grant date 26.06% –
Share price at grant date $2.34 –
Singapore Government bond with a term equal to the length
of vesting period 0.67% –
Expected dividend yield over 12 months volume-weighted average
share price prior to the grant date 0.71% –
Correlation of return between MSCI Asia Pacific ex-Japan
Real Estate Index and CMA’s share price measured
over 36 months prior to the grant date 68.21% –
CAPITALAND LIMITED
CMA Restricted Stock Plan – Equity-settled/Cash-settled

This relates to compensation costs of the CMA’s Restricted Stock Plan reflecting the benefits
accruing to the employees of CMA over the service period to which the performance criteria relate.
PAGE
174
STATUTORY ACCOUNTS
Share Plans of Subsidiaries (cont’d)
(a) CapitaMalls Asia Limited (“CMA”) (cont’d)
CMA Restricted Stock Plan – Equity-settled/Cash-settled (cont’d)
The number of shares outstanding under the CMA Restricted Stock Plan at the end of the year is

summarised below:

2010 2009
(’000) (’000)

At 1 January – –
Granted 4,634 –
Lapsed/Cancelled (517) –
At 31 December * 4,117 –

* As at 31 December 2010, the number of shares awarded and outstanding was 4,116,979, of which 1,209,807
were to be cash-settled.
The final number of shares released will depend on the achievement of pre-determined targets at
the end of a one-year performance period. No share will be released if the threshold targets are
not met at the end of the performance period. On the other hand, if superior targets are met,
more shares than the baseline award could be delivered up to a maximum of 150% of the
baseline award. The shares have a vesting schedule of two to three years. Recipient can receive
fully paid shares, their equivalent cash value or combinations thereof, at no cost.

Cash-settled awards of shares are measured at their current fair values at each balance
sheet date.

The fair values of the shares are determined using Monte Carlo simulation method at the
measurement date which projects future share price assuming log normal distribution based on
Geometric Brownian Motion Theory. The fair value and assumptions are set out below:

Weighted average fair value at measurement date $2.30 –
share price prior to grant date 36.38% –
Share price at grant date $2.34 –
Risk-free interest rate equal to the implied yield on
zero-coupon Singapore Government bond with
a term equal to the length of vesting period 0.38% to 0.67% –
ANNUAL REPORT 2010
Expected dividend yield over 12 months volume-weighted

average share price prior to the grant date 0.71% –
(b) Australand
Australand Employee Securities Ownership Plan
Australand has an Australand Employees Securities Ownership Plan (“Australand ESOP”) which
offers a five-year, interest-free loan to enable employees to purchase a specified number of
Australand stapled securities allocated by Australand’s Remuneration Committee. The loan has
limited recourse and the employees’ obligations to repay the loan are limited to the market value of
the securities at any time. The loan will be partly repaid by distributions on the securities held and
must be fully repaid on cessation of employment with Australand or by the fifth anniversary of the
origination date of the loan, whichever is earlier. The last offer under Australand ESOP was made on
PAGE
30 June 2006 and hence Australand ESOP will cease to exist on 30 June 2011.
175

NOTES TO THE
(b) Australand (cont’d)
Australand Employee Securities Ownership Plan (cont’d)
In addition to the above Australand ESOP, options over unissued Australand stapled securities have
previously been issued to employees under the terms of the Australand Share Option Scheme. No
options have been issued under this scheme since March 2002. No future options will be issued
under this scheme.
During the financial year, there were 144,250 (pre-consolidation) securities being issued by Australand
by virtue of the exercise of options at an exercise price of A$0.22 per security.
As at 31 December 2010, there were 13,550 unissued securities under options at an exercise price
of A$1.10 per security.

Australand Performance Rights Plan
The establishment of the Australand Performance Rights Plan was approved by Australand’s
shareholders at the 2007 Annual General Meeting (“AGM”).

The number of shares outstanding under the Australand Performance Rights Plan as at the end of
the year is summarised below:
2010 2009
(’000) (’000)

At 1 January 2,725* 6,374
Granted 1,940 14,710
Lapsed/Forfeited (752) (7,459)
At 31 December 3,913 13,625

* In May 2010, the total number of stapled securities on issue were consolidated on a 1 for 5 basis. For every
5 stapled securities on issue prior to the consolidation, security holders received 1 new stapled security. Opening
balances of performance rights granted, and performance rights exercised, lapsed and forfeited, as well as their
fair values, have been adjusted for the effect of the security consolidation. The comparative disclosure have not
been adjusted.
The fair value is independently determined at grant date using the Monte Carlo Simulation technique.
This technique involves stock prices being randomly simulated under risk neutral conditions and
parameters in order to calculate the value of the performance rights at expiry. The simulation is
repeated numerous times to produce distribution payoff amounts. The performance rights value is
taken as the average of the payoff amounts calculated and discounted back to the valuation date.
The fair value and assumptions are set out below:
CAPITALAND LIMITED

Fair value of performance rights and assumptions:
Fair value at measurement date A$1.79 A$0.29
Share price at grant date A$2.75 A$0.45
Expected price volatility of Australand’s stapled securities 40.0% 50.0%
Expected dividend yield 8.0% 12.5%
Risk-free discount rate 4.6% 4.2%
Expected franking rate 0% 0%
Australand and index correlation 61.0% 63.0%

PAGE
176
STATUTORY ACCOUNTS
(b) Australand (cont’d)
Australand Tax Exempt Employee Security Plan
The Australand Tax Exempt Employee Security Plan in which tax exempt stapled securities may be

issued by the company to employees for no cash consideration was approved by Australand
shareholders at the 2007 AGM. All Australian resident permanent (full-time and part-time) employees
(excluding directors and participants in the Australand Performance Rights Plan) who have been
continuously employed by Australand for a period of at least nine months as at the invitation date
and are still employees as at the acquisition date are eligible to participate in the plan. Employees
may elect not to participate in the plan.

The plan provides up to A$1,000 of Australand stapled securities (tax-free) to eligible employees
annually for no cash consideration.

A three-year restriction period on selling, transferring or otherwise dealing with the securities
applies, unless the employee leaves Australand. Under the plan, employees will receive the same
benefits as all other security holders.

The number of securities issued to participants in the plan is the offer amount divided by the
weighted average price at which Australand’s stapled securities is traded on the Australian Stock
Exchange during the week up to and including the acquisition date (rounded down to the nearest
whole number of stapled securities).

During the year, 110,410 (2009: Nil) securities were issued under the Australand Tax Exempt
Employee Security Plan year at the weighted average market price of A$2.76 per security.
23 Share Capital
The Company
2010 2009
No. of shares No. of shares
Issued and fully paid, with no par value (’000) (’000)

At 1 January 4,247,993 2,823,506
Issue of shares pursuant to the:
- Rights issue – 1,411,945
- Exercise of options 8,048 4,185
- Performance Share and Restricted Stock Plans 6,451 8,357
At 31 December 4,262,492 4,247,993
ANNUAL REPORT 2010
(a) The holders of ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company. All shares rank equally with regards to the
Company’s residual assets.
(b) At the end of the financial year, there were 10,400,345 (2009: 18,707,026) options under the
CapitaLand Share Option Plan, a maximum of 18,438,960 (2009: 18,927,310) shares under the
CapitaLand Performance Share Plan and 14,219,986 (2009: 15,063,405) shares under the CapitaLand
Restricted Stock Plan, details of which are disclosed in note 22(c).
PAGE
177
NOTES TO THE
23 Share Capital (cont’d)
(c) As at December 2010, the convertible bonds issued by the Company which remained outstanding are
as follows:
Conversion
Principal Amount Maturity Date Price
$ million Year $

424.75 2016 6.01 Convertible into 70,673,876 new ordinary shares
1,000.00 2022 11.5218 Convertible into 86,791,994 new ordinary shares

There has been no redemption or conversion by the bondholders of any of the above convertible bonds
during the year (2009: Nil).
(d) The Company did not hold any treasury shares as at 31 December 2010 and 31 December 2009.
Capital Management
The Group’s policy is to build a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Group monitors the return on capital, which the
Group defines as total shareholders’ equity, excluding non-controlling interests, and the level of dividends to
ordinary shareholders.
The Group also monitors capital using a net debt equity ratio, which is defined as net borrowings divided by
total equity (including non-controlling interests).
The Group
2010 2009
$’000 $’000

Gross borrowings 10,358,043 10,312,554
Cash and cash equivalents (7,190,064) (8,729,718)
Net debt 3,167,979 1,582,836

Total equity 18,017,462 16,879,763

Net debt equity ratio 0.18 0.09

The Group seeks to strike a balance between the higher returns that might be possible with higher level of
borrowings and the liquidity and security afforded by a sound capital position.
In addition, the Company has a share purchase mandate as approved by its shareholders which allows the
CAPITALAND LIMITED
Company greater flexibility over its share capital structure with a view to improving, inter alia, its return on
equity. The shares which are purchased may be held as treasury shares which the Company may transfer
for the purposes of or pursuant to its employee share-based incentive schemes so as to enable the Company
to take advantage of tax deductions under the current taxation regime. The use of treasury shares in lieu of
issuing new shares would also mitigate the dilution impact on existing shareholders. No share purchase was
made during the year.
Six of the Group’s subsidiaries are required to maintain certain minimum base capital and financial resources,
or shareholders’ funds as they are holders of Capital Markets Services licenses registered under the Monetary
Authority of Singapore or the Securities Commission Malaysia to conduct the regulated activity of Real
Estate Investment Trust management. These subsidiaries have complied with the applicable requirements
throughout the year.
PAGE
178
There were no changes in the Group’s approach to capital management during the year.
STATUTORY ACCOUNTS
24 Other Reserves
2010 2009 2010 2009
$’000 $’000 $’000 $’000
Capital reserve 453,116 435,483 383,490 383,490

Equity compensation reserve 101,033 94,224 37,862 36,184
Hedging reserve 4,334 (37,682) – –
Available-for-sale reserve 49,451 29,722 – –
Foreign currency translation reserve (366,048) (181,748) – –
241,886 339,999 421,352 419,674

The capital reserve comprises mainly the value of the option granted to bondholders to convert their
convertible bonds into ordinary shares of the Company and share of associates’ and joint ventures’
capital reserve.
The equity compensation reserve comprises the cumulative value of employee services received for
the issue of the options and shares under the share plans of the Company and its subsidiaries (note 22(c)).
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of
hedging instruments related to hedged transactions that have not yet occurred.
The available-for-sale reserve comprises the cumulative net change in the fair value of available-for-sale
investment until the investment is derecognised.
The foreign currency translation reserve comprises all foreign exchange differences arising from the
translation of the financial statements of foreign entities, as well as from the translation of foreign currency
loans used to hedge or form part of the Group’s net investments in foreign entities.
25 Other Comprehensive Income
2010 2009
Before tax Tax expense Net of tax Before tax Tax expense Net of tax
The Group $’000 $’000 $’000 $’000 $’000 $’000

Exchange differences arising from
translation of foreign operations
and foreign currency loans
forming part of net investment in
foreign operations (345,167) – (345,167) 151,907 – 151,907
Recognition of exchange
differences to profit or loss 126,593 – 126,593 6,844 – 6,844
Change in fair value of
available-for-sale investments 34,218 (1,470) 32,748 53,839 – 53,839
Recognition of fair value gain in
ANNUAL REPORT 2010
available-for-sale reserve to
profit or loss (13,018) – (13,018) (41,403) – (41,403)
Effective portion of change in fair
value of cash flow hedges 24,448 (3,647) 20,801 150,916 (36,117) 114,799
Recognition of fair value losses/
(gains) in hedging reserve to
profit or loss 12,873 – 12,873 (12,214) – (12,214)
Recognition of changes in other
capital reserve to profit or loss – – – (132) – (132)
joint ventures 15,756 – 15,756 (38,308) – (38,308)
Recognition of share of other
comprehensive income of associates
PAGE
and joint ventures to profit or loss 6 – 6 10,786 – 10,786

179
(144,291) (5,117) (149,408) 282,235 (36,117) 246,118

NOTES TO THE
26 Revenue
Revenue of the Group and of the Company is analysed as follows:

2010 2009 2010 2009
$’000 $’000 $’000 $’000
Trading of properties 2,199,545 1,827,156 – –

Rental and related income 432,197 435,839 – –
Fee income 421,866 353,092 66,061 47,920
Serviced residence rental and
related income 318,234 325,732 – –
Dividend income from subsidiaries – – 220,504 462,428
Others 10,900 15,540 – –
3,382,742 2,957,359 286,565 510,348
27 Profit Before Taxation

Profit before taxation includes the following:

2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
(a) Other operating income

Interest income from:
- fixed deposits 30,530 27,454 925 1,777
- subsidiaries – – 106,609 90,454
- associates and
joint ventures 43,353 43,442 – –
- investee companies
and others 9,403 5,788 2 26
- interest capitalised
in development
properties for sale 11(d) (259) (134) – –
83,027 76,550 107,536 92,257
Dividend income 3,612 8,151 – –
Net fair value gain on
derivative instruments 19,652 – – –
Net fair value gains from
investment properties 5 394,585 – – –
Gain on disposal/
redemption of
available-for-sale
CAPITALAND LIMITED
financial assets 12,976 56,467 – –

Gain on disposal/dilution/
liquidation of subsidiaries,
associates and
joint ventures 241,547* 925,214 90,039 1,154,210
Foreign exchange gain – 23,015 5,779 12,404
Gain on disposal of
investment properties 13,845 19,140 – –
Gain on disposal of property,
plant and equipment 12,077 23,576 12 –
Gain on repurchase
PAGE
of convertible bonds – 7,059 – 8,289

180
* Includes re-measurement gain attributable to recognising investment retained in former subsidiaries at their respective
fair values of $88.1million (2009: Nil).
STATUTORY ACCOUNTS
27 Profit Before Taxation (cont’d)
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
(a) Other operating income (cont’d)

Gain from bargain purchase
arising from an increased
stake in subsidiaries 11,580 2,958 – –
Underwriting fee income
from associates’
rights issue – 19,359 – 14,802
Write back of
doubtful receivables – – 53,596 –
Write back of impairment
of subsidiaries – – 49,432 –
Write back of impairment
of joint ventures 8(a)(i) 9,413 – – –
Others 90,373 76,910 14,185 2,813
892,687 1,238,399 320,579 1,284,775
(b) Staff costs

Wages and salaries 385,598 338,107 29,953 29,960
Contributions to defined
contribution plans 41,669 41,230 1,892 1,600
Share-based expenses
- equity-settled 34,298 24,682 7,786 4,742
- cash-settled 4,830 4,045 533 542
Increase/(Decrease)
in liability for short
term accumulating
compensated absences 1,485 (221) 511 8
Staff benefits, training/
development costs
and others 63,222 48,035 3,257 2,143
531,102 455,878 43,932 38,995
Less:
Staff costs capitalised in
development properties
for sale 11(d) (52,119) (33,377) – –
ANNUAL REPORT 2010
478,983 422,501 43,932 38,995

Recognised in:
Cost of sales (c)(i) 213,446 215,847 – –
Administrative expenses (c)(ii) 265,537 206,654 43,932 38,995
478,983 422,501 43,932 38,995
PAGE
181
NOTES TO THE
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
(c)(i) Cost of sales include:

Staff costs (b) 213,446 215,847 – –
Provision for foreseeable
losses on development
properties for sale 5,000 158,104 – –
Operating lease expenses 51,419 51,052 – –
Operating expenses arising
from investment
properties that generated
rental income 105,863 110,434 – –
Amortisation of
intangible assets 484 484 – –

(ii) Administrative
expenses include:
Staff costs (b) 265,537 206,654 43,932 38,995
Allowance for
doubtful receivables 5,281 15,361 – –
Amortisation of
intangible assets 1,143 1,080 – –
Auditors’ remuneration:
- auditors of the Company 1,808 1,612 170 174
- other auditors 4,145 4,146 – 14
Non-audit fees:
- auditors of the Company 159 906 10 28
- other auditors 738 662 – –
Depreciation of property,
plant and equipment 3 57,998 61,466 4,652 4,304
Operating lease expenses 36,793 39,448 4,573 3,613

(iii) Other operating
expenses include:
Allowance for
doubtful receivables 1,100 – – 90,706
Net fair value losses from
investment properties 5 – 225,932 – –
Impairment of available-
CAPITALAND LIMITED
for-sale financial assets 10,936 50,953 – –

Net fair value loss on
derivative instruments – 34,210 – –
Foreign exchange loss 27,536 – – –
Impairment and write off
of property, plant
and equipment 23,891 1,826 94 75
Provision for
foreseeable losses 21(b) 25,848 145,924 – –
PAGE
182
STATUTORY ACCOUNTS
2010 2009 2010 2009
Note $’000 $’000 $’000 $’000
(c)(iii) Other operating expenses

include: (cont’d)
Fidelity losses arising
from financial
irregularities 14,000 – – –
Impairment of:
- subsidiaries – – – 115,368
- goodwill 4 – 55,001 – –
- associates 7(a)(i) 4,000 40,983 – –
- joint ventures 8(a)(i) – 14,271 – –

(d) Finance costs
Interest and
securitisation costs
paid and payable to:
- subsidiaries – – 4,081 1,901
- bank loans and
overdrafts 212,240 224,328 – –
- debt securities 81,215 91,604 – –
- non-controlling
interests 5,610 6,554 – –
Convertible bonds:
- interest expense 105,732 87,300 105,732 87,300
- amortisation of
bond discount 63,584 43,650 63,584 43,650
- accretion of
bond premium 10,498 11,945 10,498 11,945
Derivative financial
instruments 1,759 24,847 – –
Others 59,936 44,455 – –
Total borrowing costs 540,574 534,683 183,895 144,796
Less:
Borrowing costs capitalised in:
- property, plant
and equipment 3(c) (4,167) – – –
- investment properties 5(d) (4,903) (6,582) – –
ANNUAL REPORT 2010
- development properties
for sale 11(d) (83,321) (74,179) – –
(92,391) (80,761) – –
448,183 453,922 183,895 144,796

PAGE
183
NOTES TO THE
28 Taxation

2010 2009 2010 2009
$’000 $’000 $’000 $’000
Current tax expense

- Based on current year’s results 261,661 150,982 – 4,616
- (Over)/Under provision in respect
of prior years (51,310) (49,960) 424 4,520
- Group relief (1,745) (28,080) – –
208,606 72,942 424 9,136
Deferred tax expense
- Origination and reversal of
temporary differences 58,421 8,382 (8,484) (14,383)
- (Over)/Under provision in respect
of prior years (1,120) 5,138 – 6,007
57,301 13,520 (8,484) (8,376)
Total 265,907 86,462 (8,060) 760

Reconciliation of effective tax rate
The Group
2010 2009
$’000 $’000
Profit before taxation 1,936,014 1,095,096

Less: Share of results of associates and joint ventures (820,852) (269,195)
Profit before share of results of associates, joint ventures and taxation 1,115,162 825,901

Income tax using Singapore tax rate of 17% (2009: 17%) 189,578 140,403
Adjustments:
Expenses not deductible for tax purposes 151,884 173,166
Income not subject to tax (148,242) (188,188)
Effect of unrecognised tax losses and other deductible
temporary differences 12,188 15,220
Effect of different tax rates in foreign jurisdictions 80,227 18,632
Over provision in respect of prior years (52,430) (44,822)
Group relief (1,745) (28,080)
Withholding taxes 18,859 25,247
Others 15,588 (25,116)
265,907 86,462

CAPITALAND LIMITED
The Company
2010 2009
$’000 $’000
Profit before taxation 343,910 1,385,750
Income tax using Singapore tax rate of 17% (2009: 17%) 58,465 235,578
Adjustments:
Expenses not deductible for tax purposes 6,185 33,861
Income not subject to tax (72,496) (275,950)
Effect of other deductible temporary differences (460) (2,691)
Under provision in respect of prior years 424 10,527
PAGE
Others (178) (565)

184
(8,060) 760

STATUTORY ACCOUNTS
29 Earnings Per Share
(a) Basic earnings per share
The Group
2010 2009
$’000 $’000

Basic earnings per share is based on:
Net profit attributable to owners of the Company 1,273,139 1,052,959

Number of shares
(’000)

Weighted average number of ordinary shares in issue during the year 4,258,925 4,017,136
(b) Diluted earnings per share

In calculating diluted earnings per share, the net profit attributable to owners of the Company and
weighted average number of ordinary shares in issue during the year are adjusted for the effects of all
dilutive potential ordinary shares:

The Group
2010 2009
$’000 $’000
Net profit attributable to owners of the Company 1,273,139 1,052,959

Profit impact of conversion of the dilutive potential ordinary shares 77,354 35,702
Adjusted net profit attributable to owners of the Company 1,350,493 1,088,661

2010 2009
Number of shares
(’000)

Weighted average number of ordinary shares used in the calculation
of basic earnings per share 4,258,925 4,017,136

Weighted average number of unissued ordinary shares from:
- options under CapitaLand Share Option Plan 9,738 5,460
- shares under CapitaLand Performance Share Plan 18,439 18,927
- shares under CapitaLand Restricted Stock Plan 14,285 15,063
- convertible bonds 324,508 152,384
Number of ordinary shares that would have been issued at fair value (6,547) (2,549)
360,423 189,285
ANNUAL REPORT 2010
Weighted average number of ordinary shares used in the calculation

of diluted earnings per share 4,619,348 4,206,421

30 Dividends
The Board of Directors of the Company has proposed a first and final dividend of 6.0 cents per share in
respect of the financial year ended 31 December 2010. This would amount to a payout of approximately
$255.7 million based on the number of issued shares as at 31 December 2010. The dividends are subject to
shareholders’ approval at the forthcoming Annual General Meeting of the Company.
For the financial year ended 31 December 2009, a first and final dividend of 5.5 cents per share and a special
dividend of 5.0 cents per share were approved at the Annual General Meeting held on 16 April 2010. The
PAGE
said dividends of $447.4 million were paid in May 2010.

