Strategic Review

In the announcements dated 3 September 2009 and 30 November 2009, the Manager communicated that given the change in the economic and business environment, it was appropriate and in the interests of the unitholders of RREEF CCT (the "Unitholders") for the Trust to conduct a strategic review (the "Strategic Review") for the purposes of analysing and considering strategic investment options for the future strategic direction of RREEF CCT. Such options potentially included investments, acquisitions, divestitures, financial restructurings, public or private financings (including the offering of securities), mergers or other business combination transactions, sale transactions involving all or a portion of RREEF CCT, joint ventures or other operations involving or available to RREEF CCT. Accordingly, the Manager engaged Goldman Sachs (Asia) L.L.C. to assist in the Strategic Review and provide any relevant strategic advice.

Based on the recommendations arising from the Strategic Review, the Board decided to undertake an open tender process (the “Sale Process”) to explore opportunities for the sale of the Property. The Sale Process was conducted in compliance with the Code on Real Estate Investment Trusts (the "REIT Code"), the deed of trust constituting RREEF CCT (the "Trust Deed") and all other applicable laws and regulations. As announced on 11 February 2010, the Sale Process resulted in HSBC Institutional Trust Services (Asia) Limited, in its capacity as trustee of RREEF CCT (the “Trustee”) and the Manager on behalf of RREEF CCT, entering into a conditional sale and purchase agreement on 3 February 2010 for the disposal of Beijing Gateway Plaza (BVI) Limited (as the ultimate holding company of the Property) to Mapletree India China Fund Ltd. (the “Proposed Disposal”). Further details on the rationale for the Proposed Disposal are contained in the announcement dated 11 February 2010 (the "Disposal Announcement"), the clarification announcement dated 11 February 2010 (the "Clarification Announcement") and the circular issued to Unitholders (the "Circular") on 5 March 2010 in relation to the Proposed Disposal, amongst other things.

As announced on 31 March 2010, at the EGM of the Unitholders of RREEF CCT held on 31 March 2010, the Unitholders approved by way of a combined special resolution the Proposed Disposal, the proposed termination of RREEF CCT and the proposed delisting of RREEF CCT units from trading on the SEHK (further details of which proposals are contained in the Disposal Announcement, the Clarification Announcement and the Circular), each of which had been recommended by the Board. The Proposed Disposal completed in accordance with its terms on 12 April 2010 and the proposed termination and proposed delisting are expected to complete by the end of 2010.

As announced on 15 April 2010, at the meeting of the Board held on Thursday, 15 April 2010, the Board resolved to, among other matters, approve the per unit payment of HK$4.10 pursuant to the Proposed Interim Distribution in cash to the Unitholders whose names appear on the register of Unitholders on Friday, 23 April 2010. The Board intends to post the Proposed Interim Distribution cheques to the relevant Unitholders by ordinary post on Tuesday, 11 May 2010

於二零零九年九月三日及二零零九年十一月 三十日的公佈中,管理人基於經濟及業務環 境發生變化,宣佈進行策略性審查(「策略性審查」),而此項審查就信託而言是適當的且 符合睿富房地產基金單位持有人(「基金單位 持有人」)的利益,旨在就睿富房地產基金的未來策略方向分析和考慮策略性投資選擇。 該等選擇可能包括投資、收購、撤資、財務 重組、公開或私人融資(包括發售證券)、兼併或其他業務合併交易、涉及全部或部分睿 富房地產基金的銷售交易、合營企業或涉及 睿富房地產基金的業務或可供睿富房地產基金進行的其他業務。就此,管理人已聘請 Goldman Sachs (Asia) L.L.C.協助進行策略 性審查,並提供任何有關策略性意見。

董事會根據就策略性審查所提出的建議,決 定進行公開招標程序(「銷售程序」),為銷售 物業探索商機。銷售程序已按照《房地產投資信託基金守則》(「房地產投資信託基金守 則」)、構成睿富房地產基金的信託契據(「信 託契據」)及所有其他適用法律法規進行。如二零一零年二月十一日所公佈,銷售程序 使㶅豐機構信託服務(亞洲)有限公司(睿富 房地產基金的受託人(「受託人」))與管理人(代表睿富房地產基金)就向豐樹印度中國基 金有限公司出售Beijing Gateway Plaza (BVI) Limited(物業的最終控股公司)(「出售建議」)而於二零一零年二月三日訂立有條件買賣協 議。有關出售建議理由的進一步詳情,載於 日期為二零一零年二月十一日的公佈(「出售事項公佈」)、日期為二零一零年二月十一日 的澄清公佈(「澄清公佈」)及於二零一零年三 月五日就(其中包括)出售建議向基金單位持有人發出的通函(「通函」)。

如二零一零年三月三十一日所公佈,在睿富 房地產基金之基金單位持有人於二零一零年 三月三十一日召開之基金單位持有人特別大 會上,基金單位持有人透過綜合特別決議案 批准出售建議、建議睿富房地產基金終止以 及建議取消睿富房地產基金之基金單位於聯 交所買賣之上市地位(更多上述建議之詳情 載於出售事項公佈、澄清公佈及通函),各 建議由董事會作推薦。出售建議已於二零一 零年四月十二日根據其條款完成,而終止建 議及取消上市建議預期將於二零一零年年底 前完成。

如二零一零年四月十五日所公佈,於二零一 零年四月十五日(星期四)舉行的董事會會議 上,董事會決定(其中包括)批准根據建議中期分派,以現金派付每個基金單位分派額 4.10港元予於二零一零年四月二十三日(星期 五)名列基金單位持有人名冊的基金單位持 有人。董事會擬於二零一零年五月十一日 (星期二)以平郵方式向有關基金單位持有人 寄發建議中期分派的支票。

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