CapitaLand Investment Limited - Annual Report 2021

Property Portfolio Annual Report 2021 267 CapitaLand Investment Limited 266 Notes to the Financial Statements 39 ADOPTION OF NEW ACCOUNTING STANDARDS (continued) If the changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, then the Group first updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. Subsequently, the Group applies the policies on accounting for modifications to the additional changes. The amendments also provide an exception to use a revised discount rate that reflects the change in interest rate when remeasuring a lease liability because of a lease modification that is required by interest rate benchmark reform. Finally, the Phase 2 amendments provide a series of temporary exceptions from certain hedge accounting requirements when a change required by interest rate benchmark reform occurs to a hedge item and/ or hedging instrument that permit the hedge relationship to be continued without interruption. The Group applies the following reliefs as and when uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: – the Group amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and – when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. When uncertainty persists in the timing or amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument, the Group continues to apply the existing accounting policies disclosed in note 3.8(f). See also note 33 for related disclosures about risks, financial assets and financial liabilities indexed to IBOR and hedge accounting. The Group has not early adopted the new standards, interpretations and amendments to standards (collectively, “Changes”) which are effective for annual periods beginning after 1 January 2021, in preparing these consolidated financial statements. These Changes are not expected to have a significant impact on the Group’s financial statements. INTEGRATED DEVELOPMENTS City Property Effective Stake (%) GFA (sqm) Tenure (Years) Tenure Expiry Lease Type CHINA Beijing Raffles City Beijing R: 36% O: 37% L: 27% 30.0 110,996 Leasehold 2046 Retail 2056 Integrated Use Chengdu CapitaMall Tianfu R: 87% O: 13% 50.0 160,727 Leasehold 2048 Commercial Raffles City Chengdu R: 37% O: 35% L: 28% 30.0 219,764 Leasehold 2046 Hangzhou Raffles City Hangzhou R: 55% O: 20% L: 25% 30.0 187,425 Leasehold 2049 Ningbo Raffles City Ningbo R: 63% O: 37% 30.0 81,673 Leasehold 2047 Shanghai CapitaMall LuOne R: 65% O: 35% 63.0 130,085 Leasehold 2056 Hongkou Plaza R: 74% O: 26% 72.5 202,145 Leasehold 2047 Retail 2057 Office Minhang Plaza R: 62% O: 38% 65.0 144,915 Leasehold 2053 Raffles City Changning R: 47% O: 53% 25.0 273,447 Leasehold 2055 Raffles City Shanghai R: 34% O: 66% 12.6 139,593 Leasehold 2045 Raffles City The Bund R: 43% O: 57% 20.8 312,727 Leasehold 2053 Retail 2063 Office Shenzhen Raffles City Shenzhen R: 56% O: 26% L: 18% 30.4 121,348 Leasehold 2056 Tianjin Tianjin International Trade Centre R: 45% O: 55% 100.0 77,428 Leasehold 2057 Wuhan CapitaMall Westgate R: 72% O: 10% S: 18% 100.0 217,556 Leasehold 2053 Commercial 2063 Integrated Use CapitaMall Wusheng R: 73% L: 27% 45.0 107,281 Leasehold 2044 Xi'an CapitaMall Xindicheng R: 41% O: 44% L: 13% S: 2% 45.0 138,566 Leasehold 2043 China Total 2,625,676 Legend: R: Retail, O: Office, L: Serviced Residence/ Hotel, S: Strata Sales