185
NOTES TO THE
31 Notes to the Consolidated Statement of Cash Flows
(a) Acquisition of subsidiaries
The list of significant subsidiaries acquired during the year is as follows:
Effective
Name of Subsidiary Date Acquired Interest Acquired
CCH Developments Limited (formerly known

as Orient Overseas Developments Limited ) February 2010 100%
Growing State Holdings Limited March 2010 65.5%
Hemliner Pte Ltd October 2010 100%
The total costs (including the assumption of shareholder’s loan) for the above-mentioned acquisitions
in aggregate amounted to $3,473.4 million.
There was no acquisition of significant subsidiaries in 2009. The total acquisition cost for subsidiaries
acquired, which individually was not significant, in aggregate amounted to $72.6 million.
(b) Effects of acquisitions

The cash flows and net assets of subsidiaries acquired are provided below:

Recognised Values
2010 2009
Note $’000 $’000
The Group
2010
Property, plant and equipment 381,179 60,550
Investment properties 5 1,263,170 –
Deferred tax assets 25,489 15
Development properties for sale 2,344,857 365,930
Cash and cash equivalents 438,478 12,535
Other current assets 20,539 155,178
Long-term bank borrowings (158,811) –
Shareholder’s loan (1,466,912) –
Deferred tax liabilities (603,421) –
Non-controlling interests (60,116) (30,253)
2,008,428 191,136
Amounts previously accounted for as associates,
joint ventures and other financial assets (5,370) (118,550)
CAPITALAND LIMITED
Net assets acquired 2,003,058 72,586

Gain from bargain purchase (11,580) –
Assumption of shareholder’s loan 1,466,912 –
Deferred payment 15,043 –
Total purchase consideration 3,473,433 72,586
Less:
Cash of subsidiaries acquired (438,478) (12,535)
Cash outflow on acquisition of subsidiaries 3,034,955 60,051

PAGE
186
STATUTORY ACCOUNTS
31 Notes to the Consolidated Statement of Cash Flows (cont’d)
(c) Disposals of subsidiaries
(i) During the year, the Group disposed off the following significant subsidiaries for a total consideration
of $1,022.8 million:
Effective

Name of Subsidiary Date Disposed Interest Diposed
The Ascott Group Europe NV* October 2010 100%

Citadines Holborn CI Limited* October 2010 100%
Senning Property Ltd December 2010 61.2%
* These subsidiaries were sold to Ascott Residence Trust in which the Group has an effective interest of 47.8%
as at end-2010.
The disposed subsidiaries previously contributed net profit of $4.6 million from 1 January 2010 to
the date of disposal.
(ii) In 2009, the Group disposed off the following significant subsidiary for a total consideration of
$171.4 million:
Effective
Name of Subsidiary Date Disposed Interest Diposed
Pagesus Pte. Ltd.* October 2009 100%
* This subsidiary was sold to Raffles City China Fund Ltd in which the Group has an effective interest of 44.8% as
at end-2009.
The disposed subsidiary previously contributed a net profit of $132.6 million from 1 January 2009 to
the date of disposal.
(d) Effects of disposals

The cash flows and net assets of subsidiaries disposed are provided below:
The Group
2010 2009
Note $’000 $’000
Property, plant and equipment 867,558 46,325

Investment properties 5 1,052,291 403,017
Deferred tax assets 12,077 –
Development properties for sale 124,649 –
ANNUAL REPORT 2010
Other current assets 78,458 13,730

Long-term bank borrowings (395,166) (16,785)
Deferred tax liabilities (209,953) (43,137)
Non-controlling interests (62,268) (3,508)
Net assets 1,083,467 163,366
Less:
Equity interests retained as associates (321,027) –
Net assets disposed carried down 762,440 163,366

PAGE
187
NOTES TO THE
31 Notes to the Consolidated Statement of Cash Flows (cont’d)
(d) Effects of disposals (cont’d)
The Group
2010 2009
$’000 $’000
Net assets disposed brought forward 762,440 163,366

Realisation of reserves 109,834 2,656
Deferred income 64,896 21,387
Gain on disposal of subsidiaries 210,156 23,036
Sale consideration 1,147,326 210,445
Repayment of shareholders’ loan 24,080 244,251
Deferred payment (424,210) (909)
Deferred sale consideration received in relation to
prior year’s disposal of subsidiaries 909 67,991
Cash of subsidiaries disposed (55,897) (12,727)
Cash inflow on disposal of subsidiaries 692,208 509,051

32 Business Combinations
(a) Acquisition of Orient Overseas Developments Limited
On 10 February 2010, the Group acquired 100% of voting equity interest of CCH Developments Limited
(“CCHDL”) (formerly known as Orient Overseas Developments Limited). CCHDL is a property
investment holding company and through its subsidiaries, conducts property development and
investment with a primary focus on opportunities in the Greater Shanghai area and Tianjin, China. Its
projects include residential, commercial, retail and hotel properties.
The acquisition allowed the Group to further strengthen its presence in China.
CCHDL contributed revenue of $129.5 million and net profit of $127.3 million to the Group’s results for
the period from 10 February 2010 to 31 December 2010.
If the acquisition had occurred on 1 January 2010, management estimates that the contribution from
CCHDL in terms of revenue and profit for the year ended 31 December 2010 would have been $130.2
million and $125.0 million respectively. In determining these amounts, management has assumed that
the fair value adjustments that arose on the date of acquisition would have been the same if the
acquisition had occurred on 1 January 2010.
Details of the consideration paid, the assets acquired and liabilities assumed, the non-controlling interest
recognised and the effects on the cash flows of the Group, at the acquisition date, are as follows:
(i) Purchase consideration

CAPITALAND LIMITED
The consideration transferred for the acquisition was $3,110.9 million, which included the
assignment of and transfer of a shareholder’s loan due from CCHDL to its previous shareholder. It
was settled in cash.
No contingent consideration or indemnification asset was recognised at the acquisition date. Both
the Group and the acquired entities do not have a relationship before this acquisition. Therefore,
there was no settlement of pre-existing relationship.
No goodwill was recognised as the fair value of the identifiable net assets of the acquired group was
equivalent in amount to the purchase consideration transferred.
PAGE
188
STATUTORY ACCOUNTS
32 Business Combinations (cont’d)
(a) Acquisition of Orient Overseas Developments Limited (cont’d)
(ii) Effects of cash flows of the Group

2010
$’000

Cash consideration paid 1,643,986
Assumption of shareholder’s loan 1,466,912
Total purchase consideration 3,110,898
Less: Cash and cash equivalents in subsidiaries acquired (356,242)
Net cash outflow on acquisition 2,754,656
(iii) Identifiable assets acquired and liabilities assumed
2010
$’000
Property, plant and equipment 88,974

Investment properties under development 1,098,791
Deferred tax assets 25,490
Other non-current assets 13,863
Development properties for sale 2,344,857
Other current assets 11,935
Cash 356,242
Current liabilities (49,787)
Interest bearing loans (123,829)
Shareholder’s loan (1,466,912)
Deferred tax liabilities (600,429)
Total identifiable net assets 1,699,195
Add: Assumption of shareholder’s loan 1,466,912
Less: Non–controlling interest at proportionate share of the
recognised amount of the identified net assets, at acquisition date (55,209)
Total purchase consideration 3,110,898
(iv) Acquisition-related costs

Acquisition-related costs of $4.2 million related to stamp duties, legal and due diligence fees were
included in administrative expenses in the consolidated income statement, and in the operating
cash flows in the consolidated statement of cash flows.
(v) Acquired receivables

Loan and other receivables mainly comprised other receivables. The carrying amount and gross
ANNUAL REPORT 2010
contractual amount of other receivables was $11.6 million. The carrying amount of other receivables
approximated its fair value as the contractual maturity period was within twelve months from the
acquisition date. None of the amounts was expected to be uncollectible.
(b) Acquisition of Storhub

On 31 July 2010, a wholly-owned subsidiary, CapitaLand Commercial Limited (“CCL”), together with
Hersing Corporation Ltd, formed a group of companies to acquire four Storhub properties to provide self
storage facilities. CCL has a 62% interest while Hersing has a 38% interest in these companies.
Four properties, together with the management business and management assets were acquired for
$63.4 million.
PAGE
189
NOTES TO THE
32 Business Combinations (cont’d)
(b) Acquisition of Storhub (cont’d)
Acquisition-related costs of $0.9 million relating to external legal fees and due diligence cost were
included in administrative expenses in the consolidated income statement, and in operating cash flows
in the consolidated statement of cash flows.
From the date of acquisition to 31 December 2010, the Storhub group of companies contributed revenue
of $4.2 million and net profit after tax of $1.6 million to the Group.
(c) Acquisition of non-controlling interests in Eurimeg SA

On 3 August 2010, Oriville SAS, an indirect wholly-owned subsidiary, acquired an additional 39.24%
interest in Eurimeg SA for $24.8 million, increasing its ownership from 60.76% to 100%.
The carrying amount of Eurimeg SA’s net assets in the Group’s financial statements on the date of
acquisition was $59.1 million.
From the date of the acquisition to 31 December 2010, the revenue and net profit after tax contributed
by the additional interest acquired were not significant.
33 Financial Risk Management

(a) Financial risk management objectives and policies
The Group and the Company are exposed to market risk (including interest rate, foreign currency and
price risks), credit risk and liquidity risk arising from its diversified business. The Group’s risk management
approach seeks to minimise the potential material adverse effects from these exposures. The Group
uses financial instruments such as currency forwards, interest rate swaps and caps as well as foreign
currency borrowings to hedge certain financial risk exposures.

The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk
management framework. The Board has established the Risk Committee to strengthen its risk
management processes and framework. The Risk Committee is assisted by an independent unit called
the Risk Assessment Group (“RAG”). RAG generates a comprehensive portfolio risk report to assist the
committee. This quarterly report measures a spectrum of risks, including property market risks,
construction risks, interest rate risks, refinancing risks and currency risks.
(b) Market risk

Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and
equity prices will have on the Group’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return on risk.
(i) Interest rate risk

CAPITALAND LIMITED
The Group’s exposure to market risk for changes in interest rate environment relates mainly to its
investment in financial products and debt obligations.
The investments in financial products are short term in nature and they are not held for trading or
speculative purposes. The financial products comprise fixed deposits or short term commercial
papers which yield better returns than cash at bank.
PAGE
190
STATUTORY ACCOUNTS
33 Financial Risk Management (cont’d)
(b) Market risk (cont’d)
(i) Interest rate risk (cont’d)
The Group manages its interest rate exposure by maintaining a prudent mix of fixed and floating
rate borrowings. The Group actively reviews its debt portfolio, taking into account the investment
holding period and nature of its assets. This strategy allows it to capitalise on cheaper funding in a

low interest rate environment and achieve certain level of protection against rate hikes. The Group
also uses hedging instruments such as interest rate swaps and caps to minimise its exposure
to interest rate volatility. The Group classifies these interest rate swaps and caps as cash
flow hedges.
The fair value loss of swaps as at 31 December 2010 was $5.2 million (2009: fair value loss of
$44.2 million).
Sensitivity analysis
For interest rate swaps accounted for as cash flow hedges and other variable rate financial liabilities,
it is estimated that an increase of 100 basis point in interest rate at the reporting date would lead to
a reduction in the Group’s profit before tax (and revenue reserves) by approximately $28.8 million
(2009: $34.6 million). A decrease in 100 basis point in interest rate would have an equal but opposite
effect. This analysis assumes that all other variables, in particular foreign currency rates, remain
constant, and has not taken into account the effects of qualifying borrowing costs allowed for
capitalisation, the associated tax effects and share of non-controlling interests.
(ii) Foreign currency risk

The Group operates internationally and is exposed to various currencies, mainly Australian Dollars,
Chinese Renminbi, Euros, Hong Kong Dollars, Japanese Yen, Sterling Pounds and US Dollars.
The Group maintains a natural hedge, whenever possible, by borrowing in the currency of the
country in which its property or investment is located or by borrowing in currencies that match the
future revenue stream to be generated from its investments.
The Group also uses forward exchange contracts to hedge its foreign currency risk, where feasible.
It generally enters into forward exchange contracts with maturities ranging between 3 months and
5 years which are rolled over at market rates at maturity.
The net fair value gain of the above forward exchange contracts as at 31 December 2010 was $8.0
million (2009: net fair value loss of $21.4 million).
Foreign exchange exposures in transactional currencies other than functional currencies of the
operating entities are kept to an acceptable level.
ANNUAL REPORT 2010
In relation to its investments in foreign subsidiaries whose net assets are exposed to currency
translation risks and which are held for long term investment purposes, the differences arising from
such translation are recorded under the foreign currency translation reserve. These translation
differences are reviewed and monitored on a regular basis.
PAGE
191
NOTES TO THE
(ii) Foreign currency risk (cont’d)
The Group’s and the Company’s exposure to foreign currencies as at 31 December 2010 and
31 December 2009 are as follows:
Total
US Australian Chinese Hong Kong Japanese Malaysian Foreign
Dollars Dollars Renminbi Dollars Yen Euro Ringgit Others* Currencies
The Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

2010
Other financial assets 22,089 – – 27,093 148,578 30 – – 197,790
Trade and other receivables 606,316 298,860 173,391 15,412 70,518 30,725 42,935 65,592 1,303,749
Cash and cash equivalents 680,484 76,291 666,390 3,867 24,769 18,705 235,314 33,834 1,739,654
Borrowings (756,830) (2,452,043) (465,498) (230,707) (258,128) – (8,835) (126,233) (4,298,274)
Trade and other payables (251,429) (293,367) (549,682) (17,274) (17,030) (45,246) (17,694) (34,758) (1,226,480)
Gross currency exposure 300,630 (2,370,259) (175,399) (201,609) (31,293) 4,214 251,720 (61,565) (2,283,561)
Less: Net financial
liabilities/(assets)
denominated in the
respective entities’
functional currencies 216,184 2,374,620 137,431 229,622 218,907 (99) (31,941) 93,120 3,237,844
Foreign exchange
forward contracts (47,596) – – – (50,803) – – – (98,399)
Less: Available-for-sale
financial assets (4,371) – – (27,093) (148,578) – – – (180,042)
Net currency exposure 464,847 4,361 (37,968) 920 (11,767) 4,115 219,779 31,555 675,842

2009
Other financial assets 33,036 – – 3,114 152,982 93 – – 189,225
Trade and other receivables 278,346 273,476 226,566 46,028 12,270 30,360 7,324 68,653 943,023
Cash and cash equivalents 410,178 161,010 757,609 48,624 19,908 55,532 94,168 57,569 1,604,598
Borrowings and
finance leases (1,417,495) (1,800,288) (354,304) (346,137) (195,430) (425,745) (395,153) (81,620) (5,016,172)
Trade and other payables (150,357) (271,336) (588,206) (18,090) (18,537) (49,680) (48,232) (35,092) (1,179,530)
Gross currency exposure (846,292) (1,637,138) 41,665 (266,461) (28,807) (389,440) (341,893) 9,510 (3,458,856)
Less: Net financial
(assets)/liabilities
denominated in the
respective entities’
functional currencies (74,814) 2,079,071 (118,753) 232,303 248,017 394,980 496,082 24,208 3,281,094
Foreign exchange
forward contracts – (407,400) – – (63,872) – – (39,750) (511,022)
Less: Available-for-sale
financial assets (272) – – – (152,982) – – – (153,254)
Net currency exposure (921,378) 34,533 (77,088) (34,158) 2,356 5,540 154,189 (6,032) (842,038)

* Others include mainly Sterling Pound, Thai Baht, Indian Rupee and Vietnamese Dong.
CAPITALAND LIMITED
PAGE
192
STATUTORY ACCOUNTS
(ii) Foreign currency risk (cont’d)

Total
US Foreign

Dollars Others* Currencies
The Company $’000 $’000 $’000

2010
Cash and cash equivalents 40 – 40
Trade and other receivables 36 – 36
Currency exposure 76 – 76

2009
Cash and cash equivalents 56 – 56
Trade and other payables (1,049,321) (39,910) (1,089,231)
Currency exposure (1,049,265) (39,910) (1,089,175)

* Others include Hong Kong Dollars and Thai Baht.
It is estimated that a five percentage point strengthening in foreign currencies against the Singapore
Dollar would increase the Group’s profit before tax (and revenue reserves) by approximately $33.8
million (2009: decrease by $42.1 million) and increase the Group’s other components of equity by
approximately $9.0 million (2009: $7.7 million) respectively. A five percentage point weakening in
foreign currencies against the Singapore Dollar would have an equal but opposite effect. The Group’s
outstanding forward exchange contracts have been included in this calculation. The analysis
assumed that all other variables, in particular interest rates, remain constant and does not take into
account the translation related risk, associated tax effects and share of non-controlling interests.
It is estimated that a five percentage point strengthening in foreign currencies against the Singapore
Dollar would not have any material impact on the profit before tax or revenue reserves of the
Company in 2010 (2009: decrease in Company’s profit before tax and revenue reserves by
approximately $54.5 million). The analysis assumed that all other variables, in particular interest
rates, remain constant.
(iii) Equity price risk

The Group has available-for-sale investments in equity securities and is exposed to price risk. These
securities are listed in Japan.
ANNUAL REPORT 2010
If prices for equity securities listed in Japan change by 5% with all other variables including tax rate
being held constant, the impact on profit after tax and available-for-sale reserve will be as follows:
2010 2009
5% increase 5% decrease 5% increase 5% decrease
The Group $’000 $’000 $’000 $’000

Available-for-sale reserve 1,737 (1,737) 2,208 (2,208)
PAGE
193
NOTES TO THE
(c) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. For trade receivables, the Group has guidelines governing the
process of granting credit as a service or product provider in its respective segments of business. Trade
and other receivables relate mainly to the Group’s customers who bought its residential units and
tenants from its commercial buildings, shopping malls and serviced residences. Investments and
financial transactions are restricted to counterparties that meet the appropriate credit criteria and are of
high credit standing.

The principal risk to which the Group and the Company is exposed in respect of financial guarantee
contracts is credit risk in connection with the guarantee contracts it has issued. To mitigate the risks,
management continually monitors the risks and has established processes including performing credit
evaluations of the parties it is providing the guarantee on behalf of. Guarantees are only given for its
subsidiaries and related parties. The maximum exposure to credit risk in respect of these financial
guarantees at the balance sheet date is disclosed in note 35.
The Group has a diversified portfolio of businesses and as at balance sheet date, there were no significant
concentration of credit risk with any entity. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset in the balance sheet, including derivative financial instruments as
well as any irrevocable loan undertaking to associates and joint ventures.
(d) Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
The Group actively manages its debt maturity profile, operating cash flows and the availability of funding
so as to ensure that all refinancing, repayment and funding needs are met. As part of its overall prudent
liquidity management, the Group maintains sufficient level of cash or cash convertible investments to
meet its working capital requirement. In addition, the Group strives to maintain available banking facilities
at a reasonable level to its overall debt position. As far as possible, the Group will constantly raise
committed funding from both capital markets and financial institutions and prudently balance its portfolio
with some short term funding so as to achieve overall cost effectiveness.

The following are the expected contractual undiscounted cash flows of financial liabilities, including
interest payments and excluding the impact of netting agreements:

Contractual cash flows
Carrying Not later Between After
amount Total than 1 year 1 and 5 years 5 years
The Group $’000 $’000 $’000 $’000 $’000
2010
Financial liabilities,
CAPITALAND LIMITED
at amortised cost
Bank borrowings 4,650,665 5,301,788 1,040,837 3,906,332 354,619
Debt securities 5,707,378 7,236,635 1,043,486 999,658 5,193,491
Trade and
other payables* 1,864,021 1,885,939 1,590,040 293,176 2,723
12,222,064 14,424,362 3,674,363 5,199,166 5,550,833
liabilities, at fair value 9,983 17,595 12,049 5,175 371
12,232,047 14,441,957 3,686,412 5,204,341 5,551,204
* Excludes quasi-equity loans, excess of progress billings over work-in-progress, liability for employee benefits
and provisions.
PAGE
194
STATUTORY ACCOUNTS
(d) Liquidity risk (cont’d)


The Group $’000 $’000 $’000 $’000 $’000
2009
at amortised cost
Bank borrowings 4,944,744 5,348,592 1,150,922 4,065,078 132,592
Debt securities 5,330,229 6,982,951 555,700 1,864,679 4,562,572
Finance leases 37,581 41,086 4,574 19,284 17,228
Trade and
other payables* 1,895,405 1,925,871 1,538,956 377,589 9,326
12,207,959 14,298,500 3,250,152 6,326,630 4,721,718
liabilities, at fair value 64,030 90,817 58,746 30,730 1,341
12,271,989 14,389,317 3,308,898 6,357,360 4,723,059

The Company $’000 $’000 $’000 $’000 $’000
2010
at amortised cost
Debt securities 3,379,883 4,601,875 81,576 423,129 4,097,170
Trade and
ther payables* 172,440 172,440 172,440 – –
3,552,323 4,774,315 254,016 423,129 4,097,170

2009
at amortised cost
Debt securities 3,305,801 4,707,607 81,576 423,129 4,202,902
Trade and
other payables* 1,209,912 1,212,390 1,212,390 – –
4,515,713 5,919,997 1,293,966 423,129 4,202,902

ANNUAL REPORT 2010
* Excludes quasi-equity loans, excess of progress billings over work-in-progress, liability for employee benefits
and provisions.
PAGE
195
NOTES TO THE
(d) Liquidity risk (cont’d)
The following table indicates the periods in which the cash flows associated with derivatives that are
cash flow hedges are expected to occur and affect the income statement:

The Group $’000 $’000 $’000 $’000 $’000
2010
Interest rate swaps
- liabilities (10,441) (19,031) (10,311) (7,846) (874)
Forward start interest
rate swaps
- assets/(liabilities) 6,491 (484) (3,218) 2,231 503
Forward exchange
contracts
- assets 291 291 291 – –
(3,659) (19,224) (13,238) (5,615) (371)

2009
Interest rate swaps
- liabilities (44,190) (72,430) (34,075) (35,543) (2,812)
Forward start interest
rate swaps
- assets/(liabilities) 3,001 5,419 (865) 4,813 1,471
(41,189) (67,011) (34,940) (30,730) (1,341)

(e) Fair values
The following methods and assumptions are used to estimate the fair values of the following significant
classes of financial instruments:
(i) Derivatives
The fair value of derivatives financial instruments is based on their market prices or brokers’ quotes.
(ii) Non-derivative financial liabilities

Fair value, which is determined for disclosure purposes, is calculated based on the present value of
future principal and interest cash flows, discounted using the market rate of interest at the reporting
date. In respect of the liability component of convertible bonds, the fair value at initial recognition is
determined using a market rate of interest of similar liabilities that do not have a conversion option.
CAPITALAND LIMITED
(iii) Other financial assets and liabilities

The fair value of quoted securities is their quoted bid price at the balance sheet date. The carrying
amounts of financial assets and liabilities with a maturity of less than one year (including trade and
other receivables, cash and cash equivalents and trade and other payables) are assumed to
approximate their fair values because of the short period to maturity. All other financial assets and
liabilities are discounted to determine their fair values.
Where discounted cash flow techniques are used, estimated future cash flows are based on
management’s best estimates and the discount rate is a market-related rate for a similar instrument
at the balance sheet.
PAGE
196
STATUTORY ACCOUNTS
(e) Fair values (cont’d)
(iv) Fair value hierarchy
The table below analyses financial instruments carried at fair value, by valuation method as at
31 December 2010. The different levels have been defined as follows:

Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 : Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3 : Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
Level 1 Level 2 Level 3 Total

