212
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
4 ACQUISITIONS
(continued)
(A) Initial acquisition
(continued)
The Group acquired equity interests in entities that own real estate assets. At the time of acquisition, the Group
considered whether each acquisition represents the acquisition of a business or acquisition of an asset. The Group
accounted for the acquisition as a business combination when an integrated set of activities is acquired in addition
to the real estate assets, and together, have ability to provide returns to the Group. When the acquisition does not
represent a business combination, it is accounted for as an acquisition of assets.
The consideration transferred for the Target Assets are based on the fair value of the Target Assets acquired.
The consideration transferred for the management businesses are based on the fair value of the shares issued.
The following entities were acquired:
Ownership
Country of
interest
incorporation
acquired
%
Perennial Treasury Pte. Ltd.
Singapore
100.0
Perennial China Retail Trust
Singapore
98.6
– Shenyang Summit Real Estate Development Co., Ltd.
PRC
50.0
– Perennial (Chengdu) Industries Co., Ltd.
PRC
100.0
– Perennial Foshan Retail Co., Ltd.
PRC
100.0
– Chengdu Ruifeng Real Estate Development Co., Ltd.
PRC
80.0
Perennial Xi’an Development Holding 1 Pte. Ltd.
Singapore
100.0
– Xi’an Perennial Cheng Tou West Real Estate Co., Ltd.
PRC
51.0
Perennial Xi’an Development Holding 2 Pte. Ltd.
Singapore
100.0
– Xi’an Perennial Cheng Tou East Real Estate Co., Ltd.
PRC
51.0
Perennial Chenghua C Pte. Ltd.
Singapore
100.0
– Chengdu Huifeng Commercial Real Estate Co., Ltd.
PRC
50.0
Perennial Chenghua D Pte. Ltd.
Singapore
100.0
– Chengdu Changfeng Real Estate Development Co., Ltd.
PRC
50.0
Perennial Hengqin Investment Pte. Ltd.
Singapore
100.0
– Perennial Hengqin Investment Group Pte. Ltd.
Singapore
66.7
– Nation Mind Development Limited and its subsidiaries
PRC
30.0
Perennial Tongzhou Development Pte. Ltd.
Singapore
52.6
– Perennial Mei Rong Jia 1 Real Estate (Beijing) Company Limited
PRC
76.0
– Perennial Mei Rong Jia 2 Real Estate (Beijing) Company Limited
PRC
76.0
– Perennial Mei Rong Jia 3 Real Estate (Beijing) Company Limited
PRC
76.0
Perennial Tongzhou Holdings Pte. Ltd.
Singapore
46.6
– Perennial Mei Rong Jia 4 Real Estate (Beijing) Company Limited
PRC
50.0
– Perennial Mei Rong Jia 5 Real Estate (Beijing) Company Limited
PRC
50.0
– Perennial Mei Rong Jia 6 Real Estate (Beijing) Company Limited
PRC
50.0
Perennial Real Estate Pte. Ltd.
Singapore
49.0
– Perennial China Retail Trust Management Pte. Ltd.
Singapore
82.5
PRE 2 Investments Pte. Ltd.
Singapore
100.0
– Katong AMC Pte. Ltd.
Singapore
23.0
