145
Annual Report 2015
5 INVESTMENT PROPERTIES (CONT’D)
Key unobservable inputs
Key unobservable inputs correspond to:
• Discount rate, based on rate of return of the market recent transactions, the risk-free rate for 10-year bonds issued
by the government in the relevant market, adjusted for a risk premium to reflect the increased risk of investing in
the asset class.
• Terminal yield reflects the uncertainty, functional/economic obsolescence and the risk associated with the
investment properties.
• Capitalisation rate corresponds to a rate of return on investment properties based on the expected income that
the property will generate.
6 SUBSIDIARIES
The HBT Group and the H-REIT Group have equity investments in subsidiaries.
Details of the significant subsidiaries are as follows:
Name of subsidiaries
Place of
incorporation
Effective equity
interest held by the
HBT Group
Effective equity
interest held by the
H-REIT Group
Effective equity
interest held by the
Stapled Group
2015 2014 2015 2014 2015 2014
% % % % % %
Subsidiaries of H-REIT
(1)
CDLHT (BVI) One Ltd
British Virgin
Islands
–
–
100
100
100
100
(1), (2)
CDLHT (BVI) Trust One
–
–
–
100
100
100
100
(5)
Sunshine Hotels Australia
Pty Ltd
Australia
–
–
100
100
100
100
(3)
CDLHT MTN Pte. Ltd.
Singapore
–
–
100
100
100
100
(1)
CDLHT Sunshine Limited British Virgin
Islands
–
–
100
100
100
100
(1)
CDLHT Sunrise Limited
British Virgin
Islands
–
–
100
100
100
100
(1)
CDLHT Two Limited
British Virgin
Islands
–
–
100
100
100
100
(1)
CDLHT Sanctuary Limited British Virgin
Islands
–
–
100
100
100
100
(3)
CDLHT Oceanic Holdings
Pte. Ltd.
Singapore
–
–
100
100
100
100
(3)
CDLHT Hanei One Pte. Ltd.
Singapore
–
–
100
100
100
100
(3)
CDLHT Hanei Two Pte. Ltd.
Singapore
–
–
100
100
100
100
NOTES TO THE FINANCIAL STATEMENTS