The Group $’000 $’000 $’000 $’000

2010
Available-for-sale financial assets 34,741 195,000 141,144 370,885
Derivative financial assets – 12,823 – 12,823
34,741 207,823 141,144 383,708
Derivative financial liabilities – (9,983) – (9,983)
34,741 197,840 141,144 373,725
2009
Available-for-sale financial assets 44,167 195,000 112,201 351,368
Derivative financial assets – 2,006 – 2,006
44,167 197,006 112,201 353,374
Derivative financial liabilities – (64,030) – (64,030)
44,167 132,976 112,201 289,344

The Group
2010 2009
$’000 $’000

The movements of financial assets classified under
Level 3 are presented as follows:
Balance as at 1 January 112,201 334,249
Translation differences – 174
Additions 12,471 9,399
Capital distribution – (201)
(5,752)
ANNUAL REPORT 2010
Impairments recognised in income statement (48,858)

Fair value gain/(losses) recognised in available-for-sale reserve 22,224 (812)
Exchanged for shares in a subsidiary – (181,750)
Balance as at 31 December 141,144 112,201

PAGE
197
NOTES TO THE
(v) Accounting classifications and fair values
The fair values of financial assets and liabilities, together with the carrying amounts shown in the
balance sheets, are as follows:
Fair value – Other Total

hedging Loans and Available- financial carrying
instruments receivables for-sale liabilities amount Fair value
The Group Note $’000 $’000 $’000 $’000 $’000 $’000
2010
Trade and other receivables 12 – 2,033,965 – – 2,033,965 2,033,965
Cash and cash equivalents 15 – 7,190,064 – – 7,190,064 7,190,064
Other non-current
financial assets 9(a) 4,814 100,897 202,494 – 308,205 308,205
Other current financial assets 9(b) 8,009 – 195,000 – 203,009 203,009
12,823 9,324,926 397,494 – 9,735,243 9,735,243

Trade and other payables# – – – 1,864,021 1,864,021 1,864,021
Bank borrowings 18 – – – 4,650,665 4,650,665 4,650,665
Debt securities 19 – – – 5,707,378 5,707,378 6,006,225
Derivative financial liabilities 9,983 – – – 9,983 9,983
9,983 – – 12,222,064 12,232,047 12,530,894
2009
Trade and other receivables 12 – 1,255,361 – – 1,255,361 1,255,361
Cash and cash equivalents 15 – 8,729,718 – – 8,729,718 8,729,718
Other non-current
financial assets 9(a) 569 39,634 193,156 – 233,359 233,359
Other current financial assets 9(b) 1,437 – 195,000 – 196,437 196,437
2,006 10,024,713 388,156 – 10,414,875 10,414,875
Trade and other payables# – – – 1,895,405 1,895,405 1,895,405

Bank borrowings 18 – – – 4,944,744 4,944,744 4,944,744
Debt securities 19 – – – 5,330,229 5,330,229 5,590,464
Finance leases 20 – – – 37,581 37,581 37,581
Derivative financial liabilities 64,030 – – – 64,030 64,030
64,030 – – 12,207,959 12,271,989 12,532,224
Other Total
Loans and financial carrying
receivables liabilities amount Fair value
The Company Note $’000 $’000 $’000 $’000
CAPITALAND LIMITED
2010
Trade and
other receivables 12 1,163,355 – 1,163,355 1,163,355
Cash and cash equivalents 15 53,954 – 53,954 53,954
1,217,309 – 1,217,309 1,217,309

Trade and other payables# – 172,440 172,440 172,440
Debt securities 19 – 3,379,883 3,379,883 3,674,251
– 3,552,323 3,552,323 3,846,691
#
Excludes quasi-equity loans, excess of progress billings over work-in-progress, liability for employee benefits
and provisions.
PAGE
198
STATUTORY ACCOUNTS
(v) Accounting classifications and fair values (cont’d)
Other Total
Loans and financial carrying
receivables liabilities amount Fair value
The Company Note $’000 $’000 $’000 $’000

2009
Trade and other receivables 12 87,590 – 87,590 87,590
Cash and cash equivalents 15 2,356,466 – 2,356,466 2,356,466
2,444,056 – 2,444,056 2,444,056
Trade and other payables# – 1,209,912 1,209,912 1,209,912

Debt securities 19 – 3,305,801 3,305,801 3,560,279
– 4,515,713 4,515,713 4,770,191

#
Excludes quasi-equity loans, excess of progress billings over work-in-progress, liability for employee benefits
and provisions.
34 Commitments
As at the balance sheet date, the Group and the Company had the following commitments:

(a) Operating lease
The Group leases a number of offices under operating leases. The leases typically have tenure of three
years, with an option to renew the lease after that date. Lease payments are usually revised at each
renewal date to reflect the market rate. Future minimum lease payments for the Group and the Company
on non-cancellable operating leases are as follows:

2010 2009 2010 2009
$’000 $’000 $’000 $’000
Lease payments payable:

Not later than 1 year 108,090 79,079 4,850 4,616
Between 1 and 5 years 303,705 158,920 2,967 7,135
After 5 years 148,819 50,665 133 133
560,614 288,664 7,950 11,884
The Group leases out its investment properties. Non-cancellable operating lease rentals are receivable
as follows:

ANNUAL REPORT 2010
2010 2009 2010 2009

$’000 $’000 $’000 $’000
Lease rentals receivable:

Not later than 1 year 240,059 332,206 – –
After 5 years 448,855 454,169 – –
1,408,651 1,579,414 – –
PAGE
199
NOTES TO THE
34 Commitments (cont’d)
(b) Commitments

2010 2009 2010 2009
$’000 $’000 $’000 $’000
Commitments in respect of:

- capital expenditure contracted
but not provided for in the
financial statements 3,385 2,487 193 1,591
- development expenditure
contracted but not provided
for in the financial statements 1,156,995 1,136,801 – –
- capital contribution/acquisition
of associates, joint ventures
and investee companies 1,070,242 1,591,752 – –
- purchase of lands/properties
contracted but not provided
for in the financial statements 1,505,318 358,570 – –
- shareholders’ loan committed
to associates, joint ventures
and investee companies 8,360 8,360 – –
3,744,300 3,097,970 193 1,591
(c) As at the balance sheet date, the notional principal values of financial instruments are as follows:

2010 2009 2010 2009
$’000 $’000 $’000 $’000

Interest rate caps – 39,768 – –
Interest rate swaps 2,405,031 1,934,657 – –
Forward start interest rate swaps 863,158 729,269 – –
Forward foreign exchange contracts 394,976 852,309 – –
3,663,165 3,556,003 – –
(d) The maturity dates of these financial instruments are:

2010 2009 2010 2009
$’000 $’000 $’000 $’000

Not later than 1 year 1,344,967 1,441,224 – –
CAPITALAND LIMITED
Between 1 and 5 years 1,683,523 1,664,347 – –

After 5 years 634,675 450,432 – –
3,663,165 3,556,003 – –

PAGE
200
STATUTORY ACCOUNTS
35 Financial Guarantee Contracts
There are no terms and conditions attached to the financial guarantee contracts that would have a material
effect on the amount, timing and uncertainty of the Group’s and the Company’s future cash flows. The Group
and the Company issue guarantees only for their subsidiaries and related parties.


2010 2009 2010 2009
$’000 $’000 $’000 $’000
(a) Guarantees given to banks to secure

banking facilities provided to:
- subsidiaries – – 2,935,350 2,999,983
- associates 143,024 125,199 – –
- joint ventures 15,043 19,486 105 4,367
- investee company – 27,183 – –
158,067 171,868 2,935,455 3,004,350

(b) Undertakings by the Group and the Company:

(i) The Company has provided several undertakings on cost overrun, interest shortfall, completion and
annualised gross rental, on a joint or several basis, in respect of term loan and revolving credit
facilities amounting to $1,490.9 million, granted to a joint venture. As at 31 December 2010, the
amount outstanding under the facilities was $1,060.1 million (2009: $1,478.3 million).
(ii) A subsidiary of the Group has provided several undertakings on cost overrun, security margin,
interest shortfall and an indemnity for bankers’ guarantee issuance on a several basis as well as a
project completion undertaking on a joint and several basis, in respect of term loan and revolving
construction facilities amounting to $476.5 million (2009: $605.2 million) and bankers’ guarantee
facility amounting to $54.8 million (2009: $54.8 million) granted to its subsidiary. As at 31 December
2010, the amount outstanding under the term loan facility was $376.5 million (2009: $376.5 million).
(iii) A subsidiary of the Group has provided several undertakings on cost overrun, security margin,
construction facilities amounting to $1,486.1 million (2009: $1,370.0 million) and bankers’ guarantee
facility amounting to $133.9 million (2009: $133.9 million) granted to an associate. As at 31 December
2010, the total amount outstanding under the term loan and revolving construction facilities was
$1,241.1 million (2009: $870.1 million).
(iv) A subsidiary of the Group has provided several undertakings on cost overrun, security margin,
ANNUAL REPORT 2010
construction facilities amounting to $214.1 million (2009: $264.1 million) and bankers’ guarantee
facility amounting to $42.0 million (2009: $42.0 million) granted to a joint venture. As at 31 December
2010, the amount outstanding under the term loan facility was $176.1 million (2009: $226.1 million).
(v) A subsidiary of the Group has provided undertakings on cost overrun, security margin, interest
shortfall and project completion in respect of a term loan facility amounting to US$40 million (or its
equivalent in VND) granted to a subsidiary. As at 31 December 2010, the amount outstanding under
the term loan facility was US$4.9 million and VND 239.96 billion.
(vi) A subsidiary of the Group has provided several undertakings on security margin and interest shortfall
in respect of a $36.0 million (2009: Nil) term loan facility granted to its subsidiaries. As at 31 December
2010, the amount outstanding under the term loan facility was $36.0 million (2009: Nil).
PAGE
201
NOTES TO THE
35 Financial Guarantee Contracts (cont’d)
(b) Undertakings by the Group and the Company (cont’d):
(vii) Certain of the Group’s subsidiaries in China, whose principal activities are the trading of development
properties, would in the ordinary course of business act as guarantors for the bank loans taken by
the buyers to finance the purchase of residential properties developed by these subsidiaries. As at
31 December 2010, the outstanding notional amount of the guarantees amounted to $61.2 million
(2009: $55.2 million).
36 Contingencies
CapitaLand Limited has an effective 20% interest in the proposed Macao Studio City (“MSC”) project
through its minority holding in East Asia Satellite Television (Holdings) Limited (“East”), a joint venture
company with eSun Holdings Limited (“eSun”). The MSC project is held by East and New Cotai LLC (“New
Cotai”) in the proportions of 60% and 40% respectively, through Cyber One Agents Limited (“Cyber One”).
On 14 October 2010, New Cotai Entertainment LLC (“NCE”), an affiliate company of New Cotai, issued a
writ in the High Court of Hong Kong, Special Administrative Region against, amongst others, CapitaLand
Limited and CapitaLand Integrated Resorts Pte Ltd (“CIR”). CIR is a shareholder of East. The writ was served
on CapitaLand and CIR on 4 November 2010.
The writ alleged that East Asia Televisao por Satelite, Limitada (“MacauCo”) has breached its contract with
NCE in relation to a lease of premises in the MSC for NCE’s casino operations (“Casino Lease”). MacauCo
is the Macau-incorporated subsidiary of Cyber One which directly owns the MSC project. NCE has sued
CapitaLand and CIR for inducement and/or procurement of breach of contract by MacauCo and conspiracy
with eSun and others to use unlawful means with the intention of injuring NCE by doing whatever was
necessary to ensure that MacauCo did not sign the definitive agreement in relation to the Casino Lease. NCE
is claiming specific performance from MacauCo of the execution of the definitive agreement for the Casino
Lease as well as damages from the parties named as defendants in the writ (namely, CapitaLand, CIR, eSun,
East and MacauCo) in addition to, or instead of, such specific performance. The amount of the damages
sought was not specified in the writ.
The Group and the Company understand that East has complied with all material obligations relevant to the
joint venture. CapitaLand’s minority indirect stake gives it limited influence over the implementation of the
MSC project. The Group and the Company believe that the allegations in the writ are without merit and
accordingly, no amount is provided in respect of this matter.
37 Significant Related Party Transactions

For the purposes of these financial statements, parties are considered to be related to the Group if the Group
has the ability, directly or indirectly, to control the party or exercise significant influence over the party in
making financial and operating decisions, or vice versa, or where the Group and the party are subject to
common control or common significant influence. Related parties may be individuals or other entities.
CAPITALAND LIMITED
The Group considers the directors of the Company, and the Council of CEOs comprising the President &
CEO, key management officers of the corporate office and CEOs of the strategic business units, to be key
management personnel in accordance with FRS 24 Related Party Disclosures.
PAGE
202
STATUTORY ACCOUNTS
37 Significant Related Party Transactions (cont’d)
In addition to the related party information disclosed elsewhere in the financial statements, there were
significant related party transactions which were carried out in the normal course of business on terms
agreed between the parties during the financial year as follows:

2010 2009 2010 2009
$’000 $’000 $’000 $’000

Subsidiaries
Management fee income – – 66,061 47,920
Rental income – – – 70
IT and administrative support services – – 1,525 1,317
Rental expense – – – (352)
Others – – (710) (240)
Associates and Joint Ventures

Management fee income 280,953 302,407 – –
Rental expense (10,345) (12,278) (4,005) (2,869)
Proceeds from sale of properties
and investments* 1,972,267 415,731 – –
Construction and project
management income 36,470 22,676 – –
Accounting service fee, acquisition fee,
divestment fee, marketing income
and others 60,503 35,446 (268) (346)
* The Group has deferred a portion of the profit from the sale of these properties and investments based on its retained
investments in the associates.
Key Management Personnel

Subscription of shares in the
Company pursuant to its rights issue – 2,537 – 1,929
Subscription of shares in a subsidiary and
an associate pursuant to their
initial public offering – 3,757 – 2,542
Subscription of shares in associates
pursuant to their rights issues – 2,301 – –
Subscription of shares in an associate
pursuant to its preferential offering 178 – 171 –
Subscription of bonds/notes issued by
the Company and its indirect subsidiary – 3,250 – 2,250
Interest paid/payable by the Company,
its indirect subsidiary and associates 339 244 283 172
Professional fees paid/payable to a director
ANNUAL REPORT 2010
and a firm in which a director is a member 80 175 3 85

Sale of residential properties by
the subsidiaries 18,151 – 16,954 –
Rental income received/receivable from
a corporation in which a director has
an interest 396 779 396 779
Remuneration of
Key Management Personnel
Salary, bonus and other benefits 23,806 25,229 11,974 10,832
Employer’s contributions to defined
contribution plans 106 95 27 28
PAGE
Equity compensation benefits 8,946 9,076 4,974 3,251

203
32,858 34,400 16,975 14,111

NOTES TO THE
38 Subsidiaries
(a) The significant subsidiaries directly held by the Company which are incorporated and conducting
business in the Republic of Singapore are as set out below:
Percentage held
by the Company
2010 2009
Name of Company % %
CapitaLand Asia Pte Ltd 100 100
CapitaLand Commercial Limited 100 100
CapitaLand Financial Limited 100 100
CapitaLand GCC Holdings Pte Ltd 100 100
CapitaLand ILEC Pte Ltd 100 100
CapitaLand Residential Limited 100 100
CapitaLand Treasury Limited 100 100
CapitaMalls Asia Limited 65.5 65.5
CapitaValue Homes Limited

(formerly known as CapitaLand Industrial &
Logistics Holdings Limited) 100 100

Somerset Capital Pte Ltd – # 100

The Ascott Limited 100 100
#
Transferred to The Ascott Limited during the year. See note 38(b)(v).
(b) Other significant subsidiaries in the Group are as follows:

Effective Interest
held by the Group
Place of 2010 2009
Name of Company Incorporation % %

(i) Directly or indirectly held by CapitaLand Residential Limited:
Ausprop Holdings Limited Singapore 100 100

CAPITALAND LIMITED
Australand Australia 59.3 59.3
Austvale Holdings Ltd Singapore 100 100
CapitaLand China Holdings Pte Ltd Singapore 100 100
CapitaLand Residential Singapore Pte Ltd Singapore 100 100
CRL Realty Pte Ltd Singapore 100 100
Leonie Court Pte Ltd Singapore 100 100

PAGE
204
Phoenix Realty Pte Ltd Singapore 100 100

STATUTORY ACCOUNTS
38 Subsidiaries (cont’d)
Effective Interest
held by the Group
Place of 2010 2009


(ii) Directly or indirectly held by CapitaLand China Holdings Pte Ltd:

1 Beijing Xin Xu Real Estate Dev Co., Ltd The People’s 100 100
Republic of China

CapitaLand China Income Fund Singapore 100 100

1 CapitaLand (China) Investment Co., Ltd The People’s 100 100
Republic of China

4 CapitaLand China (RE) Holdings Co., Ltd Cayman Islands 100 –

CapitaLand Integrated Resort Pte Ltd Singapore 100# –

CapitaLand (Sichuan) Holdings Pte Ltd Singapore 100 100

1 Dongjin Real Estate The People’s
Development (Tian Jin) Co., Ltd Republic of China 100 –

1 Kunshan Kunan Property Co., Ltd. The People’s 70.0 –
Republic of China

1 Longtex Investment Limited Hong Kong 100 –

3 Shenzhen Municipal Golden Dragon The People’s 50.2 50.2
Property Development Ltd Republic of China

1 Shanghai Orient Overseas Yongye The People’s 99.0 –
Real Estate Co., Ltd. Republic of China

1 Xin Yue Property (Shanghai) Co., Ltd The People’s 80.0 –
Republic of China

# Transferred from CapitaLand ILEC Pte Ltd during the year. See note 38(b)(viii).

(iii) Directly or indirectly held by CapitaLand Commercial Limited:

Adelphi Property Pte Ltd Singapore 100 100

CapitaLand (Office) Investments Pte Ltd Singapore 100 100
ANNUAL REPORT 2010

1 Capitaland – Vista Joint Venture Co., Ltd Vietnam 80.0 80.0

CapitaLand (Vietnam) Holdings Pte Ltd Singapore 100 100

E-Pavilion Pte Ltd Singapore 100 100

SBR Private Limited Singapore 100 100

Wan Tien Realty (Pte) Ltd Singapore 100 100

PAGE
205
NOTES TO THE
Effective Interest
held by the Group
Place of 2010 2009

(iv) Directly or indirectly held by CapitaMalls Asia Limited:

CapitaLand Retail China Pte Ltd Singapore 65.5 65.5

CapitaLand Retail (MY) Pte Ltd Singapore 65.5 65.5

CapitaLand Retail Singapore Investments Pte Ltd Singapore 65.5 65.5

CapitaMall Trust Management Limited Singapore 65.5 65.5

CapitaRetail China Investments Pte Ltd Singapore 65.5 65.5

Pyramex Investments Pte Ltd Singapore 65.5 65.5

(v) Directly or indirectly held by The Ascott Limited:

1 Ascott Group (Jersey) Limited Jersey, 100 100
United Kingdom

Ascott International Management (2001) Pte Ltd Singapore 100 100

1 Ascott Property Management (Beijing) Co., Ltd The People’s 100 100
Republic of China

Ascott Residence Trust Management Limited Singapore 100 100

Ascott Serviced Residence (China) Fund Mgt Pte Ltd Singapore 100 100

1 Citadines Melbourne on Bourke Pty Ltd Australia 100 100

1 Hemliner Real Estate (Beijing) Co., Ltd The People’s 100 –
Republic of China
The Ascott Capital Pte Ltd Singapore 100 100

The Ascott (Europe) Pte Ltd Singapore 100 100
CAPITALAND LIMITED

Somerset Capital Pte Ltd Singapore 100# –
#
Transferred from CapitaLand Limited during the year. See note 38(a).
PAGE
206
STATUTORY ACCOUNTS
Effective Interest
held by the Group
Place of 2010 2009


(vi) Directly or indirectly held by CapitaLand Financial Limited:

CapitaLand China Development Fund
Management Private Limited Singapore 100 100

CapitaCommercial Trust Management Limited Singapore 100 100

CapitaLand Financial Investments Ltd Singapore 100 100

CapitaLand Fund Investment Pte Ltd Singapore 100 100

CapitaLand Nippon Investments Pte Ltd Singapore 100 100

CapitaLand RECM Pte Ltd Singapore 100 100

RCCF Management Pte Ltd Singapore 100 100

(vii) Directly or indirectly held by Australand:

2 Australand Finance Limited Australia 59.3 59.3

2 Australand Funds Management Limited Australia 59.3 59.3

2 Australand HK Company Limited Hong Kong 59.3 59.3

2 Australand Investments Limited Australia 59.3 59.3

2 Australand Property Group Pty Limited
(formerly known as Rylehall Pty Limited) Australia 59.3 59.3

2 Australand Property Trust Australia 59.3 59.3

2 Australand Property Trust No. 4 Australia 59.3 59.3

2 Australand Property Trust No. 5 Australia 59.3 59.3

ANNUAL REPORT 2010
2 Australand Property Limited Australia 59.3 59.3

2 Australand Wholesale Holdings Limited Australia 59.3 59.3

2 Australand Wholesale Investments No. 5 Limited Australia 59.3 59.3

2 Australand Wholesale Investments
(Custodian) Limited Australia 59.3 59.3

2 Freshwater Residential Unit Trust Australia 59.3 59.3

2 Port Catherine Developments Pty Ltd Australia 59.3 59.3
PAGE

207

NOTES TO THE
Effective Interest
held by the Group
Place of 2010 2009

(viii) Directly held by CapitaLand ILEC Pte Ltd:

CapitaLand Integrated Resort Pte Ltd Singapore – # 100

Kestrel Pte Ltd Singapore 100 100

# Transferred to CapitaLand China Holdings Pte Ltd during the year. See note 38(b)(ii).
(ix) Directly or indirectly held by CapitaLand GCC Holdings Pte Ltd:

1 CapitaLand Bahrain Bay Business Services WLL Bahrain 100 100

CapitaLand GCC (Bahrain) Pte Ltd Singapore 100 100

Notes:
All significant subsidiaries are audited by KPMG LLP Singapore except for the following:
Audited by other member firms of KPMG International.

