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Public company info - RREEF China Commercial Trust , 00625.HK

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RREEF China Commercial Trust, 00625.HK - Company Profile
Chairman Kurt William ROELOFFS, Junior
Share Issued (share) 464,000,000
Par Currency
Par Value -0.0
Industry Real Estate Investment Trust
Corporate Profile Business Summary: The principal activity of RREEF CCT and its subsidiaries is property investment in the People's Republic of China (“PRC”). Performance for the year: For the year ended 31 December 2016, the Trust recorded a loss of HK$7.07 million. The net assets of HK$5.07 million or HK$0.011 per unit as at 31 December 2015 was reduced to become net liabilities of to HK$2.00 million or HK$0.004 per unit as at 31 December 2016. Business Review: Liquidation Writ of Summons issued by Mr. Tin Lik On 5 July 2011, Mr. Tin Lik issued a writ of summons in the High Court of HKSAR as plaintiff against DB as first defendant, the Manager as second defendant and the Trustee as third defendant. In the 14 March 2016 Notice of Appeal, Mr. Tin Lik seeks an order that save for the judgment in respect of the Balance Amount, the 15 February 2016 Judgment be set aside, that judgment be entered ordering the Manager and the Trustee to pay to Mr. Tin Lik HK$287,496,458 plus the balance due from the payment made by him on 7 September 2007, and that the Manager and Trustee pay Mr. Tin Lik’s costs of the Appeal and of the preceding action. The appeal has been set down for trial at the Court of Appeal of HKSAR from 9 to 12 May 2017. Based on the 15 February 2016 Judgment and the 10 May 2016 Decision, the Manager and the Trustee had paid the Balance Amount of HK$10.9 million and interest on the Balance Amount of HK$5.3 million to Mr. Tin Lik on 15 June 2016. Furthermore, RREEF CCT recognised the estimated Legal Costs Receivable of HK$15.5 million from Mr. Tin Lik, on the basis of the 15 February 2016 Judgment, the 10 May 2016 Decision and legal advice. Given the estimated timing, nature and probability of such receivable, full provision has been made as at 31 December 2016. The final amount to be received by the Trust in respect of the Legal Costs Receivable is contingent upon the taxation of costs in relation to the Claims, the outcome of the abovementioned appeal against the 15 February 2016 Judgment and payment being made by Mr. Tin Lik. The Manager will seek recovery of the Legal Costs Receivable for the benefit of the Trust and continue to update Unitholders as to any material developments in connection with the 15 February 2016 Judgment or the 14 March 2016 Notice of Appeal thereof. Prospects: Proposed Liquidation (ongoing) Since the effective date of the Termination on 12 May 2010, the Manager has commenced procedures relating to the Proposed Liquidation in compliance with the REIT Code and the Trust Deed and all applicable regulatory requirements. Proposed Delisting (ongoing) The trading of RREEF CCT units on the SEHK has been suspended since 19 April 2010 and RREEF CCT’s register of Unitholders has been closed since 23 April 2010. The units shall remain suspended and RREEF CCT’s register of Unitholders shall remain closed until the effective date of the Proposed Delisting. The effective date and arrangement for the Proposed Delisting are subject to the SEHK’s approval and the progress of the Claims. Proposed Deauthorisation (ongoing) The Manager will apply for deauthorisation of RREEF CCT as a REIT authorised by the SFC under section 104 of the SFO upon completion of the Proposed Liquidation. The effective date and arrangement for the Proposed Deauthorisation of RREEF CCT is subject to the SFC’s approval.

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