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CapitaLand China Trust chalks up 1.2% rise in net property income
The Straits Times
|October 28, 2023
CapitaLand China Trust (CLCT) posted net property income (NPI) of 316.4 million yuan (S$60.5 million) for the third quarter ended September, up 1.2 per cent from 312.5 million yuan a year prior
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NPI in Singapore dollar terms, however, fell 8.4 per cent to $58.9 million from $64.3 million previously, due to a 10.5 per cent yearon-year depreciation of the renminbi against the Singapore currency.
CLCT's manager on Friday attributed overall NPI growth, in yuan terms, to a general recovery across its retail portfolio, excluding CapitaMall Qibao and CapitaMall Shuangjing.
This comes as CapitaMall Qibao ceased operations ahead of its master lease expiration, while rent provisions were made at CapitaMall Shuangjing.
Excluding these two assets, the manager said third-quarter retail NPI would have risen 13.4 per cent year on year instead of 4.7 per cent.
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