1
Audited by PricewaterhouseCoopers and its associated firms.

2
Audited by Shenzhen Yida Certified Public Accountants.

3
Not required to be audited by law in the country of incorporation.

4
39 Associates
Details of significant associates are as follows:
Effective Interest
held by the Group
Place of 2010 2009

(i) Held by The Ascott Limited:
Ascott Residence Trust Singapore 47.8 47.5

(ii) Indirectly held by CapitaLand China Holdings Pte Ltd:
CAPITALAND LIMITED
CapitaLand China Development Fund Pte Ltd Singapore 37.5 37.5

1 Central China Real Estate Ltd Cayman Islands 27.1 27.1

2 East Asia Satellite Television (Holdings) Limited British Virgin Islands 33.3@ –

2 Lai Fung Holdings Limited Cayman Islands 20.0 20.0
PAGE
208
STATUTORY ACCOUNTS
Effective Interest
held by the Group
Place of 2010 2009


Raffles City China Fund Ltd Cayman Islands 45.2* 44.8*
Senning Property Ltd British Virgin Islands 38.8# –
@
Transferred from CapitaLand ILEC Pte Ltd during the year. See note 39(vi).
* Includes 9.8% interest indirectly held through CapitaMalls Asia Limited.
#
Includes 11.8% interest indirectly held through CapitaMalls Asia Limited.
(iii) Indirectly held by CapitaLand Commercial Limited:

CapitaCommercial Trust Singapore 31.8# 31.6#

3 DBS China Square Limited Singapore 30.0 30.0

#
Includes 2.6% and 2.3% interests indirectly held through CapitaLand Financial Limited as at end-2010 and end-2009
respectively.
(iv) Indirectly held by CapitaMalls Asia Limited:

CapitaMall Trust * Singapore 19.6 19.6

1 CapitaMalls Malaysia Trust Malaysia 27.3 –

CapitaRetail Japan Fund Private Limited * Singapore 17.2 17.2

CapitaRetail China Trust * Singapore 17.9 17.7

CapitaRetail China Development Fund Singapore 29.5 29.5

CapitaRetail China Development Fund II Singapore 29.5 29.5

CapitaRetail China Incubator Fund * Singapore 19.7 19.7

CapitaRetail India Development Fund Singapore 29.8 29.8
ANNUAL REPORT 2010

* Considered to be an associate as the Group has significant influence over the financial and operating policy decisions
of the investee through its subsidiary CapitaMalls Asia Limited.

(v) Indirectly held by CapitaLand Financial Limited:

1 CapitaLand AIF Ltd Cayman Islands 44.4 44.4

(vi) Indirectly held by CapitaLand ILEC Pte Ltd:

2 East Asia Satellite Television (Holdings) Limited British Virgin Islands – † 33.3

PAGE
†
Transferred to CapitaLand China Holdings Pte Ltd during the year. See note 39(ii).
209
NOTES TO THE
Effective Interest
held by the Group
Place of 2010 2009

(vii) Indirectly held by CapitaLand GCC Holdings Pte Ltd:

1 Raffles City Bahrain Fund Ltd Cayman Islands 40.9 37.7

Notes:
All significant associates are audited by KPMG LLP Singapore except for the following:
1
2
Audited by Ernst & Young and its associated firms.
3
Audited by PricewaterhouseCoopers and its associated firms.
40 Joint Ventures
Details of significant joint ventures are as follows:
Effective Interest
held by the Group
Place of 2010 2009

(i) Directly held by CapitaLand Asia Pte Ltd:

1 T.C.C. Capital Land Limited Thailand 40.0 40.0

(ii) Directly held by CapitaLand Financial Limited:

2 I.P. Real Estate Asset Management (Asia) Limited Singapore 50.0 50.0

(iii) Indirectly held by CapitaMalls Asia Limited:

Orchard Turn Holding Pte Ltd Singapore 32.8 32.8

(iv) Indirectly held by CapitaLand GCC Holdings Pte Ltd:

1 Mubadala CapitaLand Real Estate LLC United Arab Emirates 49.0 49.0

CAPITALAND LIMITED
Notes:
All significant joint ventures are audited by KPMG LLP Singapore except for the following:
1
2
Audited by Ernst & Young and its associated firms.
PAGE
210
STATUTORY ACCOUNTS
41 Operating Segments
Management determines the operating segments based on the reports reviewed and used by the Council
of CEOs for strategic decisions making and resources allocation. For management purposes, the Group is
organised into strategic business units based on their products, services and geography.
The Group’s reportable operating segments are as follows:

(i) CapitaLand Residential Singapore – develops residential properties in Singapore for sale and covers a
wide spectrum of the residential market in Singapore.
(ii) CapitaLand China Holdings – involves in the residential, commercial and integrated property development
sectors in China.

(iii) CapitaLand Commercial – owner/manager of commercial and industrial properties in Singapore, Malaysia
and United Kingdom. It also develops residential projects in Vietnam, Malaysia, India and Thailand.
(iv) Ascott – an international serviced residence owner-operator with operations in key cities of Asia Pacific,
Europe and the Gulf region. It operates three brands, namely Ascott, Somerset and Citadines.
(v) CapitaLand Financial – involves in real estate fund management and financial advisory services.
(vi) CapitaMalls Asia – shopping mall owner/manager with portfolio in Singapore, China, India, Japan and
Malaysia.
(vii) Australand – a major diversified property group with activities in residential, commercial and industrial
developments and investment properties across Australia.
(viii) Others – includes Corporate Office, Group Treasury and the Group’s new businesses.
Information regarding the operations of each reportable segment is included below. Management monitors
the operating results of each of its business unit for the purpose of making decisions on resource allocation
and performance assessment. Performance is measured based on segment earnings before interest and
tax (“EBIT”). EBIT is used to measure performance as management believes that such information is the
most relevant in evaluating the results of certain segments relative to other entities that operate within these
industries. Group financing (including finance costs) and income taxes are managed on a group basis and are
not allocated to operating segments. Segment assets and liabilities are presented net of inter segment
balances. Inter-segment pricing is determined on arm’s length basis.
Geographically, management reviews the performance of the businesses in Singapore, China, Other Asia,
Australia and Europe. In presenting information on the basis of geographical segments, segment revenue is
based on the geographical location of customers. Non-current assets and total assets are based on the
geographical location of the assets.
ANNUAL REPORT 2010
PAGE
211
NOTES TO THE
41 Operating Segments (cont’d)
Operating Segments – 31 December 2010

CapitaLand CapitaLand
Residential China CapitaLand CapitaLand CapitaMalls
Singapore Holdings Commercial Ascott Financial Asia Australand Others Elimination Group
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Revenue
External revenue 843,203 569,808 332,344 400,589 114,333 242,506 879,796 163 – 3,382,742
Inter-segment revenue – 3,665 5,409 6,772 1,834 2,896 – 281,850 (302,426) –
Total Revenue 843,203 573,473 337,753 407,361 116,167 245,402 879,796 282,013 (302,426) 3,382,742

Segmental Results
Company and subsidiaries 363,219 543,645 70,464 93,837 83,219 127,527 313,772 247,580 (279,918) 1,563,345
Associates (18,291) 129,601 167,097 79,899 12,053 101,275 4,156 3,278 20,289 499,357
Joint ventures 6,581 9,149 26,651 (726) 7,768 243,631 28,441 – – 321,495
Earnings Before Interest
and Taxation 351,509 682,395 264,212 173,010 103,040 472,433 346,369 250,858 (259,629) 2,384,197
Finance costs (448,183)
Taxation (265,907)
Profit for the year 1,670,107

Segment Assets 2,096,710 7,035,688 2,744,914 3,315,287 271,398 6,944,427 4,675,853 11,315,621 (6,699,678) 31,700,220

Segment Liabilities 842,182 1,633,740 793,948 1,215,607 54,801 940,535 1,821,772 6,380,173 – 13,682,758

Other segment items:
Interest income 17,691 9,749 5,780 7,563 13 26,037 4,199 11,995 – 83,027

Depreciation and
amortisation (582) (6,876) (2,914) (30,248) (351) (7,207) (5,239) (6,208) – (59,625)

Impairment
losses for assets – (11) (31,276) (29,021) (1) (284) – (1,545) – (62,138)

Fair value gains on
investment properties – 266,420 17,013 16,837 – 37,375 56,878 62 – 394,585

Share-based expenses (1,124) (4,343) (6,551) (4,330) (1,739) (8,997) (2,273) (9,771) – (39,128)

Gains on disposal
of investments – 184,061 150 70,906 12,970 12,333 – 24 – 280,444

Interests in associates 257,870 1,894,077 1,459,331 822,926 142,494 3,121,472 40,082 76,814 434,076 8,249,142

Interests in joint ventures 111,680 124,470 190,818 38,798 6,781 1,043,657 342,818 2,210 – 1,861,232

Capital expenditure* 756 16,684 66,214 94,168 61 95,178 182,189 5,277 – 460,527
* Capital expenditure consists of additions of property, plant and equipment, investment properties and intangible assets.
CAPITALAND LIMITED
PAGE
212
STATUTORY ACCOUNTS
Operating Segments – 31 December 2009

CapitaLand CapitaLand
Residential China CapitaLand CapitaLand CapitaMalls
Singapore Holdings Commercial Ascott Financial Asia Australand Others Elimination Group

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Revenue
External revenue 673,782 641,970 133,367 388,368 158,136 223,000 732,490 6,246 – 2,957,359
Inter-segment revenue – 4,987 11,560 5,343 4,036 5,946 – 271,637 (303,509) –
Total Revenue 673,782 646,957 144,927 393,711 162,172 228,946 732,490 277,883 (303,509) 2,957,359

Segmental Results
Company and subsidiaries 322,892 353,167 (246,916) 52,316 111,838 32,595 (168,126) 1,133,413 (311,356) 1,279,823
Associates (24,916) 188,892 (240,287) (19,629) (13,466) (50,658) (1,658) (45,395) 9,156 (197,961)
Joint ventures 73,732 9,128 (10,158) (1,270) (400) 467,174 (71,050) – – 467,156

Earnings Before Interest
and Taxation 371,708 551,187 (497,361) 31,417 97,972 449,111 (240,834) 1,088,018 (302,200) 1,549,018
Finance costs (453,922)
Taxation (86,462)
Profit for the year 1,008,634

Segment Assets 2,316,567 3,520,170 2,580,886 3,755,397 222,068 6,482,363 4,373,107 13,880,855 (6,965,399) 30,166,014

Segment Liabilities 779,252 848,743 782,665 1,758,712 47,093 973,514 1,617,365 6,478,907 – 13,286,251

Other segment items:
Interest income 17,181 10,133 5,897 2,311 (138) 23,517 5,903 11,746 – 76,550

Depreciation
and amortisation (787) (2,197) (5,006) (37,906) (713) (6,563) (3,747) (6,111) – (63,030)

Impairment losses for assets – (1,557) (176,179) (7,633) (5) (221) – (73,363) – (258,958)

Fair value gains/(losses)
on investment
properties – 185,723 (77,569) 729 – (98,970) (235,845) – – (225,932)

Share-based expenses (1,962) (3,028) (4,687) (3,541) (2,602) (5,245) (1,117) (6,545) – (28,727)

Gains on disposal
of investments – 18,889 29,474 25,373 1 52,817 – 897,843 – 1,024,397

Interests in associates 240,059 1,320,496 1,357,786 538,872 140,307 2,997,218 38,831 178,577 200,028 7,012,174

Interests in joint ventures 114,467 219,424 167,570 40,046 (962) 794,830 334,488 2,193 – 1,672,056

Capital expenditure* 448 384,663 2,102 190,735 281 92,555 142,703 1,992 – 815,479
* Capital expenditure consists of additions of property, plant and equipment, investment properties and intangible assets.
ANNUAL REPORT 2010
PAGE
213
NOTES TO THE
Geographic Information

Singapore China* Other Asia# Australia Europe Others@ Total
2010 $’000 $’000 $’000 $’000 $’000 $’000 $’000

External Revenue 1,200,843 711,336 291,706 916,159 227,391 35,307 3,382,742

Non-current Assets^ 6,604,807 5,376,659 1,222,136 3,148,591 88 – 16,352,281

Total Assets 13,879,760 10,095,610 2,327,792 4,929,458 424,012 43,588 31,700,220
2009

External Revenue 978,996 773,914 163,291 755,689 248,189 37,280 2,957,359

Non-current Assets^ 6,488,552 3,814,030 1,720,267 2,975,908 1,033,554 – 16,032,311

Total Assets 15,772,857 6,197,750 2,363,928 4,568,785 1,209,408 53,286 30,166,014
* China includes Hong Kong and Macau.

#
Other Asia includes Indonesia, Japan, Malaysia, Philippines, Thailand, Korea, India, Vietnam and Gulf Cooperation Council
countries.

@
Others includes the Cayman Islands.

^
Non-current assets comprised property, plant and equipment, intangible assets, investment properties and interests in
associates and joint ventures.
42 New Accounting Standards and Interpretations not yet adopted

The Group has not applied the following accounting standards (including their consequential amendments)
and interpretations that have been issued as of the balance sheet date but are not yet effective:
• Revised FRS 24 Related Party Disclosures

• Amendments to FRS 32 Financial Instruments: Presentation – Classification of Rights Issues
• Amendments to FRS 101 Limited Exemption from Comparative FRS 107 Disclosures for First-Time
Adopters
• Amendments to INT FRS 114 – Prepayments of a Minimum Funding Requirement
• INT FRS 115 Agreements for the Construction of Real Estate
• INT FRS 119 Extinguishing Financial Liabilities with Equity Instruments
INT FRS 115 which is effective for financial period commencing from 1 January 2011 clarifies when revenue
and related expenses from a sale of a real estate unit should be recognised if an agreement between a
developer and a buyer is reached before the construction of the real estate is completed. INT FRS 115
clarifies that contracts which do not classify as construction contracts in accordance with FRS 11 can only be
accounted for under the percentage of completion method if the entity continuously transfers to the buyer
control and the significant risks and rewards of ownership of the work-in-progress in its current state as
CAPITALAND LIMITED
construction progresses.
The Group’s current accounting policy for all residential property sales was to recognise revenue on
percentage of completion method which is an allowed alternative method under Recommended Accounting
Practise 11 – Pre-Completion Contracts For The Sale Of Development Property (“RAP 11”). RAP 11 will be
withdrawn with effect from 1 January 2011 following the adoption of INT FRS 115.
PAGE
214
STATUTORY ACCOUNTS
42 New Accounting Standards and Interpretations not yet adopted (cont’d)
The Group has considered the application of INT FRS 115 and the accompanying practice note issued
specifically in the context of the sale of development properties in Singapore, and concluded that whilst the
“pre-completion” sale contracts were not, in substance, construction contracts, the legal terms in certain
contracts result in the continuous transfer of work-in-progress to the purchaser. Consequently, the Group will
continue to adopt the percentage of completion method of revenue recognition for residential projects under

progressive payment schemes in Singapore and hence for these contracts; revenue is recognised as work
progresses. For the residential projects under deferred payment scheme in Singapore and overseas
residential projects, the construction revenue and expenses will be accounted for under the completion of
construction method as stipulated in INT FRS 115, where applicable.
The estimated impact of this change in accounting policy is set out below:

The Group
2010
$’000

Increase in revenue from trading of properties 650
Increase in profit attributable to owners of the Company 152,539
Decrease in net assets (152,258)
Increase in basis earning per share (cents) 3.6
Increase in diluted earning per share (cents) 3.3
Revised FRS 24 Related Party Disclosures modifies the definition of a related party and simplifies
disclosures for government-related entities. The Group does not expect any impact on its financial position
or performance, however, disclosures regarding related party transactions and balances in these
consolidated financial statements may be affected when the revised version of the Standard is applied in
future accounting periods.
Except for INT FRS 115 Agreements for the Construction of Real Estate, the initial application of these
standards (and its consequential amendments) and interpretations is not expected to have a material impact
on the Group’s financial statements. The Group has not considered the impact of accounting standards
issued after the balance sheet date.
ANNUAL REPORT 2010
PAGE
215
NOTICE OF
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at the STI Auditorium,
168 Robinson Road, Level 9, Capital Tower, Singapore 068912, on Monday, 25 April 2011 at 10.00 a.m. to
transact the following business:
AS ORDINARY BUSINESS
1 To receive and adopt the Directors’ Report and Audited Financial Statements for the year ended 31 December
2010 and the Auditors’ Report thereon.
2 To declare a first and final 1-tier dividend of S$0.06 per share for the year ended 31 December 2010.
3 To approve Directors’ fees of S$1,409,220 for the year ended 31 December 2010 (2009: S$1,183,331).
4 To re-appoint the following Directors, who are retiring under Section 153(6) of the Companies Act, Cap. 50
of Singapore (the “Companies Act”), to hold office from the date of this Annual General Meeting until the
next Annual General Meeting:
(a) Dr Hu Tsu Tau

(b) Mr Richard Edward Hale
5 To re-elect the following Directors, who are retiring by rotation pursuant to Article 95 of the Articles of
Association of the Company and who, being eligible, offer themselves for re-election:
(a) Mr James Koh Cher Siang

(b) Mrs Arfat Pannir Selvam
6 To re-elect Mr Simon Claude Israel, a Director who is retiring pursuant to Article 101 of the Articles of
Association of the Company and who, being eligible, offers himself for re-election.
7 To re-appoint Messrs KPMG LLP as Auditors of the Company and to authorise the Directors to fix their
remuneration.
8 To transact such other ordinary business as may be transacted at an Annual General Meeting of the Company.
CAPITALAND LIMITED
PAGE
216
NOTICE OF ANNUAL GENERAL MEETING
AS SPECIAL BUSINESS
9 To consider and, if thought fit, to pass with or without any modification, the following resolutions as Ordinary
Resolutions:
9A That pursuant to Section 161 of the Companies Act, authority be and is hereby given to the Directors of the
Company to:
(a) (i) issue shares in the capital of the Company (“shares”) whether by way of rights, bonus or otherwise;
and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would
require shares to be issued, including but not limited to the creation and issue of (as well as
adjustments to) warrants, debentures or other instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem fit; and
(b) (notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares
in pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(1) the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued
in pursuance of Instruments made or granted pursuant to this Resolution) does not exceed fifty per cent.
(50%) of the total number of issued shares (excluding treasury shares) in the capital of the Company (as
calculated in accordance with sub-paragraph (2) below), of which the aggregate number of shares to be
issued other than on a pro rata basis to shareholders of the Company (including shares to be issued in
pursuance of Instruments made or granted pursuant to this Resolution) does not exceed ten per cent.
(10%) of the total number of issued shares (excluding treasury shares) in the capital of the Company (as
calculated in accordance with sub-paragraph (2) below);
(2) (subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities
Trading Limited (“SGX-ST”)) for the purpose of determining the aggregate number of shares that may
be issued under sub-paragraph (1) above, the total number of issued shares (excluding treasury shares)
shall be based on the total number of issued shares (excluding treasury shares) in the capital of the
Company at the time this Resolution is passed, after adjusting for:
(I) new shares arising from the conversion or exercise of any convertible securities or share options or
vesting of share awards which are outstanding or subsisting at the time this Resolution is passed;
and
ANNUAL REPORT 2010
(II) any subsequent bonus issue, consolidation or subdivision of shares;

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NOTICE OF
AS SPECIAL BUSINESS (cont’d)
(3) in exercising the authority conferred by this Resolution, the Company shall comply with the provisions
of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been
waived by the SGX-ST) and the Articles of Association for the time being of the Company; and
(4) (unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution
shall continue in force until the conclusion of the next Annual General Meeting of the Company or the
date by which the next Annual General Meeting of the Company is required by law to be held, whichever
is the earlier.
9B That the Directors of the Company be and are hereby authorised to:
(a) grant awards in accordance with the provisions of the CapitaLand Performance Share Plan 2010 (the
“Performance Share Plan”) and/or the CapitaLand Restricted Share Plan 2010 (the “Restricted Share
Plan”); and
(b) allot and issue from time to time such number of shares in the capital of the Company as may be
required to be issued pursuant to the vesting of awards under the Performance Share Plan and/or the
Restricted Share Plan,
provided that the aggregate number of shares to be issued, when aggregated with existing shares (including
treasury shares and cash equivalents) delivered and/or to be delivered pursuant to the Performance Share
Plan, the Restricted Share Plan and all shares, options or awards granted under any other share schemes
of the Company then in force, shall not exceed eight per cent. (8%) of the total number of issued shares
(excluding treasury shares) in the capital of the Company from time to time.
CAPITALAND LIMITED
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218
9C That:
(a) for the purposes of Sections 76C and 76E of the Companies Act, the exercise by the Directors of the
Company of all the powers of the Company to purchase or otherwise acquire ordinary shares in the
capital of the Company (“ordinary shares”) not exceeding in aggregate the Maximum Limit (as hereafter
defined), at such price or prices as may be determined by the Directors of the Company from time to
time up to the Maximum Price (as hereafter defined), whether by way of:
(i) market purchase(s) on the SGX-ST and/or any other stock exchange on which the ordinary shares
may for the time being be listed and quoted (“Other Exchange”); and/or
(ii) off-market purchase(s) (if effected otherwise than on the SGX-ST or, as the case may be, Other
Exchange) in accordance with any equal access scheme(s) as may be determined or formulated by
the Directors of the Company as they consider fit, which scheme(s) shall satisfy all the conditions
prescribed by the Companies Act,
and otherwise in accordance with all other laws and regulations and rules of the SGX-ST or, as the case
may be, Other Exchange as may for the time being be applicable, be and is hereby authorised and
approved generally and unconditionally (the “Share Purchase Mandate”);
(b) unless varied or revoked by the Company in general meeting, the authority conferred on the Directors
of the Company pursuant to the Share Purchase Mandate may be exercised by the Directors of the
Company at any time and from time to time during the period commencing from the date of the passing
of this Resolution and expiring on the earlier of:
(i) the date on which the next Annual General Meeting of the Company is held; and
(ii) the date by which the next Annual General Meeting of the Company is required by law to be held;
ANNUAL REPORT 2010

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219
NOTICE OF
(c) in this Resolution:
“Average Closing Price” means the average of the last dealt prices of an ordinary share for the five
consecutive Market Days on which the ordinary shares are transacted on the SGX-ST or, as the case
may be, Other Exchange immediately preceding the date of market purchase by the Company or, as
the case may be, the date of the making of the offer pursuant to the off-market purchase, and deemed
to be adjusted in accordance with the listing rules of the SGX-ST for any corporate action which occurs
after the relevant five-day period;
“date of the making of the offer” means the date on which the Company makes an offer for the
purchase or acquisition of ordinary shares from shareholders, stating therein the purchase price (which
shall not be more than the Maximum Price) for each ordinary share and the relevant terms of the equal
access scheme for effecting the off-market purchase;
“Market Day” means a day on which the SGX-ST is open for trading in securities;
“Maximum Limit” means that number of ordinary shares representing two per cent. (2%) of the issued
ordinary shares as at the date of the passing of this Resolution (excluding any ordinary shares which are
held as treasury shares); and

“Maximum Price” in relation to an ordinary share to be purchased or acquired, means the purchase
price (excluding brokerage, commission, applicable goods and services tax and other related expenses)
which shall not exceed:
(i) in the case of a market purchase of an ordinary share, one hundred and five per cent. (105%) of the
Average Closing Price of the ordinary shares; and
(ii) in the case of an off-market purchase of an ordinary share pursuant to an equal access scheme, one
hundred and ten per cent. (110%) of the Average Closing Price of the ordinary shares; and
(d) the Directors of the Company and/or any of them be and are hereby authorised to complete and do all
such acts and things (including executing such documents as may be required) as they and/or he may
consider expedient or necessary to give effect to the transactions contemplated and/or authorised by
this Resolution.
By Order of the Board

