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Singapore, 11 March 2024 – CapitaLand China Trust Management Limited (CLCTML), the manager of CapitaLand China Trust (CLCT or Trust), announced today that Mr Soh Kim Soon will retire as Chairman of the Board with effect from 23 April 2024 after the conclusion of the upcoming Annual General Meeting (AGM).  Upon his retirement, Mr Soh will also relinquish his role as Chairman of the Nominating and Remuneration Committee (NRC).  Mr Tan Tee How, who is a Non-Executive Independent Director of CLCTML, will succeed Mr Soh as Chairman of the Board and Chairman of the NRC.  The notice convening the AGM in April 2024 will be issued to Unitholders shortly.

The Board and Management of CLCTML would like to express their gratitude and appreciation to Mr Soh for his invaluable contributions over the years, which saw the transformation and growth of CLCT from a pure retail-focused real estate investment trust (REIT) into a diversified multi-asset class platform.  CLCT’s portfolio reconstitution efforts saw the Trust successfully expanding into business and logistics parks to further diversify its income streams. 

Since April 2017, Mr Soh has led the Board with sound business judgement to create sustainable value.  An established corporate leader, Mr Soh played a crucial role in steering CLCT through the challenging COVID-19 environment, proactively positioning the Trust to capitalise on emerging trends in the post-pandemic landscape.  Under his leadership, CLCT expanded its investment mandate and nearly doubled its asset size and city presence. 

Mr Soh Kim Soon said: “It has been an incredibly rewarding experience serving as the Chairman of CLCTML, working alongside my esteemed Board colleagues and the dedicated Management team.  I would like to express my sincere appreciation to our CEO Tze Wooi and the Management team for their unwavering commitment and tireless efforts in fortifying our portfolio amidst the challenges and uncertainties we faced during the pandemic.  Our collective efforts and perseverance were instrumental in strengthening the business and ensuring its resilience.  Guided by our shared vision of strategically aligning our portfolio with China’s long term economic priorities, our portfolio reconstitution efforts have empowered us to be future-ready.  I am confident that with Tee How at the helm, CLCT will continue to achieve new levels of success, delivering sustainable returns to our Unitholders.”

Mr Tan Tee How, who joined the Board of CLCTML on 1 August 2023, also serves as a member of the NRC.  Drawing from his accomplished career, including senior leadership roles in the Singapore Civil Service and various business organisations, Mr Tan brings extensive public sector and industry knowledge, real estate expertise and management experience to CLCT.  

Mr Tan Tee How, incoming Chairman of CLCTML, said: “I am truly honoured to be appointed as Chairman of the Board.  On behalf of the Board and Management, Tze Wooi and I would like to convey our deepest appreciation to Kim Soon for his valuable contributions and support over the past seven years.  He has been instrumental in CLCT’s timely pivot into a well-diversified REIT despite a challenging operating environment.  I look forward to working with my fellow Directors, the Management team and other stakeholders in shaping CLCT’s future growth.”

Following the abovementioned changes, the Board of CLCTML will comprise eight Directors, of whom five are Independent Directors.