CAPITALAND LIMITED
Low Sai Choy

Company Secretary
Singapore
23 March 2011
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220
NOTES:
A member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint not
more than two proxies to attend and vote instead of him. Where a member appoints more than one proxy, he
shall specify the proportion of his shareholdings to be represented by each proxy. A proxy need not be a member
of the Company. The instrument appointing a proxy or proxies must be deposited at the office of the Company’s
Share Registrar, M & C Services Private Limited, 138 Robinson Road, #17-00 The Corporate Office, Singapore
068906 not less than 48 hours before the time appointed for holding the Annual General Meeting.
Additional information relating to the Notice of Annual General Meeting:
1 In relation to items 4(a) and (b) under the heading “As Ordinary Business”, Dr Hu Tsu Tau will, upon re-
appointment, continue to serve as Chairman of the Investment Committee and Mr Richard Edward Hale
will, upon re-appointment, continue to serve as Chairman of the Audit Committee and a Member of the Risk
Committee. Dr Hu and Mr Hale are considered as independent Directors.
2 In relation to item 5 under the heading “As Ordinary Business”, Mr Jackson Peter Tai, who will be retiring by
rotation pursuant to Article 95 of the Articles of Association of the Company at the Annual General Meeting,
is not seeking re-election. Mr Tai will also cease to serve as Member of the Investment Committee and
the Finance and Budget Committee respectively. In relation to items 5(a) and (b) under the heading “As
Ordinary Business”, Mr James Koh Cher Siang will, upon re-election, continue to serve as Chairman of
the Risk Committee and the Corporate Disclosure Committee respectively, and a Member of the Audit
Committee; and Mrs Arfat Pannir Selvam will, upon re-election, continue to serve as a Member of the
Nominating Committee, the Corporate Disclosure Committee, the Risk Committee and the Audit Committee
respectively. Mr Koh and Mrs Selvam are considered as independent Directors.
3 In relation to item 6 under the heading “As Ordinary Business”, Article 101 of the Company’s Articles of
Association permits the Directors to appoint any person to be a Director, either to fill a casual vacancy or as
an addition to the existing Directors. Any Director so appointed shall hold office only until the next following
Annual General Meeting, and shall then be eligible for re-election. Mr Simon Claude Israel was appointed
on 1 July 2010 and is seeking re-election at the Annual General Meeting. Mr Israel will, upon re-election,
continue to serve as a Member of the Investment Committee, the Executive Resource and Compensation
Committee and the Nominating Committee respectively. Mr Israel is considered as a non-independent
Director.
4 Ordinary Resolution No. 9A under the heading “As Special Business”, if passed, will empower the Directors
to issue shares in the Company and to make or grant instruments (such as warrants or debentures)
convertible into shares, and to issue shares in pursuance of such instruments from the date of the Annual
General Meeting until the date of the next Annual General Meeting. The aggregate number of shares which
the Directors may issue (including shares to be issued pursuant to convertibles) under this Resolution must
not exceed fifty per cent. (50%) of the total number of issued shares (excluding treasury shares) in the
ANNUAL REPORT 2010
capital of the Company with a sub-limit of ten per cent. (10%) for issues other than on a pro rata basis.
For the purpose of determining the aggregate number of shares that may be issued, the total number of
issued shares (excluding treasury shares) in the capital of the Company will be calculated based on the total
number of issued shares (excluding treasury shares) in the capital of the Company at the time that Ordinary
Resolution No. 9A is passed, after adjusting for (a) new shares arising from the conversion or exercise of
any convertible securities or share options or vesting of share awards which are outstanding or subsisting
at the time that Ordinary Resolution No. 9A is passed and (b) any subsequent bonus issue, consolidation or
subdivision of shares. The sub-limit of ten per cent. (10%) for issues other than on a pro rata basis is below
the twenty per cent. (20%) sub-limit permitted by the Listing Manual of the SGX-ST. The Directors believe
that the lower sub-limit of ten per cent. (10%) would sufficiently address the Company’s present need to
maintain flexibility while taking into account shareholders’ concerns against dilution.
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221
NOTICE OF
NOTES: (cont’d)
5 Ordinary Resolution No. 9B under the heading “As Special Business”, if passed, will empower the Directors
to grant awards under the Performance Share Plan and the Restricted Share Plan, and to allot and issue
shares pursuant to the vesting of such awards provided that the aggregate number of shares to be issued,
when aggregated with existing shares (including treasury shares and cash equivalents) delivered and/or to
be delivered pursuant to the Performance Share Plan, the Restricted Share Plan and all shares, options or
awards granted under any other share schemes of the Company then in force, does not exceed eight per
cent. (8%) of the total number of issued shares (excluding treasury shares) in the capital of the Company
from time to time.
6 Ordinary Resolution No. 9C under the heading “As Special Business”, if passed, will empower the Directors
to exercise all the powers of the Company to purchase or otherwise acquire ordinary shares not exceeding
in aggregate two per cent. (2%) of the total number of issued shares as at the date of the passing of this
Resolution (excluding treasury shares) in the capital of the Company from the date of the Annual General
Meeting until the date of the next Annual General Meeting, whether by way of market purchase(s) or
off-market purchase(s), on the terms of the Share Purchase Mandate set out in the Appendix circulated to
shareholders of the Company.
The Company intends to use internal sources of funds, external borrowings, or a combination of internal
resources and external borrowings, to finance purchases or acquisitions of its ordinary shares. The amount
of financing required for the Company to purchase or acquire its ordinary shares, and the impact on the
Company’s financial position, cannot be ascertained as at the date of this Notice as these will depend
on, inter alia, whether the ordinary shares are purchased or acquired out of capital and/or profits of the
Company, the aggregate number of ordinary shares purchased or acquired, and the consideration paid at
the relevant time. For illustrative purposes only, the financial effects of an assumed purchase or acquisition
of two per cent. (2%) of its ordinary shares by the Company as at 28 February 2011, at a purchase price
equivalent to the Maximum Price per Share, in the case of a market purchase and an off-market purchase
respectively, based on the audited financial statements of the Group and the Company for the financial year
ended 31 December 2010 and certain assumptions, are set out in paragraph 2.7 of the Appendix
circulated to shareholders of the Company.
CAPITALAND LIMITED
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222
APPENDIX
APPENDIX
This Appendix is circulated to shareholders of CapitaLand Limited (the “Company”). Its purpose is to provide
shareholders of the Company with information on the proposed renewal of the Share Purchase Mandate to be
tabled at the Annual General Meeting to be held on 25 April 2011 at 10.00 a.m. at the STI Auditorium, 168
Robinson Road, Level 9, Capital Tower, Singapore 068912.
If you are in any doubt as to the action you should take, you should consult your stockbroker or other professional
adviser immediately.
The Singapore Exchange Securities Trading Limited takes no responsibility for the accuracy of any statements
made or opinions expressed in this Appendix.
THE PROPOSED RENEWAL OF THE SHARE PURCHASE MANDATE
ANNUAL REPORT 2010

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223
APPENDIX
DEFINITIONS
In this Appendix, the following definitions apply throughout unless otherwise stated:
“AGM” The annual general meeting of the Company to be held on 25 April 2011
“CDP” The Central Depository (Pte) Limited
“Companies Act” The Companies Act, Chapter 50 of Singapore as amended from time to time
“Company” or “CapitaLand” CapitaLand Limited
“Directors” The Directors of the Company
“Group” The Company and its subsidiaries
“Latest Practicable Date” 28 February 2011, being the latest practicable date prior to the printing of
this Appendix
“Listing Manual” The Listing Manual of the SGX-ST, including any amendments made thereto
up to the Latest Practicable Date
“Market Day” A day on which the SGX-ST is open for trading in securities
“Securities Accounts” Securities accounts maintained by Depositors with CDP, but not including
securities sub-accounts maintained with a Depository Agent
“SGX-ST” Singapore Exchange Securities Trading Limited
“Share Purchase Mandate” The mandate to enable the Company to purchase or otherwise acquire its
issued Shares
“Shareholders” Registered holders of Shares, except that where the registered holder is
CDP, the term “Shareholders” shall, in relation to such Shares and where
the context admits, mean the Depositors whose Securities Accounts
maintained with CDP are credited with the Shares
CAPITALAND LIMITED
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224
APPENDIX
DEFINITIONS (cont’d)
“Shares” Ordinary shares in the capital of the Company
“Substantial Shareholder” In relation to the Company, a person who has an interest in not less than
5% of the issued voting shares of the Company
“Take-over Code” The Singapore Code on Take-overs and Mergers
“$” and “cents” Singapore dollars and cents respectively
“%” Percentage or per centum
“2010 Circular” The Company’s Circular to Shareholders dated 16 March 2010
“2010 EGM” The Extraordinary General Meeting of the Company held on 16 April 2010
The terms “Depositor”, “Depository Agent” and “Depository Register” shall have the meanings ascribed to
them respectively in Section 130A of the Companies Act.
Words importing the singular shall, where applicable, include the plural and vice versa. Words importing the
masculine gender shall, where applicable, include the feminine and neuter genders. References to persons shall
include corporations.
Any reference in this Appendix to any enactment is a reference to that enactment as for the time being amended
or re-enacted. Any word defined in the Companies Act or any statutory modification thereof and not otherwise
defined in this Appendix shall have the same meaning assigned to it in the Companies Act or any statutory
modification thereof, as the case may be.
The headings in this Appendix are inserted for convenience only and shall be ignored in construing this Appendix.
Any reference to a time of day in this Appendix is made by reference to Singapore time unless otherwise stated.
Any discrepancies in the tables in this Appendix between the listed amounts and the totals thereof are due
to rounding.
ANNUAL REPORT 2010
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225
APPENDIX
1. INTRODUCTION
1.1 AGM. We refer to (a) the notice of AGM dated 23 March 2011 (the “Notice of AGM”) convening the AGM
to be held on 25 April 2011; and (b) the Ordinary Resolution No. 9C under the heading “Special Business”
set out in the Notice of AGM.
1.2 This Appendix. The purpose of this Appendix is to provide Shareholders with information relating to the
proposed renewal of the Share Purchase Mandate to be tabled at the AGM.
2. THE PROPOSED RENEWAL OF THE SHARE PURCHASE MANDATE
2.1 Background. Shareholders had approved the renewal of the Share Purchase Mandate at the 2010 EGM.
The authority and limitations of the Share Purchase Mandate were set out in the 2010 Circular and the
ordinary resolution in the notice of the 2010 EGM. The authority contained in the Share Purchase Mandate
was expressed to continue in force until the next annual general meeting of the Company and, as such,
would be expiring on 25 April 2011, being the date of the forthcoming AGM. Although the Company has
not undertaken any purchases or acquisitions of its Shares pursuant to the authority conferred by the Share
Purchase Mandate approved by Shareholders at the 2010 EGM, it is proposed nonetheless that such
authority be renewed. Accordingly, the renewal of the Share Purchase Mandate will be tabled as Ordinary
Resolution No. 9C for Shareholders’ approval at the AGM (“Ordinary Resolution”).
2.2 Rationale for the Share Purchase Mandate. The Share Purchase Mandate will give the Company the flexibility
to undertake purchases or acquisitions of its Shares at any time, subject to market conditions, during the
period that the Share Purchase Mandate is in force. Share purchases or acquisitions allow the Company
greater flexibility over its share capital structure with a view to improving, inter alia, its return on equity. The
Shares which are purchased or acquired may be held as treasury shares which the Company may, inter alia,
transfer for the purposes of or pursuant to its employee share schemes so as to enable the Company to take
advantage of tax deductions under the current taxation regime. The use of treasury shares in lieu of issuing
new Shares would also mitigate the dilution impact on existing Shareholders.
It should be noted that the purchase or acquisition of Shares pursuant to the Share Purchase Mandate will
only be undertaken if it can benefit the Company and Shareholders. No purchase or acquisition of Shares will
be made in circumstances which would have or may have a material adverse effect on the financial position
of the Company and the Group and/or affect the listing status of the Company on the SGX-ST.
2.3 Authority and limitations of the Share Purchase Mandate. The authority and limitations placed on the Share
Purchase Mandate are summarised below.
(a) Maximum number of Shares
The total number of Shares which may be purchased or acquired by the Company pursuant to the Share
CAPITALAND LIMITED
Purchase Mandate is limited to that number of Shares representing not more than 2% of the issued
Shares as at the date of the AGM, excluding any Shares held as treasury shares. Under the Companies
Act, any Shares which are held as treasury shares shall be disregarded for the purposes of computing
the 2% limit. As at the Latest Practicable Date, no Shares were held as treasury shares.
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226
APPENDIX
2. THE PROPOSED RENEWAL OF THE SHARE PURCHASE MANDATE (cont’d)
2.3 Authority and limitations of the Share Purchase Mandate (cont’d)
(a) Maximum number of Shares (cont’d)

For illustrative purposes ONLY, on the basis of 4,262,936,446 issued Shares as at the Latest Practicable
Date, and assuming that (i) no further Shares are issued, whether pursuant to the exercise of share
options (“Share Options”) and/or vesting of awards (“Awards”) granted under employee share schemes
implemented by the Company or otherwise, and (ii) no Shares are held as treasury shares, then not
more than 85,258,728 Shares (representing 2% of the issued Shares as at that date) may be purchased
or acquired by the Company pursuant to the Share Purchase Mandate.
(b) Duration of authority
Purchases or acquisitions of Shares may be made, at any time and from time to time, on and from the
date of the AGM at which the renewal of the Share Purchase Mandate is approved, up to the date (being
a date after the AGM) on which the next annual general meeting of the Company is held or required by
law to be held; or the date (being a date after the AGM) on which the authority conferred by the Share
Purchase Mandate is revoked or varied, whichever is the earlier.
(c) Manner of purchase or acquisition of Shares
Purchases or acquisitions of Shares may be made by way of:
(i) market purchases (“Market Purchases”); and/or
(ii) off-market purchases (“Off-Market Purchases”).
Market Purchases refer to purchases or acquisitions of Shares by the Company effected on the SGX-
ST or, as the case may be, such other stock exchange for the time being on which the Shares may be
listed and quoted, through one or more duly licensed stockbrokers appointed by the Company for the
purpose.
Off-Market Purchases refer to purchases or acquisitions of Shares by the Company made under an
equal access scheme or schemes for the purchase or acquisition of Shares from Shareholders. The
Directors may impose such terms and conditions which are not inconsistent with the Share Purchase
Mandate, the Listing Manual and the Companies Act as they consider fit in the interests of the Company
in connection with or in relation to any equal access scheme or schemes. Under the Companies Act, an
Off-Market Purchase must, however, satisfy all the following conditions:
(A) offers for the purchase or acquisition of Shares shall be made to every person who holds Shares to
ANNUAL REPORT 2010
purchase or acquire the same percentage of their Shares;
(B) all of those persons shall be given a reasonable opportunity to accept the offers made; and
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227
APPENDIX
(c) Manner of purchase or acquisition of Shares (cont’d)

(C) the terms of all the offers shall be the same, except that there shall be disregarded:
(1) differences in consideration attributable to the fact that offers may relate to Shares with different
accrued dividend entitlements; and
(2) differences in the offers introduced solely to ensure that each person is left with a whole
number of Shares.
Additionally, the Listing Manual provides that, in making an Off-Market Purchase, the Company
must issue an offer document to all Shareholders which must contain, inter alia:
(aa) the terms and conditions of the offer;
(bb) the period and procedures for acceptances;
(cc) the reasons for the proposed Share purchases;
(dd) the consequences, if any, of Share purchases by the Company that will arise under the Take-
over Code or other applicable takeover rules;
(ee) whether the Share purchases, if made, would have any effect on the listing of the Shares on
the SGX-ST; and
(ff) details of any Share purchases made by the Company in the previous 12 months (whether
Market Purchases or Off-Market Purchases), giving the total number of Shares purchased,
the purchase price per Share or the highest and lowest prices paid for the purchases, where
relevant, and the total consideration paid for the purchases.
(d) Purchase price
The purchase price (excluding brokerage, commission, applicable goods and services tax and other
related expenses) to be paid for a Share will be determined by the Directors. However, the maximum
purchase price (the “Maximum Price”) to be paid for the Shares as determined by the Directors must
not exceed:
(i) in the case of a Market Purchase, 105% of the Average Closing Price of the Shares; and
CAPITALAND LIMITED
(ii) in the case of an Off-Market Purchase, 110% of the Average Closing Price of the Shares,
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APPENDIX
(d) Purchase price (cont’d)

in either case, excluding related expenses of the purchase or acquisition. For the above purposes:
“Average Closing Price” means the average of the last dealt prices of a Share for the five consecutive
Market Days on which the Shares are transacted on the SGX-ST or, as the case may be, such other
stock exchange on which the Shares are listed or quoted, immediately preceding the date of the Market
Purchase by the Company or, as the case may be, the date of the making of the offer pursuant to the
Off-Market Purchase, and deemed to be adjusted in accordance with the listing rules of the SGX-ST for
any corporate action which occurs after the relevant five-day period; and
“date of the making of the offer” means the date on which the Company makes an offer for an Off-
Market Purchase, stating therein the purchase price (which shall not be more than the Maximum Price
for an Off-Market Purchase calculated on the foregoing basis) for each Share and the relevant terms of
the equal access scheme for effecting the Off-Market Purchase.
2.4 Status of purchased or acquired Shares. Under current law, the Shares purchased or acquired by the Company
shall be deemed cancelled immediately on purchase or acquisition, and all rights and privileges attached to
those Shares will expire on cancellation, unless such Shares are held by the Company as treasury shares.
The total number of issued Shares will be diminished by the number of Shares purchased or acquired by the
Company which are cancelled and are not held as treasury shares.
2.5 Treasury shares. Under the Companies Act, the Shares purchased or acquired by the Company may be held
or dealt with as treasury shares. Some of the provisions on treasury shares under the Companies Act are
summarised below.
(a) Maximum holdings
The number of Shares held as treasury shares cannot at any time exceed 10% of the total number of
issued Shares.
(b) Voting and other rights
The Company cannot exercise any right in respect of treasury shares. In particular, the Company
cannot exercise any right to attend or vote at meetings and for the purposes of the Companies Act, the
Company shall be treated as having no right to vote and the treasury shares shall be treated as having
no voting rights.
ANNUAL REPORT 2010
In addition, no dividend may be paid, and no other distribution of the Company’s assets may be made,
to the Company in respect of treasury shares. However, the allotment of Shares as fully paid bonus
shares in respect of treasury shares is allowed. A subdivision or consolidation of any treasury share into
treasury shares of a smaller amount is also allowed so long as the total value of the treasury shares after
the subdivision or consolidation is the same as before.
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APPENDIX
2.5 Treasury shares (cont’d)

(c) Disposal and cancellation
Where Shares are held as treasury shares, the Company may at any time but subject always to the Take-
over Code:
(i) sell the treasury shares for cash;
(ii) transfer the treasury shares for the purposes of or pursuant to an employees’ share scheme;
(iii) transfer the treasury shares as consideration for the acquisition of shares in or assets of another
company or assets of a person;
(iv) cancel the treasury shares; or
(v) sell, transfer or otherwise use the treasury shares for such other purposes as may be prescribed by
the Minister for Finance.
Under the Listing Manual, immediate announcement must be made of any sale, transfer, cancellation
and/or use of treasury shares (in each case, the “usage”). Such announcement must include details
such as the date of the usage, the purpose of the usage, the number of treasury shares of the usage,
the number of treasury shares before and after the usage, and the percentage of the number of treasury
shares of the usage against the total number of issued shares (of the same class as the treasury shares)
which are listed on the SGX-ST before and after the usage.
2.6 Source of funds. In purchasing or acquiring Shares pursuant to the Share Purchase Mandate, the Company
may only apply funds legally available for such purchase or acquisition in accordance with the Articles of
Association of the Company and applicable laws. Under the Companies Act, any payment made by the
Company in consideration of the purchase or acquisition of its Shares may be made out of the Company’s
capital and/or profits. The Company intends to use internal sources of funds, external borrowings, or a
combination of internal resources and external borrowings, to finance purchases or acquisitions of its Shares.
The Directors do not propose to exercise the Share Purchase Mandate to such extent that it would materially
affect the working capital requirements, financial flexibility or investment ability of the Group.
2.7 Financial effects. The financial effects on the Group and the Company arising from purchases or acquisitions
of Shares which may be made pursuant to the Share Purchase Mandate will depend on, inter alia, whether
the Shares are purchased or acquired out of capital and/or profits of the Company, the aggregate number of
Shares purchased or acquired, and the consideration paid at the relevant time. The financial effects on the
Group and the Company based on the audited financial statements of the Group and the Company for the
CAPITALAND LIMITED
financial year ended 31 December 2010 are based on the assumptions set out below.
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APPENDIX
2.7 Financial effects (cont’d)

(a) Purchase or acquisition out of capital and/or profits
Under the Companies Act, purchases or acquisitions of Shares by the Company may be made out of the
Company’s capital and/or profits so long as the Company is solvent.
Where the consideration paid by the Company for the purchase or acquisition of Shares is made out of
capital, the amount available for the distribution of cash dividends by the Company will not be reduced.
Where the consideration paid by the Company for the purchase or acquisition of Shares is made out
of profits, such consideration (excluding brokerage, commission, applicable goods and services tax and
other related expenses) will correspondingly reduce the amount available for the distribution of cash
dividends by the Company.
(b) Maximum Price paid for Shares acquired or purchased
Based on 4,262,936,446 issued Shares as at the Latest Practicable Date (none of which are held as
treasury shares), the purchase or acquisition by the Company of 2% of such Shares will result in the
purchase or acquisition of 85,258,728 Shares.
Assuming that the Company purchases or acquires the 85,258,728 Shares at the Maximum Price, the
maximum amount of funds required is approximately:
(i) in the case of Market Purchases of Shares, $294.1 million based on $3.45 for one Share (being the
price equivalent to 5% above the Average Closing Price of the Shares traded on the SGX-ST for the
five consecutive Market Days immediately preceding the Latest Practicable Date); and
(ii) in the case of Off-Market Purchases of Shares, $308.6 million based on $3.62 for one Share (being
the price equivalent to 10% above the Average Closing Price of the Shares traded on the SGX-ST
for the five consecutive Market Days immediately preceding the Latest Practicable Date).
For illustrative purposes ONLY, on the basis of the assumptions set out above as well as the following:
(A) the Share Purchase Mandate had been effective on 1 January 2010;
(B) there was no issuance of Shares, whether pursuant to the exercise of Share Options and/or vesting of
Awards or otherwise, after the Latest Practicable Date; and
(C) such Share purchases are funded solely by internal resources,

ANNUAL REPORT 2010
PAGE
231
APPENDIX

the financial effects on the audited financial statements of the Group and the Company for the financial year
ended 31 December 2010 would have been as set out below.
Market Purchase Off-Market Purchase

Company Group Company Group
Before After Before After Before After Before After
Share Share Share Share Share Share Share Share
Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase
At 31 December 2010 $ M $ M $ M $ M $ M $ M $ M $M

Shareholders’ funds 9,999 9,705 18,017 17,723 9,999 9,690 18,017 17,708
NTA 9,999 9,705 13,712 13,418 9,999 9,690 13,712 13,403
Current assets 1,220 926 14,952 14,658 1,220 911 14,952 14,643
Current liabilities 201 201 3,953 3,953 201 201 3,953 3,953
Working capital 1,019 725 10,999 10,705 1,019 710 10,999 10,690
Net debt 3,326 3,380 3,168 3,462 3,326 3,380 3,168 3,477
No. of issued Shares
(in Million) 4,262 4,177 4,262 4,177 4,262 4,177 4,262 4,177
Financial indicators
NTA per Share ($) 2.35 2.32 3.22 3.21 2.35 2.32 3.22 3.21
Gearing (Net D/E) 0.33 0.35 0.18 0.20 0.33 0.35 0.18 0.20
Current ratio (times) 6.07 4.61 3.78 3.71 6.07 4.53 3.78 3.70
Basic EPS (cents) 8.26 8.43 29.89 30.50 8.26 8.43 29.89 30.50
Notes:
(1) NTA means Net Tangible Assets
Net D/E means Net Debt-to-Equity
EPS means Earnings Per Share
(2) The disclosed financial effects remain the same irrespective of whether:
(a) the purchase of the Shares is effected out of capital or profits; or
(b) the purchased Shares are held in treasury or are cancelled.
(3) NTA equals shareholders’ funds less non-controlling interests and intangible assets. NTA per Share is calculated based on the
number of issued Shares excluding treasury shares.
(4) Current ratio equals current assets divided by current liabilities.
SHAREHOLDERS SHOULD NOTE THAT THE FINANCIAL EFFECTS SET OUT ABOVE ARE BASED ON
THE AUDITED FINANCIAL STATEMENTS OF THE GROUP AND THE COMPANY FOR THE FINANCIAL
YEAR ENDED 31 DECEMBER 2010 AND ARE FOR ILLUSTRATION ONLY. THE RESULTS OF THE
CAPITALAND LIMITED
GROUP AND THE COMPANY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010 MAY NOT BE
REPRESENTATIVE OF FUTURE PERFORMANCE.
PAGE
232
APPENDIX

It should be noted that although the Share Purchase Mandate would authorise the Company to purchase
or acquire up to 2% of the issued Shares, the Company may not necessarily purchase or acquire or be
able to purchase or acquire the entire 2% of the issued Shares. In addition, the Company may cancel or
hold in treasury all or part of the Shares purchased or acquired. The Company will take into account both
financial and non-financial factors (for example, stock market conditions and the performance of the Shares)
in assessing the relative impact of a share purchase before execution.
2.8 Taxation. Shareholders who are in doubt as to their respective tax positions or any tax implications, or who
may be subject to tax in a jurisdiction outside Singapore, should consult their own professional advisers.
2.9 Listing status of the Shares. The Listing Manual requires a listed company to ensure that at least 10% of
the total number of its issued shares (excluding treasury shares, preference shares and convertible equity
securities) in a class that is listed, is held by public shareholders at all times. As at the Latest Practicable Date,
approximately 58.94% of the issued Shares are held by public shareholders. Accordingly, the Company is
of the view that there is a sufficient number of the Shares held by public shareholders which would permit
the Company to undertake purchases or acquisitions of its Shares through Market Purchases up to the full
2% limit pursuant to the Share Purchase Mandate without affecting the listing status of the Shares on the
SGX-ST. The Company will consider investor interests when maintaining a liquid market in its securities, and
will ensure that there is a sufficient float for an orderly market in its securities when purchasing its Shares.
2.10 Listing rules. The Listing Manual restricts a listed company from purchasing shares by way of market
purchases at a price per share which is more than 5% above the “average closing price”, being the
average of the closing market prices of the shares over the last five Market Days on which transactions
in the shares were recorded, before the day on which the purchases were made, as deemed to be
adjusted for any corporate action that occurs after the relevant five-day period. The Maximum Price for a
Share in relation to Market Purchases referred to in paragraph 2.3 above complies with this requirement.
Although the Listing Manual does not prescribe a maximum price in relation to purchases of shares by
way of off-market purchases, the Company has set a cap of 10% above the average closing price of a
Share as the Maximum Price for a Share to be purchased or acquired by way of an Off-Market Purchase.
While the Listing Manual does not expressly prohibit any purchase or acquisition of shares by a listed
company during any particular time or times, because the listed company would be regarded as an “insider”
in relation to any proposed purchase or acquisition of its issued shares, the Company will not undertake any
purchase or acquisition of Shares pursuant to the Share Purchase Mandate at any time after any matter
or development of a price sensitive nature has occurred or has been the subject of consideration and/or a
decision of the Board of Directors of the Company until such price sensitive information has been publicly
announced. In particular, in line with the Company’s internal guide on securities dealings, the Company will
not purchase or acquire any Shares through Market Purchases during the two weeks immediately preceding,
ANNUAL REPORT 2010
and up to the time of the announcement of, the Company’s results for each of the first three quarters of its
financial year and during the one month preceding, and up to the time of announcement of, the Company’s
results for the full financial year.
PAGE
233
APPENDIX
2.11 Reporting requirements. The Listing Manual specifies that a listed company shall report all purchases or
acquisitions of its shares to the SGX-ST not later than 9.00 a.m. (a) in the case of a market purchase, on the
Market Day following the day of purchase or acquisition of any of its shares, and (b) in the case of an off-
market purchase under an equal access scheme, on the second Market Day after the close of acceptances
of the offer. Such announcement (which must be in the form prescribed by the Listing Manual) must include
details of the date of the purchase, the total number of shares purchased, the purchase price per share or
the highest and lowest prices paid for such shares, as applicable, and the total consideration (including stamp
duties and clearing charges) paid or payable for the shares.
2.12 Take-over implications. Appendix 2 of the Take-over Code contains the Share Buy-Back Guidance Note.
The take-over implications arising from any purchase or acquisition by the Company of its Shares are set
out below.
(a) Obligation to make a take-over offer
If, as a result of any purchase or acquisition by the Company of its Shares, the proportionate interest in
the voting capital of the Company of a Shareholder and persons acting in concert with him increases,
such increase will be treated as an acquisition for the purposes of Rule 14 of the Take-over Code.
Consequently, a Shareholder or a group of Shareholders acting in concert with a Director could obtain or
consolidate effective control of the Company and become obliged to make an offer under Rule 14 of the
Take-over Code.
(b) Persons acting in concert
Under the Take-over Code, persons acting in concert comprise individuals or companies who, pursuant
to an agreement or understanding (whether formal or informal), co-operate, through the acquisition by
any of them of shares in a company to obtain or consolidate effective control of that company.
Unless the contrary is established, the Take-over Code presumes, inter alia, the following individuals and
companies to be persons acting in concert with each other:
(i) the following companies:
(A) a company;
(B) the parent company of (A);
(C) the subsidiaries of (A);

CAPITALAND LIMITED
(D) the fellow subsidiaries of (A);
(E) the associated companies of any of (A), (B), (C) or (D);
(F) companies whose associated companies include any of (A), (B), (C), (D) or (E); and
(G) any person who has provided financial assistance (other than a bank in the ordinary course of
business) to any of the foregoing companies for the purchase of voting rights; and
PAGE
234
APPENDIX
2.12 Take-over implications (cont’d)

(ii) a company with any of its directors (together with their close relatives, related trusts as well as
companies controlled by any of the directors, their close relatives and related trusts).
The circumstances under which Shareholders, including Directors and persons acting in concert with
them respectively, will incur an obligation to make a take-over offer under Rule 14 of the Take-over Code
after a purchase or acquisition of Shares by the Company are set out in Appendix 2 of the Take-over
Code.
(c) Effect of Rule 14 and Appendix 2
In general terms, the effect of Rule 14 and Appendix 2 of the Take-over Code is that, unless exempted,
Directors and persons acting in concert with them will incur an obligation to make a take-over offer under
Rule 14 if, as a result of the Company purchasing or acquiring Shares, the voting rights of such Directors
and their concert parties would increase to 30% or more, or in the event that such Directors and their
concert parties hold between 30% and 50% of the Company’s voting rights, if the voting rights of such
Directors and their concert parties would increase by more than 1% in any period of six months. In
calculating the percentages of voting rights of such Directors and their concert parties, treasury shares
shall be excluded.
Under Appendix 2 of the Take-over Code, a Shareholder not acting in concert with the Directors will
not be required to make a take-over offer under Rule 14 if, as a result of the Company purchasing or
acquiring its Shares, the voting rights of such Shareholder would increase to 30% or more, or, if such
Shareholder holds between 30% and 50% of the Company’s voting rights, the voting rights of such
Shareholder would increase by more than 1% in any period of six months. Such Shareholder need not
abstain from voting in respect of the resolution authorising the Share Purchase Mandate.
Based on the interests of the Substantial Shareholder in issued Shares recorded in the Register of
Substantial Shareholders as at the Latest Practicable Date, the Substantial Shareholder would not
become obliged to make a take-over offer for the Company under Rule 14 of the Take-over Code as
a result of any purchase or acquisition of Shares by the Company pursuant to the Share Purchase
Mandate of the maximum limit of 2% of its issued Shares (excluding Shares held in treasury) as at the
Latest Practicable Date.
SHAREHOLDERS WHO ARE IN DOUBT AS TO THEIR OBLIGATIONS, IF ANY, TO MAKE A

MANDATORY TAKE-OVER OFFER UNDER THE TAKE-OVER CODE AS A RESULT OF ANY
PURCHASE OR ACQUISITION OF SHARES BY THE COMPANY SHOULD CONSULT THE
SECURITIES INDUSTRY COUNCIL AND/OR THEIR PROFESSIONAL ADVISERS AT THE
EARLIEST OPPORTUNITY.
ANNUAL REPORT 2010
PAGE
235
APPENDIX
3. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS
3.1 Interests of Directors. The interests of the Directors in issued Shares, as recorded in the Company’s Register
of Directors’ Shareholdings as at the Latest Practicable Date, are set out below.
Direct Interest Deemed Interest Total Interest

No. of No. of No. of
Directors Shares % Shares % Shares %

Dr Hu Tsu Tau 253,653 0.0060 0 0 253,653 0.0060
Peter Seah Lim Huat 267,417 0.0063 0 0 267,417 0.0063
Liew Mun Leong 3,119,436 0.0732 237,000* 0.0056 3,356,436 0.0787
Jackson Peter Tai 600,572 0.0141 0 0 600,572 0.0141
Richard Edward Hale 839,549 0.0197 0 0 839,549 0.0197
James Koh Cher Siang 223,933 0.0053 4,500* 0.0001 228,433 0.0054
Arfat Pannir Selvam 179,799 0.0042 0 0 179,799 0.0042
Professor Kenneth Stuart Courtis 117,697** 0.0028 0 0 117,697** 0.0028
Dr Fu Yuning 0 0 0 0 0 0
John Powell Morschel 0 0 0 0 0 0
Ng Kee Choe 10,000 0.0002 0 0 10,000 0.0002
Simon Claude Israel 0 0 0 0 0 0
Notes:
* Shares are held by spouse.
** 80,000 Shares and 37,697 Shares are held through DBS Nominees (Private) Limited and Morgan Stanley Asia (Singapore)
Securities Pte Ltd, respectively.
There were 4,262,936,446 issued Shares as at the Latest Practicable Date, none of which were held as treasury shares.
The interests of the Directors in outstanding Awards as at the Latest Practicable Date are set out below.
Number of Shares
comprised in
outstanding
Directors Awards

Dr Hu Tsu Tau 19,336(1)
13,373(2)
Peter Seah Lim Huat 19,336(1)
16,108(2)
Liew Mun Leong 53,554(3)
171,958(4)
Up to 301,913(5)
CAPITALAND LIMITED
Up to 2,240,046(6)
Jackson Peter Tai 11,280(1)
9,422(2)
Richard Edward Hale 17,725(1)
14,386(2)
James Koh Cher Siang 19,336(1)
12,461(2)
PAGE
236
APPENDIX
3. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS (cont’d)
3.1 Interests of Directors (cont’d)

Number of Shares
comprised in
outstanding
Directors Awards
Arfat Pannir Selvam 14,503(1)

13,474(2)
Professor Kenneth Stuart Courtis 11,280(1)
9,422(2)
Dr Fu Yuning 5,775(2)
John Powell Morschel 5,369(2)
Ng Kee Choe^ –
Simon Claude Israel^ –
Notes:

(1)
Being the unvested half of the Award.

(2)
Being the Award granted in 2010. For the year 2010, the awards to non-executive directors are time-based with no
performance conditions and will be released over a vesting period of two years.

(3)
Being the unvested remaining one-third of the Award.

(4)
Being the unvested two-third of the Award.

(5)
The final number of Shares released will depend on the achievement of pre-determined targets at the end of a one-year
performance period and the release will be over a vesting period of three years. No Shares will be released if the threshold
targets are not met at the end of the performance period. On the other hand, if superior targets are met, more Shares than
the baseline award could be delivered up to a maximum of 150% of the baseline award.

(6)
The final number of Shares released will depend on the achievement of pre-determined targets over a three-year
performance period. No Shares will be released if the threshold targets are not met at the end of the performance period.
On the other hand, if superior targets are met, more Shares than the baseline award could be delivered up to a maximum
of 200% of the baseline award.
^ Mr Ng Kee Choe and Mr Simon Claude Israel were appointed on 16 April 2010 and 1 July 2010 respectively.
There were no outstanding Share Options held by the Directors as at the Latest Practicable Date.
3.2 Interests of Substantial Shareholder. The interests of the Substantial Shareholder in issued Shares, as
recorded in the Company’s Register of Substantial Shareholders as at the Latest Practicable Date, are set
out below.
Direct Interest Deemed Interest Total Interest

No. of No. of No. of
Substantial Shareholder Shares % Shares % Shares %

Temasek Holdings
ANNUAL REPORT 2010
(Private) Limited 1,680,704,140 39.43 63,606,870 1.49 1,744,311,010 40.92
Notes:
By virtue of Section 7 of the Companies Act, Temasek Holdings (Private) Limited (“Temasek”) is deemed to have an interest in
63,606,870 Shares in which its associated companies have or are deemed to have an interest. Temasek is wholly owned by the
Minister for Finance.
There were 4,262,936,446 issued Shares as at the Latest Practicable Date, none of which were held as treasury shares.
PAGE
237
APPENDIX
4. DIRECTORS’ RECOMMENDATION

The Directors are of the opinion, for the reasons set out in paragraph 2.2 above, that the Share Purchase
Mandate is in the interests of the Company. Accordingly, they recommend that Shareholders vote in favour
of the Ordinary Resolution No. 9C relating to the renewal of the Share Purchase Mandate to be proposed at
the AGM.
5. DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors collectively and individually accept responsibility for the accuracy of the information given in this
Appendix and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief,
the facts stated and opinions expressed in this Appendix are fair and accurate and there are no material facts
the omission of which would make any statement in this Appendix misleading. Where information has been
extracted from published or otherwise publicly available sources, the sole responsibility of the Directors has
been to ensure that such information has been accurately and correctly extracted from these sources.
6. INSPECTION OF DOCUMENTS

Copies of the following documents are available for inspection at the registered office of the Company
during normal business hours from the date hereof up to and including the date of the AGM:
(a) the 2010 Circular; and
(b) the Company’s Memorandum and Articles of Association.

CAPITALAND LIMITED
PAGE
238
CAPITALAND LIMITED IMPORTANT
(Regn. No.: 198900036N) 1. For investors who have used their CPF monies to buy the Company’s shares, this
Summary Report/Annual Report is forwarded to them at the request of their CPF
(Incorporated in the Republic of Singapore) Approved Nominee and is sent solely FOR THEIR INFORMATION ONLY.
2. This Proxy Form is not valid for use by CPF Investors and shall be ineffective for all intents
and purposes if used or purported to be used by them.
PROXY FORM
3. CPF investors who wish to attend the Meeting as an observer must submit their
requests through their CPF Approved Nominees within the time frame specified. If they
also wish to vote, they must submit their voting instructions to the CPF Approved
Nominees within the time frame specified to enable them to vote on their behalf.
I/We, __________________________________ (Name) ______________________________ (NRIC/Passport/Company Regn. No.)
of ___________________________________________________________________________________________________ (Address)
being a member/members of CapitaLand Limited (the “Company”) hereby appoint:
Proportion of Shareholdings
Name Address NRIC/Passport No. No. of Shares %
and/or (delete as appropriate)
Proportion of Shareholdings
Name Address NRIC/Passport No. No. of Shares %
as my/our proxy/proxies to attend and to vote for me/us on my/our behalf and if necessary, to demand a poll, at the Annual
General Meeting of the Company, to be held at the STI Auditorium, 168 Robinson Road, Level 9, Capital Tower, Singapore
068912, on Monday, 25 April 2011 at 10.00 a.m., and at any adjournment thereof. I/We direct my/our proxy/proxies to vote for
or against the Resolutions to be proposed at the Annual General Meeting as indicated hereunder. If no specific direction as to
voting is given, the proxy/proxies will vote or abstain from voting at his/their discretion, as he/they will on any other matter
arising at the Annual General Meeting.
No. Resolutions Relating To: For* Against*

ORDINARY BUSINESS
1 Adoption of Directors’ Report, Audited Financial Statements and Auditors’ Report
2 Declaration of a First and Final Dividend
3 Approval of Directors’ Fees
4(a) Re-appointment of Dr Hu Tsu Tau as Director
4(b) Re-appointment of Mr Richard Edward Hale as Director
5(a) Re-election of Mr James Koh Cher Siang as Director
5(b) Re-election of Mrs Arfat Pannir Selvam as Director
6 Re-election of Mr Simon Claude Israel as Director
7 Re-appointment of Auditors
8 Any Other Business
SPECIAL BUSINESS
9A Authority for Directors to issue shares and to make or grant instruments pursuant
to Section 161 of the Companies Act, Cap. 50
9B Authority for Directors to grant awards, and to allot and issue shares, pursuant to
the CapitaLand Performance Share Plan 2010 and the CapitaLand Restricted
Share Plan 2010
9C Renewal of the Share Purchase Mandate
* Please indicate your vote “For” or “Against” with a “ ” within the box provided.
Dated this _______________________ day of ____________________________ 2011
Total Number of Shares Held

Signature(s) of Member(s) or Common Seal
IMPORTANT: PLEASE READ NOTES TO PROXY FORM ON REVERSE PAGE.

3rd fold here, glue along the dotted line and fold flap
Affix
postage
stamp
CAPITALAND LIMITED
c/o M & C Services Private Limited
138 Robinson Road
#17-00 The Corporate Office
Singapore 068906
2nd fold here
NOTES TO PROXY FORM

1. A member entitled to attend and vote at the Meeting is entitled to 6. The instrument appointing a proxy or proxies must be under the hand
appoint one or two proxies to attend and vote in his stead. A proxy of the appointor or of his attorney duly authorised in writing. Where the
need not be a member of the Company. instrument appointing a proxy or proxies is executed by a corporation,
it must be executed either under its common seal or under the hand of
2. Where a member appoints more than one proxy, the appointments its attorney or a duly authorised officer.
shall be invalid unless he specifies the proportion of his holding
(expressed as a percentage of the whole) to be represented by 7. Where an instrument appointing a proxy or proxies is signed on behalf
each proxy. of the appointor by an attorney, the letter or power of attorney or a duly
certified copy thereof must (failing previous registration with the
3. Completion and return of this instrument appointing a proxy or proxies Company) be lodged with the instrument of proxy, failing which the
shall not preclude a member from attending and voting at the Meeting. instrument may be treated as invalid.
Any appointment of a proxy or proxies shall be deemed to be revoked
if a member attends the Meeting in person, and in such event, the 8. A corporation which is a member may authorise by resolution of its
Company reserves the right to refuse to admit any person or persons directors or other governing body such person as it thinks fit to act as
appointed under the instrument of proxy or proxies, to the Meeting. its representative at the Meeting, in accordance with Section 179 of
the Companies Act, Cap. 50 of Singapore.
4. A member should insert the total number of shares held. If the member
has shares entered against his name in the Depository Register (as
defined in Section 130A of the Companies Act, Cap. 50 of Singapore), General
he should insert that number of shares. If the member has shares The Company shall be entitled to reject the instrument appointing a
registered in his name in the Register of Members of the Company, he proxy or proxies which is incomplete, improperly completed, illegible or
should insert that number of shares. If the member has shares entered where the true intentions of the appointor are not ascertainable from the
against his name in the Depository Register as well as shares registered instructions of the appointor specified in the instrument appointing a proxy
in his name in the Register of Members, he should insert the aggregate or proxies. In addition, in the case of shares entered in the Depository
number of shares. If no number is inserted, the instrument of proxy will Register, the Company may reject any instrument appointing a proxy or
be deemed to relate to all the shares held by the member. proxies lodged if the member, being the appointor, is not shown to have
shares entered against his name in the Depository Register at least 48
5. The instrument appointing a proxy or proxies must be deposited at the hours before the time appointed for holding the Meeting, as certified by
office of the Company’s Share Registrar, M & C Services Private The Central Depository (Pte) Limited to the Company.
Limited, 138 Robinson Road, #17-00 The Corporate Office, Singapore
068906, not less than 48 hours before the time appointed for holding
the Meeting.
1st fold here

MAIN
CONTACTS
SINGAPORE The Ascott Limited Ascott Residence Trust MALAYSIA
CapitaLand Limited 8 Shenton Way Management Limited Quill Capita Management
168 Robinson Road #13-01 8 Shenton Way Sdn. Bhd.
#30-01 Capital Tower Singapore 068811 #13-01 9-1, Menara Ireka
Singapore 068912 Tel +65 6220 8222 Singapore 068811 Kompleks '1 Mont Kiara'
Tel +65 6823 3200 Fax +65 6227 2220 Tel +65 6389 9388 No.1 Jalan Kiara
Fax +65 6820 2202 www.the-ascott.com Fax +65 6389 9399 Mont Kiara
www.capitaland.com ask-us@the-ascott.com www.ascottreit.com 50480 Kuala Lumpur, Malaysia
ask-us@capitaland.com (Reg. No. 197900881N) ask-us@ascottreit.com Tel +603 2788 8188
(Reg. No. 198900036N) (Reg. No. 200516209Z) Fax + 603 2788 8199
CapitaLand Financial Limited www.qct.com.my
CapitaLand Residential 39 Robinson Road CapitaRetail China Trust ask-us@qct.com.my
Singapore Pte Ltd #18-01 Robinson Point Management Limited (Reg. No. 737252-X)
8 Shenton Way #21-01 Singapore 068911 39 Robinson Road
Singapore 068811 Tel +65 6536 1188 #18-01 Robinson Point CapitaMalls Malaysia REIT
Tel +65 6820 2188 Fax +65 6536 3788 Singapore 068911 Management Sdn. Bhd.
Marketing hotline: www.capitalandfinancial.com Tel +65 6536 1188 Level 2, Ascott Kuala Lumpur
+65 6826 6800 ask-us@capitalandfinancial.com Fax +65 6536 3884 No. 9, Jalan Pinang
Fax +65 6820 2208 (Reg. No. 200308451M) www.capitaretailchina.com 50450 Kuala Lumpur, Malaysia
www.capitalandresidential.com ask-us@capitaretailchina.com Tel +60 3 2279 9888
ask-us@capitalandresidential.com CapitaLand ILEC Pte. Ltd. (Reg. No. 200611176D) Fax +60 3 2279 9889
(Reg. No. 200102075W) 39 Robinson Road www.capitamallsmalaysia.com
#16-01 Robinson Point AUSTRALIA ask-us@capitamallsmalaysia.com
CapitaValue Homes Limited Singapore 068911 Australand Holdings Limited (Reg. No. 819351-H)
8 Shenton Way Tel +65 6622 6000 Level 3, Building C
#29-03 Fax +65 6720 8608 Rhodes Corporate Park VIETNAM
Singapore 068811 www.capitalandilec.com 1 Homebush Bay Drive CapitaLand (Vietnam)
Tel +65 6826 5312 ask-us@capitalandilec.com Rhodes NSW 2138 Holdings Pte. Ltd.
Fax +65 6820 1206 (Reg. No. 199701358Z) Australia 30th floor, Saigon Trade Center
(Reg. No. 200803504M) Tel +61 02 9767 2000 37 Ton Duc Thang Street
CapitaMall Trust Fax +61 02 9767 2900 District 1
CapitaLand Management Limited www.australand.com.au Ho Chi Minh City, Vietnam
Commercial Limited 39 Robinson Road info@australand.com.au Tel +84 (8) 3910 6182
39 Robinson Road #18-01 Robinson Point (Reg. No. ABN 12008443696) Fax +84 (8) 3910 6186
#18-01 Robinson Point Singapore 068911 www.capitaland.com.vn
Singapore 068911 Tel +65 6536 1188 CHINA
Tel +65 6536 1188 Fax +65 6536 3884 CapitaLand China Holdings REGISTRAR
Fax +65 6536 3788 www.capitamall.com Pte Ltd M & C Services Private Limited
www.capitalandcommercial.com ask-us@capitamall.com 268 Xizang Road (Middle) 138 Robinson Road
ask-us@capitalandcommercial.com (Reg. No. 200106159R) #19-01 Raffles City Shanghai #17-00 The Corporate Office
(Reg. No. 197801869H) 200001 Shanghai Singapore 068906
CapitaCommercial Trust People’s Republic of China Tel +65 6227 6660
CapitaMalls Asia Limited Management Limited Tel +86 21 3311 4633 Fax +65 6225 1452
39 Robinson Road 39 Robinson Road Fax +86 21 6340 3733 (Reg. No. 197901676D)
#18-01 Robinson Point #18-01 Robinson Point www.capitaland.com.cn
Singapore 068911 Singapore 068911 ask-us@capitaland.com.cn
Tel +65 6536 1188
AUDITORS
Tel +65 6536 1188 (Reg. No. 199302460C) KPMG LLP
Fax +65 6536 3884 Fax +65 6533 6133
16 Raffles Quay
www.capitamallsasia.com www.cct.com.sg
#22-00 Hong Leong Building
ask_us@capitamallsasia.com ask-us@capitacommercial.com
Singapore 048581
(Reg. No. 200413169H) (Reg. No. 200309059W)
Tel +65 6213 2008
Fax +65 6225 4142
Engagement Partner since
financial year ended
31 December 2010:
Leong Kok Keong
This Annual Report to Shareholders may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results
may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples
of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real
estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners,
changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing
in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are
based on current view of management on future events.
CAPITALAND LIMITED
168 Robinson Road
#30-01 Capital Tower
Singapore 068912
Tel +65 6823 3200
Fax +65 6820 2202
(Reg No. 198900036N)
This Annual Report is printed on
environmentally-friendly paper. www.capitaland.com
PROPERTY
PORTFOLIO
31 DECEMBER 2010
CONTENTS
Residential
2
Commercial
6
Shopping Malls
8
Serviced Residences
16
PAGE
Integrated Developments
1
22
RESIDENTIAL
LATITUDE
SINGAPORE
RESIDENTIAL
PORTFOLIO DETAILS
Expected Gross Approximate Total
Completion Effective Floor Area Percentage No. of Tenure
Name Location Date Stake(%) (sqm) Completion Units (Years)
UNDER DEVELOPMENT
SINGAPORE
d'Leedon Leedon Heights/ 2015 35% 218,519 2% 1,715 99
King’s Road/
Farrer Road
The Interlace Alexandra Road/ 2014 60% 169,600 16% 1,040 99

Depot Road
The Nassim Nassim Hill 2014 100% 15,942 0% 55 Freehold
The Wharf Tong Watt Road 2013 100% 27,168 26% 186 999
Residence
RESIDENTIAL
Urban Resort Cairnhill Road 2013 100% 14,890 8% 64 Freehold
Condominium
Urban Suites Cairnhill Road 2013 50% 24,263 8% 165 Freehold
CHINA
Beau Chancheng 2011 100% 45,912 89% 648 70
Residences District, Foshan
Beaufort Chaoyang District, 2011 50% 35,361 47% 467 70

(Phase 1)
Beijing
Imperial Bay Gongshu District, 2013 50% 85,246 2% 470 70

Hangzhou
La Cité Foshan Chancheng 2012 100% 81,450 21% 879 70

District, Foshan
Riverside Ville Chancheng 2011 100% 111,524 97% 758 70

District, Foshan
The Loft Qingyang District, 2011 56% 189,916 97% 1,814 70

Chengdu (Phase 1) Chengdu
The Metropolis Huaqiao District, 2013 70% 167,852 24% 1,542 70

(Phase 1)
Kunshan
The Pinnacle Pudong District, 2012 80% 52,594 41% 539 70

(Phase 1)
Shanghai
VIETNAM
ANNUAL REPORT 2010
Beau Rivage District 2, 2014 30% 195,308 8% 962 Freehold

(Phase 1 of site
at Thanh My Loi)
Ho Chi Minh City
Mulberry Lane Ha Dong District, 2013 70% 235,853 14% 1,478 Freehold
Hanoi
The Vista District 2, 2011 80% 189,966 80% 850 Freehold

(residential
Ho Chi Minh City and serviced
residences)
3PAGE
RESIDENTIAL
Expected Gross Approximate Total

Completion Effective Floor Area Percentage No. of Tenure
Name Location Date Stake(%) (sqm) Completion Units (Years)
UNDER DEVELOPMENT (cont’d)

THAILAND
The Royal Kaset Nawamin, 2014 40% 45,899 41% 79 Freehold
Residence Bangkok
Villa Asoke Petchburi, 2013 40% 54,880 11% 525 Freehold

Bangkok
Gross
Effective Floor Area Total No. Tenure
Name Location Stake(%) (sqm) of Units (Years)
COMPLETED PROJECTS
SINGAPORE
Botannia West Coast Park 50% 60,556 493 956
Latitude Jalan Mutiara 100% 24,413 127 Freehold
RiverGate Martin Road 50% 84,191 545 Freehold
Scotts HighPark Scotts Road 100% 18,035 73 Freehold
The Metropolitan Alexandra Road 50% 47,736 382 99

Condominium
The Orchard Orchard Road 32.8% 47,297 175 99

Residences
The Seafront Meyer Road 100% 52,474 327 Freehold

on Meyer
CHINA
La Capitale Dongcheng District, 100% 51,671 313 50
Beijing
Summit Residences Jiangbei District, 50% 128,798 776 70

Ningbo (Plots 2 to 4) Ningbo
The Riviera Chancheng 100% 57,793 208 70

District, Foshan
THAILAND
Athenee Residence Wireless Road, 40% 84,315 222 Freehold
Bangkok
CAPITALAND LIMITED
North Park Place North Park, Bangkok 40% 33,337 130 Freehold
S&S Sukhumvit Sukhumvit 101/1, 40% 55,540 819 Freehold

Bangkok
The Empire Place Sathorn, Bangkok 40% 87,808 493 Freehold
The Emporio Place Sukhumvit 24, 40% 70,356 368 Freehold

Bangkok
Villa Rachakhru Phaholyothin 5, 40% 6,959 70 Freehold

Bangkok
Villa Rachatewi Phaya Thai, Bangkok 40% 76,240 749 Freehold

4PAGE
Villa Sathorn Sathorn-Taksin, Bangkok 40% 53,473 637 Freehold

PORTFOLIO DETAILS
Gross
Effective Floor Area Total No. Tenure
Name Location Stake(%) (sqm) of Units (Years)
COMPLETED PROJECTS (cont’d)

UNITED KINGDOM
25 Kensington Central London 33.3% 311 1 Freehold
(NLA)
Square
FUTURE DEVELOPMENT
SINGAPORE
Site at Yio Chu Kang Yio Chu Kang Road 100% 19,330 80 Freehold
(estimated)
Road
CHINA
99 Hengshan Road Xuhui District, 100% 15,000 91 50
RESIDENTIAL
Shanghai
Beaufort (Phases 2 to 4) Chaoyang District, Beijing 50% 65,429 548 70
Guangnan Project Qingpu District, 95% 57,043 175 70

Shanghai
Royal Residences Dongcheng District, 100% 14,340 26 70

Beijing Beijing
Summit Residences Jiangbei District, Ningbo 50% 10,889 38 70

Ningbo (Plot 1)
The Loft Chengdu Qingyang District, Chengdu 56% 273,830 2,792 70

(Phase 2)
The Metropolis Huaqiao District, Kunshan 70% 490,513 4,579 70

(Phases 2 to 6)
The Paragon Luwan District, 100% 145,500 287 70

(residential)
Shanghai
50
(commercial)
The Pinnacle (Phase 2 ) Pudong District, Shanghai 80% 49,306 380 70
Vermont Hills Changping District, 81% 257,815 803 70

Beijing
Yu Jin Sha Baiyun District, 50% 350,668 2,768 70

Guangzhou
ANNUAL REPORT 2010
VIETNAM
Site at Thanh My Loi District 2, 30% 70,168 NA Freehold
(Phase 2)
Ho Chi Minh City
Site at Mo Lao Ward Ha Dong District, 35% 200,000 960 Freehold

(estimated) (estimated)
Hanoi
Site at Phuoc Long District 9, 70% 58,000 500 Freehold

(estimated) (estimated)
B Ward Ho Chi Minh City
THAILAND
Site at Jomtien Jomtien, Pattaya 40% 40,922 166 Freehold
PAGE
(estimated)
5
Site at Tup Kaek Tup Kaek, Krabi 40% 10,076 47 Freehold

(estimated)
COMMERCIAL
ONE GEORGE STREET
SINGAPORE
COMMERCIAL
PORTFOLIO DETAILS
Total Net
Effective Lettable Tenure
Name Location Stake (%) Area (sqm) (Years)
COMPLETED PROJECTS
INDUSTRIAL
SINGAPORE
15 Changi South Street 1 Changi South 62% 3,774 30
25A Changi South Street 1 Changi South 62% 3,513 30
615 Lorong 4 Toa Payoh Toa Payoh 62% 7,460 60
743 Lorong 5 Toa Payoh Toa Payoh 62% 8,094 60
Corporation Place Corporation Road 75% 57,667 60
Technopark@Chai Chee Chai Chee Road 100% 105,441 60
COMMERCIAL
CHINA
Corporation Park Sha Tin, Hong Kong 30% 40,099 (GFA) 54
OFFICE
SINGAPORE
PWC Building Cross Street 30% 33,080 99
163 strata-titled units in The Adelphi Coleman Street 100% 16,543 999
(office and retail)
CHINA
IBM China Centre Haidian District, Beijing 50% 20,345 50
Innov Tower Xuhui District, Shanghai 50% 28,180 45
UNITED KINGDOM
1 Derry Street Central London 33.3% 2,991 Freehold
FUTURE DEVELOPMENT
IT PARK/OFFICE
INDIA
Site at Trans Thana Creek Thana District, Navi Mumbai 49% 273,162 100
HELD THROUGH CAPITACOMMERCIAL TRUST
COMPLETED PROJECTS
SINGAPORE
CAR PARK
Golden Shoe Car Park Market Street 31.8% 4,117 99
Market Street Car Park Market Street 31.8% 2,360 99

ANNUAL REPORT 2010
OFFICE
Bugis Village Queen Street/Rochor Road/ 31.8% 11,375 99
Victoria Street
Capital Tower Robinson Road 31.8% 68,836 99
HSBC Building Collyer Quay 31.8% 18,624 999
One George Street George Street 31.8% 41,619 99
Six Battery Road Battery Road 31.8% 46,339 999
Wilkie Edge Wilkie Road 31.8% 13,880 99

(excludes serviced
PAGE
residences)
7
SHOPPING MALLS
AIDEMENGDUN MALL
HARBIN
CHINA
SHOPPING MALLS
PORTFOLIO DETAILS
Total Net
UNDER DEVELOPMENT
SINGAPORE
One-North Vista Xchange Green 65.5% 24,000 60,
(Commercial)
expiring in
38,000sqm October 2067
(civic, cultural
& institutional)
(GFA)
CHINA
Fucheng Mall Fucheng district, Mianyang 29.5% 45,000 (GFA) Expiring in
(Phase II)
June 2047
SHOPPING MALLS
Jinniu Mall Jinniu district, Chengdu 29.5% 90,624 (GFA) Expiring in
(Phase II)
October 2044
Longzhimeng Hongkou Hongkou District, Shanghai 14.7% 227,513 (GFA) Expiring in

September 2057
Longzhimeng Minhang Minhang District, Shanghai 9.8% 146,843 (GFA) Expiring in

December 2053
Luwan Project 1 Luwan District, Shanghai 43.2% 127,564 (GFA) Expiring in

July 2056
Meili Mall 1 Chenghua District, Chengdu 65.5% 58,350 (GFA) Expiring in

August 2044
Rizhao Mall Juction of Haiqu East Road 19.7% 77,458 (GFA) Expiring in
and Qingdao Road, Rizhao November 2043
Taiyanggong Mall 1 Chaoyang District, Beijing 29.5% 83,691 (GFA) Expiring in

August 2044
Tianfu Mall Gaoxin District, Chengdu 65.5% 212,684 (GFA) Expiring in

February 2048
Ximao Mall 1 Haidian District, Beijing 29.5% 39,688 Commercial:

Expiring in
January 2043
Underground
carpark:
Expiring in
January 2053
ANNUAL REPORT 2010
Xindicheng Mall Yanta district, Xi’an 29.5% 159,900 (GFA) Expiring in

December 2043
Xuefu Mall Nangang District, Harbin 29.5% 96,635 (GFA) Expiring in

December 2045
Zhongshan Mall Qiaokou district, Wuhan 29.5% 112,769 (GFA) Expiring in

June 2044
9PAGE
SHOPPING MALLS
Total Net
UNDER DEVELOPMENT (cont’d)

INDIA
Cochin Mall Ernakulam District, Cochin 7.4% 2 102,215 (GFA) Freehold
Graphite India, Bangalore 3 Whitefield, Bangalore 14.6% 97,731 (GFA) Freehold
Hyderabad Mall Kukatpally, Hyderabad 7.3% 79,125 (GFA) Freehold
Jalandhar Mall Jalandhar 19.4% 103,194 (GFA) Freehold
Mangalore Mall 4 Pandeshwar Road, Mangalore 9.9% 45,916 (GFA) Freehold
Mysore Mall Abba Road/ Hyder Ali Road, 14.6% 33,417 (GFA) Freehold
Mysore
Nagpur Mall Umrer Road, Nagpur 19.4% 124,610 (GFA) Freehold
The Celebration Mall, Udaipur 24.4% 36,048 (GFA) 99 years,

Udaipur expiring in
May 2103
COMPLETED PROJECTS
SINGAPORE
ION Orchard Orchard Road 32.8% 58,139 99, expiring in
March 2105
CHINA
Aidemengdun Mall Daoli District, Harbin 29.5% 27,347 Expiring in
September 2042
Anyang Mall Beiguan District, Anyang 29.5% 25,111 Expiring in

March 2046
Chengnanyuan Mall Qing Yun Pu district, Nanchang 29.5% 37,490 Expiring in

February 2045
Chikan Mall Chikan district, Zhanjiang 29.5% 33,249 Expiring in

December 2044
Cuiwei Mall Haidian District, Beijing 29.5% 35,458 Commercial:

Expiring in
May 2046
Underground
CAPITALAND LIMITED
carpark:
Expiring in
May 2056
PAGE
10
PORTFOLIO DETAILS
Total Net

CHINA (cont’d)
Duanzhou Mall Duanzhou district, Zhaoqing 29.5% 32,663 Expiring in
May 2055
Fucheng Mall Fucheng district, Mianyang 29.5% 34,206 Expiring in

(Phase 1)
September 2044
Gaoxin Mall Gaoxin district, Weifang 29.5% 36,254 Expiring in

October 2044
SHOPPING MALLS
Guicheng Mall Nanhai district, Foshan 47.5% 35,966 Expiring in
August 2044
Jiangbin Mall Licheng district, Quanzhou 29.5% 30,136 Expiring in

February 2045
Jingyang Mall Hedong district, Deyang 29.5% 29,617 Expiring in

November 2045
Jinniu Mall Jinniu district, Chengdu 29.5% 48,185 Expiring in

(Phase 1)
October 2044
Jinshui Mall Zhongzhou Road, Zhengzhou 19.7% 35,182 Expiring in

July 2045
Jiulongpo Mall Jiulongpo district, Chongqing 47.9% 38,965 Expiring in

October 2042
Liuquan Mall Zhangdian district, Zibo 29.5% 30,430 Expiring in

March 2045
Maonan Mall Maogang District, Maoming 47.9% 28,472 Expiring in

November 2044
Nanan Mall Cuiping district, Yibin 29.5% 27,491 Expiring in

May 2045
Nancheng Mall Nancheng district, Dongguan 29.5% 32,731 Expiring in

January 2055
Peace Plaza Shahekou district, Dalian 19.7% 105,149 Expiring in

November 2035
Saihan Mall Saihan district, Huhhot 17.9% 29,649 Expiring in

ANNUAL REPORT 2010
March 2041
PAGE
11
SHOPPING MALLS
Total Net

CHINA (cont’d)
Shapingba Mall 1 Shapingba district, Chongqing 19.7% 26,721 Master Lease
expiring in
December 2023
Shawan Mall Jinniu district, Chengdu 19.7% 25,499 Commercial:

Expiring in
Jaunary 2046
Underground
carpark:
Expiring in
January 2076
Xinwu Mall Xinwu District, Wuhu 23.6% 38,210 Expiring in

May 2044
Xinxiang Mall Hongqi district, Xinxiang 29.5% 25,394 Expiring in

November 2045
Yuhuating Mall Yuhua district, Changsha 47.9% 47,168 Expiring in

March 2044
Yushan Mall Yushan town, Kunshan 29.5% 28,125 Expiring in

May 2045
Taohualun Mall Heshan district, Yiyang 29.5% 23,313 Expiring in

June 2045
TianjinOne Mall Hexi district, Tianjin 19.7% 39,885 Expiring in

September 2054
Weiyang Mall Weiyang district, Yangzhou 29.5% 34,764 Expiring in

July 2039/
April 2045
Xiangcheng Mall Xiangcheng district, Zhangzhou 47.9% 30,326 Expiring in

December 2043
INDIA
Forum Value Mall, Forum Value Mall, Bangalore 10.4% 46,817 Freehold
Bangalore 5
MALAYSIA
CAPITALAND LIMITED
Queensbay Mall Bayan Lepas, Penang 65.5% 82,902 Freehold

(Strata Parcels) 6, 7
PAGE
12
PORTFOLIO DETAILS
Total Net

JAPAN
Chitose Mall Chitose, Hokkaido 17.2% 15,737 Freehold
Co-op Kobe Nishinomiya-shi, Hyogo 17.2% 7,969 Freehold
Ito Yokado Eniwa Eniwa, Hokkaido 17.2% 14,842 Freehold
Izumiya Hirakata Hirakata-shi, Osaka 17.2% 20,041 Freehold
La Park Mizue Mizue, Edogawa-ku, Tokyo 17.2% 18,428 Freehold
SHOPPING MALLS
Narashino Shopping Center Funabashi-shi,Chiba 17.2% 10,736 Freehold
Vivit Square Funabashi-shi,Chiba 17.2% 48,825 Freehold
HELD THROUGH CAPITAMALL TRUST (CMT)
COMPLETED PROJECTS
SINGAPORE
Bugis Junction Victoria Street 19.6% 39,084 99, expiring in
September 2089
Bukit Panjang Plaza Jelebu Road 19.6% 14,077 99,expiring in

November 2093
Clarke Quay River Valley Road 19.6% 27,373 99, expiring in

January 2089
Funan DigitaLife Mall North Bridge Road 19.6% 27,748 99, expiring in
December 2078
Hougang Plaza 8 Upper Serangoon Road 19.6% 7,000 99, expiring in

February 2090
IMM Building Jurong East 19.6% 87,672 60, expiring in

January 2049
Junction 8 Bishan 19.6% 23,295 99, expiring in

August 2090
Lot One Shoppers' Mall Choa Chu Kang 19.6% 20,285 99, expiring in
November 2092
ANNUAL REPORT 2010
Plaza Singapura Orchard Road 19.6% 46,277 Freehold

PAGE
13
SHOPPING MALLS
Total Net
HELD THROUGH CAPITAMALL TRUST (CMT) (cont’d)

SINGAPORE (cont’d)
Rivervale Mall 8 Rivervale Crescent 19.6% 7,537 99, expiring in
December 2096
Sembawang Shopping Sembawang Road 19.6% 11,928 999, expiring in

Centre 8 March 2884
Tampines Mall Tampines Central 19.6% 30,513 99, expiring in

August 2091
The Atrium@Orchard Orchard Road 19.6% 34,757 99, expiring in

August 2107
UNDER DEVELOPMENT
SINGAPORE
JCube 8 Jurong East 19.6% 26,113 (GFA) 99, expiring in
February 2090
HELD THROUGH CAPITARETAIL CHINA TRUST (CRCT)
COMPLETED PROJECTS
CHINA
Anzhen Mall Chaoyang District, Beijing 17.9% 43,442 Expiring in
October 2034/
March 2042/
June 2042
Jiulong Mall Chaoyang District, Beijing 17.9% 49,463 Expiring in

July 2042
Qibao Mall Minhang District, Shanghai 17.9% 50,622 Master lease

expiring in
January 2024
Saihan Mall Saihan district, Huhhot 17.9% 29,649 Expiring in

March 2041
Wangjing Mall Chaoyang DistrictˇBeijing 17.9% 55,871 Expiring in

May 2043/
CAPITALAND LIMITED
May 2053
Xizhimen Mall Xizhimenwai Avenue, Beijing 17.9% 51,336 Underground

commercial and
retail use:
Expiring in
August 2044
Intergrated use:
Expiring in
August 2054
Zhengzhou Mall Erqi District, Zhengzhou 17.9% 92,356 Expiring in

PAGE
May 2042
14
PORTFOLIO DETAILS
Total Net
HELD THROUGH CAPITAMALLS MALAYSIA TRUST (CMMT)
COMPLETED PROJECTS
MALAYSIA
Gurney Plaza Persiaran Gurney, Penang 27.3% 65,542 Freehold
Gurney Plaza Extension 9, 10 Persiaran Gurney, Penang 27.3% 13,003 Freehold
The Mines Jalan Dulang, Selangor 27.3% 66,880 99 years,

expiring in
March 2091
SHOPPING MALLS
Sungei Wang Plaza Jalan Sultan Ismail, 27.3% 42,093 Freehold
(Strata Parcels) 11 Kuala Lumpur
ANNUAL REPORT 2010
Notes:
Excludes our interest in Horizon Realty Fund, which we do not manage.
Our effective interests in properties are based on our direct interests and our interests in the private real estate funds, CMT, CRCT and
CMMT as at 31 December 2010.
For details of the Bedok Town Centre site and all Raffles City projects, please refer to the Integrated Developments section.
1
We do not have equity interests in these properties as at 31 December 2010.
2
Held through a combination of equity and debentures.
3
Asset plan is currently under review.
4
The India Development Fund owns a 49.00% interest in a special purpose vehicle that has a 68.00% interest in the property.
5
NLA for India includes loading for common area.
6
Signed, with completion subject to, among other things, regulatory approvals for the asset-backed securitisation structure.
7
Refers to approximately 90.7% of the retail strata area and 100% of the carpark bays.
8
Total valuation of these properties is S$428.3 million.
9
Gurney Plaza Extension is considered as part of Gurney Plaza.
10
Signed, with completion subject to regulatory and unitholders’ approvals and a placement of new units in CMMT. Effective stake
PAGE
subject to change after completion.

11
Refers to approximately 61.9% of the aggregate surveyed retail floor area of Sungei Wang Plaza and 100% of carpark bays. All
15
information in this table pertains solely to this strata area.

SERVICED RESIDENCES
SOMERSET HEPING SHENYANG
CHINA
SERVICED RESIDENCES
PORTFOLIO DETAILS
Total Net
Effective Lettable No. of Tenure
Name Location Stake(%) Area (sqm) Units (Years)
AUSTRALIA
Citadines on Bourke Melbourne Bourke Street, Melbourne 100% 15,372 380 Freehold
CHINA
Ascott Beijing Chaoyang District, Beijing 100% 41,936 310 70
Ascott Guangzhou Tianhe District, Guangzhou 100% 14,456 208 70
Citadines Ashley Hongkong Tsim Sha Tsui District, Hong Kong 100% 1,159 36 150
SERVICED RESIDENCES
Citadines Biyun Shanghai Jinqiao Export Processing Zone, 33% 10,881 196 70
Shanghai
Citadines Central Xi'an Beilin District, Xi’an 33% 7,300 162 70

(residential)
50
(commercial)
Citadines Gaoxin Xi'an Hi-Tech Development Zone, Xi’an 33% 18,456 251 50
Citadines Xinghai Suzhou Suzhou Industrial Park, Suzhou 100% 8,410 167 70
Citadines Zhuankou Wuhan Zhuankou District, Wuhan 33% 15,685 249 40
Somerset Garden City Shenzhen Nanshan District, Shenzhen 33% 13,123 147 70
Somerset Heping Shenyang Taiyuan Street Commercial Zone, 33% 22,700 270 30
Shenyang
Somerset International Building Heping District, Tianjin 33% 32,784 105 50

Tianjin
Somerset JieFangBei Chongqing Yuzhong District, Chongqing 33% 13,756 157 40
Somerset Riverview Chengdu Wuhou District, Chengdu 33% 18,444 200 50
Somerset Youyi Tianjin Hexi District, Tianjin 33% 19,071 250 50
Somerset ZhongGuanCun Haidian District, Beijing 100% 12,836 154 70

(general)
Beijing
40
(third floor)
50
(clubhouse)
INDIA
Citadines Boulevard Chennai Mount Poonamelle Road, Chennai 40% 10,119 220 Freehold
(under construction)
ANNUAL REPORT 2010
Citadines Hitec City Hyderabad Hitec City, Hyderabad 49% 8,310 218 Freehold
Citadines OMR Gateway Old Mahabalipuram Road, Chennai 40% 14,918 300 Freehold
Chennai (under construction)
Citadines Parimal Garden Central Business District, 40% 7,320 220 Freehold
Ahmedabad (under construction) Ahmedabad
Somerset Greenways Chennai Sathyadev Avenue, Chennai 64.4% 18,325 187 Freehold
Somerset Whitefield Bangalore Whitefield, Bangalore 40% 21,045 230 Freehold

PAGE
17
SERVICED RESIDENCES
Total Net
JAPAN
Citadines Karasuma-Gojo Kyoto Gojo-ku, Kyoto 40% 3,216 124 Freehold
Citadines Shinjuku Tokyo Shinjuku-ku, Tokyo 40% 4,147 160 Freehold
JAPAN (CORPORATE LEASING)

Actus Hakata V-Tower Hakata-ward, Fukuoka 18.9% 8,478 297 Freehold
Big Palace Kita 14 Jo Kita-ward, Sapporo 18.9% 4,397 140 Freehold
Colonnade Kamiikedai Ota-ward, Tokyo 18.9% 2,632 43 Freehold
Fujimi Duplex Riz Chiyoda-ward, Tokyo 18.9% 1,665 22 Freehold
Fukuoka College Court Hakata-ward, Fukuoka 18.9% 2,706 112 Freehold
Grand E'terna Chioninmae Higashiyama-ward, Kyoto 18.9% 928 19 Freehold
Grand E'terna Nabeshima Nabeshima, Saga 18.9% 1,404 46 Freehold
Grand E'terna Nijojomae Nakagyo-ward, Kyoto 18.9% 1,554 47 Freehold
Grand E'terna Saga Honjocho, Saga 18.9% 4,124 128 Freehold
Grand Mire Miyamachi Aoba-ward, Sendai 18.9% 2,213 91 Freehold
Grand Mire Shintera Wakabayashi-ward, Sendai 18.9% 1,665 59 Freehold
Gravis Court Kakomachi Naka-ward, Hiroshima 18.9% 1,955 63 Freehold
Gravis Court Kokutaiji Naka-ward, Hiroshima 18.9% 1,403 48 Freehold
Gravis Court Nishiharaekimae Asaminami-ward, Hiroshima 18.9% 1,089 30 Freehold
Infini Garden Higashi-ward, Fukuoka 30% 33,017 395 Freehold
Kasahokomachi Shimogyo-ward, Kyoto 88.9% 4,932 191 Freehold

(House Saison Shijo-dori)
Marunouchi Central Heights Naka-ward, Nagoya 88.9% 1,564 31 Freehold
SAMTY Namba-Minami Naniwa-ward, Osaka 18.9% 3,331 123 Freehold
S-Residence Fukushima Luxe Fukushima-ward, Osaka 18.9% 4,548 179 Freehold
S-Residence Gakuenzaka Naniwa-ward, Osaka 88.9% 2,506 58 Freehold
S-Residence Hommachi Marks Chuo-ward, Osaka 18.9% 2,930 110 Freehold

CAPITALAND LIMITED
S-Residence Midoribashi Serio Higashinari-ward, Osaka 18.9% 2,499 100 Freehold
S-Residence Namba Viale Naniwa-ward, Osaka 88.9% 3,198 116 Freehold
S-Residence Shukugawa Hyogo, Kobe 88.9% 2,545 33 Freehold
S-Residence Tanimachi 9 chome Tennoji-ward, Osaka 18.9% 2,770 103 Freehold
The Grandview Osaka Yodogawa-ward, Osaka 18.9% 5,379 60 Freehold
MALAYSIA
Ascott Kuala Lumpur Jalan Pinang, Kuala Lumpur 50% 26,009 221 Freehold
-1 unit
PAGE
Somerset Ampang Kuala Ampang District, Kuala Lumpur 100% 14,014 207 Freehold
18
Lumpur
PORTFOLIO DETAILS
Total Net
MALAYSIA (cont’d)
Somerset Seri Bukit Ceylon Lorong Ceylon, Kuala Lumpur 100% 7,193 96 Freehold
of 48 units
Kuala Lumpur
SINGAPORE
Ascott Raffles Place Singapore Finlayson Green 100% 10,338 146 999
THAILAND
Ascott Sathorn Bangkok South Sathorn Road, Bangkok 40% 21,022 177 50+10
SERVICED RESIDENCES
Citadines Sukhumvit 8 Bangkok Bangkok 49% 4,967 130 Freehold
HELD THROUGH ASCOTT RESIDENCE TRUST

AUSTRALIA
Somerset Gordon Heights Little Bourke Street, Melbourne 47.8% 1,691 43 Freehold
Melbourne
Somerset St Georges Terrace St Georges Terrace, Perth 47.8% 4,000 84 Freehold

Perth
BELGIUM
Citadines Sainte-Catherine Quai au Bois a Bruler, Brussels 47.8% 7,536 (NFA) 169 Freehold
Brussels
Citadines Toison d’Or Brussels Avenue de la Toison d’Or, 47.8% 8,662 (NFA) 154 Freehold
Brussels
CHINA
Somerset Grand Fortune Chaoyang District, Beijing 47.8% 11,279 221 70
of 81 units
Garden Beijing
Somerset Olympic Tower Tianjin Heping District, Tianjin 47.8% 25,043 185 70
Somerset Xu Hui Shanghai Xu Hui District, Shanghai 47.8% 17,805 167 70
FRANCE
Ascott Louvre Paris* Rue de Richelieu, Paris 47.8% 3,373 (NFA) 51 Freehold
ANNUAL REPORT 2010
Citadines Antigone Montpellier Boulevard d'Antigone, 47.8% 5,575 (NFA) 122 Freehold
Montpellier
Citadines Austerlitz Paris Rue Esquirol, Paris 47.8% 1,827 (NFA) 50 Freehold
Citadines Castellane Marseille Rue du Rouet, Marseille 47.8% 3,974 (NFA) 97 Freehold
Citadines City Centre Grenoble Rue de Strasbourg, Grenoble 47.8% 4,657 (NFA) 106 Freehold
Citadines City Centre Lille Avenue Willy Brant-Euralille, Lille 47.8% 3,863 (NFA) 101 Freehold
Citadines Croisette Cannes Rue le Poussin, Cannes 47.8% 2,139 (NFA) 58 Freehold
Citadines Les Halles Paris Rue des Innocents, Paris 47.8% 9,207 (NFA) 189 Freehold
PAGE
19
* This property will operate as Citadines Louvre Paris till 3Q 2011. It will be fully refurbished and relaunched as Ascott Louvre Paris in 2012.
SERVICED RESIDENCES
Total Net
HELD THROUGH ASCOTT RESIDENCE TRUST (cont’d)

FRANCE (cont’d)
Citadines Montmartre Paris Avenue Rachel, Paris 47.8% 4,079 (NFA) 111 Freehold
Citadines Montparnasse Paris Avenue du Maine, Paris 47.8% 2,123 (NFA) 67 Freehold
Citadines Place d’Italie Paris Place d'Italie, Paris 47.8% 7,090 (NFA) 169 Freehold
Citadines Porte de Versailles Rue Didot, Paris 47.8% 3,518 (NFA) 80 Freehold
Paris
Citadines Prado Chanot Boulevard de Louvain, Marseille 47.8% 3,310 (NFA) 77 Freehold
Marseille
Citadines Presqu’ile Lyon Rue Thomassin, Lyon 47.8% 5,973 (NFA) 116 Freehold
Citadines Republique Paris Avenue Parmentier, Paris 47.8% 3,217 (NFA) 76 Freehold
Citadines Tour Eiffel Paris Boulevard de Grenelle, Paris 47.8% 5,380 (NFA) 104 Freehold
Citadines Trocadéro Paris Rue Saint-Didier, Paris 47.8% 4,511 (NFA) 97 Freehold
GERMANY
Citadines Arnulfpark Munich Arnulfstrasse, Munich 47.3% 6,502 (NFA) 146 Freehold
Citadines Kurfürstendamm Olivaer Platz, Berlin 47.8% 5,480 (NFA) 118 Freehold
Berlin
INDONESIA
Ascott Jakarta Jalan Kebon Kacang Raya, 47.3% 21,371 198 26
Jakarta
Somerset Grand Citra Jakarta Jalan Prof Dr Satrio Kav 1, 27.4% 29,666 203 30
Jakarta
JAPAN
Somerset Azabu East Tokyo Minato-ku, Tokyo 47.8% 4,019 79 Freehold
Somerset Roppongi Tokyo Minato-ku, Tokyo 47.8% 3,542 64 Freehold
JAPAN (CORPORATE LEASING)

Asyl Court Nakano Sakaue Tokyo Nakano-ku, Tokyo 47.8% 1,522 62 Freehold
Gala Hachimanyama I Tokyo Suginami-ku, Tokyo 47.8% 1,949 76 Freehold
Gala Hachimanyama II Tokyo Suginami-ku, Tokyo 47.8% 363 16 Freehold

CAPITALAND LIMITED
Joy City Koishikawa Bunkyo-ku, Tokyo 47.8% 1,012 36 Freehold

Shokubutsuen Tokyo
Joy City Kuramae Tokyo Taito-ku, Tokyo 47.8% 1,705 60 Freehold
Zesty Akebonobashi Tokyo Shinjuku-ku, Tokyo 47.8% 328 12 Freehold
Zesty Gotokuji Tokyo Setagaya-ku, Tokyo 47.8% 356 15 Freehold
Zesty Higashi Shinjuku Tokyo Shinjuku-ku, Tokyo 47.8% 459 19 Freehold
Zesty Kagurazaka I Tokyo Shinjuku-ku, Tokyo 47.8% 464 20 Freehold

PAGE
Zesty Kagurazaka II Tokyo Shinjuku-ku, Tokyo 47.8% 442 20 Freehold

20
Zesty Kasugacho Tokyo Nerima-ku, Tokyo 47.8% 787 32 Freehold

PORTFOLIO DETAILS
Total Net
HELD THROUGH ASCOTT RESIDENCE TRUST (cont’d)

JAPAN (CORPORATE LEASING) (cont’d)
Zesty Koishikawa Tokyo Bunkyo-ku, Tokyo 47.8% 323 15 Freehold
Zesty Komazawa Daigaku II Merguro-ku, Tokyo 47.8% 947 29 Freehold

Tokyo
Zesty Nishi Shinjuku III Tokyo Shinjuku-ku, Tokyo 47.8% 803 29 Freehold
Zesty Sakura Shinmachi Tokyo Setagaya-ku, Tokyo 47.8% 554 17 Freehold
SERVICED RESIDENCES
Zesty Shin Ekoda Tokyo Nerima-ku, Tokyo 47.8% 467 18 Freehold
Zesty Shoin Jinja Tokyo Setagaya-ku, Tokyo 47.8% 424 16 Freehold
Zesty Shoin Jinja II Tokyo Setagaya-ku, Tokyo 47.8% 519 17 Freehold
PHILIPPINES
Ascott Makati Ayala Centre, Manila 47.8% 34,282 306 48
Somerset Millennium Makati Legaspi Village, Manila 47.8% 4,448 137 Freehold
of 69 units
Somerset Salcedo Makati Salcedo Village, Manila 47.8% 5,901 138 Freehold
of 71 units
SINGAPORE
Citadines Mount Sophia Wilkie Road 47.8% 7,015 154 96
Singapore
Somerset Grand Cairnhill Cairnhill Road 47.8% 20,048 146 99

Singapore
Somerset Liang Court River Valley Road 47.8% 17,070 197 97

Singapore
SPAIN
Citadines Ramblas Barcelona Ramblas District, Barcelona 47.8% 6,440 (NFA) 131 Freehold
UNITED KINGDOM
Citadines Barbican London Goswell Road, London 47.8% 6,158 (NFA) 129 Freehold
Citadines Prestige Holborn- High Holborn, London 47.8% 8,403 (NFA) 192 Freehold
Covent Garden London
Citadines Prestige South Gloucester Road, London 47.8% 5,430 (NFA) 92 Freehold
Kensington London
ANNUAL REPORT 2010
Citadines Trafalgar Square Northumberland Avenue, 47.8% 8,977 (NFA) 187 Freehold
London London
VIETNAM
Somerset Chancellor Court Nguyen Thi Minh Khai Street, 32% 20,853 172 48
Ho Chi Minh City Ho Chi Minh City
Somerset Grand Hanoi Hai Ba Trung, Hanoi 36.3% 28,328 185 45
Somerset Ho Chi Minh City Nguyen Binh Khiem Street, 33% 19,154 165 45
Ho Chi Minh City
PAGE
Somerset Hoa Binh Hanoi Hoang Quoc Viet Street, Hanoi 43% 14,330 206 36
21
Somerset West Lake Hanoi Thuy Khue Road, Hanoi 33.5% 5,349 90 49
RAFFLES CITY BEIJING
CHINA
PORTFOLIO DETAILS
Gross
Effective Floor Tenure
Name Location Stake(%) Area (sqm) (Years)
UNDER DEVELOPMENT
CHINA
Daning Project Zhabei District, Shanghai 100% 71,086 50 (office)
40 (retail and
serviced
residences)
Raffles City Changning Changning District, Shanghai 36.9% 237,327 50
Raffles City Chengdu Wuhou District, Chengdu 45.2% 194,962 40
Raffles City Hangzhou Qianjiang New Town, Hangzhou 45.2% 283,568 40
Raffles City Ningbo Jiangbei District, Ningbo 45.2% 92,673 50
Raffles City Shenzhen Nanshan District, Shenzhen 50.2% 237,500 50
Tianjin International Trade Hexi District, Tianjin 100% 190,350 50

Center
BAHRAIN
Raffles City Bahrain Bahrain Bay, Manama 40.9% 286,976 Freehold
JAPAN
Shinjuku Front Square Shinjuku Ward, Tokyo 20% 123,981 Freehold
(office, retail,
and 298
residential units)
KAZAKHSTAN
Site at Almaty Almaty 70% 35,000 Freehold
(residential
and serviced
residences)
UNITED ARAB EMIRATES
Rihan Heights (Arzanah, Phase 1) Abu Dhabi 49% 116,298 Freehold
(saleable area)
COMPLETED PROJECTS
SINGAPORE
Raffles City Singapore North Bridge Road/ 26.9% 74,376 99
(retail, office
Stamford Road/ and 2,030
Bras Basah Road hotel rooms)
(NLA)
CHINA
Raffles City Beijing Dongcheng District, Beijing 45.2% 103,185 50 (office and
serviced
ANNUAL REPORT 2010
residences)
40 (retail)
Raffles City Shanghai Huangpu District, Shanghai 25.2% 133,816 50
UNITED KINGDOM
99-121 Kensington High Street Central London 33.3% 34,443 Freehold
(NLA)
FUTURE DEVELOPMENT
SINGAPORE
Site at Bedok Town Centre New Upper Changi/ 82.8% 52,295 99
(residential)
Bedok North Drive
PAGE
34,863
(retail)
23
This Property Portfolio accompanies the CapitaLand Limited Annual Report 2010.
CAPITALAND LIMITED
168 Robinson Road
#30-01 Capital Tower
Singapore 068912
Tel +65 6823 3200
Fax +65 6820 2202
(Reg No. 198900036N)
This Property Portfolio is printed
on environmentally-friendly paper. www.capitaland.com

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CAPITALAND LIMITED

ANNUAL REPORT 2010

MANAGES S$50.6 BILLION

MORE THAN 110 CITIES

The listed entities of the CapitaLand Group include Australand,CapitaMalls Asia,

Building for People to Build People

Our mission is to build a world-class company with

• Creates sustainable shareholder value

A world-class entrepreneurial, prosperous and

A leading real estate company in Asia, reputed for its

A company with a strong global network of long-term

A company which attracts, develops and retains

A company which consistently creates value

Letter to Shareholders Corporate Social Responsibility

Board of Directors Corporate Directory

Group Businesses Stakeholder Communications

CapitaLand Financial Services Proxy Form

S$1.27 billion Profit attributable

S$2.38 billion Earnings Before

S$50.6 billion Group Managed

S$7.2 billion Revenue Under

(A) INCOME STATEMENT (S$ million)

Earnings Before Interest and Tax (EBIT) by SBUs

(B) BALANCE SHEETS (S$ million)

(C) FINANCIAL RATIOS

Return on Total Assets (%) 8.7 15.7 7.9 5.5 7.1

CASH OF S$7.2B AND

GROW CHINA BUSINESS

SITE AT MO LAO WARD

DR HU TSU TAU LIEW MUN LEONG

For the fifth consecutive year, CapitaLand has recorded net

The achievements in FY2010 are the result of the solid

since grown to 56% of our asset base. Furthermore, the Group’s

Multi-sector and BUILDING THE FOUNDATION

leadership positions in various real estate sectors, namely

homes, shopping malls, offices, serviced residences and

DELIVERING THE RESULTS

With the latest performance, the Directors are pleased to

continue to be attractive to local and international homebuyers

Similarly, d’Leedon, which is designed by Zaha Hadid – a world-

renowned and Pritzker Architecture Prize-winning architect –

will be an iconic residential development on the site of the

In 2010, we acquired a prime site in Bedok Town Centre and,

Our China residential business enjoyed another robust year

continue to expand our business and grow our pipeline of

Vietnam is a relatively new market for our residential business

new joint venture agreements with two leading real estate

developers to develop two residential projects, one each in

Over the past decade, Australand has been a significant

Australand’s Commercial and Industrial division also saw

d’Leedon, a 1,715-unit condominium

Raffles City Changning, Shanghai, one

Starting with just one Raffles City project in Singapore,

by carefully identifying and securing ideal prime sites within

FINANCIAL SERVICES/REAL ESTATE INVESTMENT TRUSTS

S$30.4b CapitaLand Group’s Assets Under Management (AUM) grew

2000, CapitaLand is today one of the largest Asian real estate

fund managers. To date, the Group has originated six REITs

In 2010, the Group upsized Raffles City China Fund from