CLCT posts 1H 2025 net property income of RMB580.3 million
Upgrades underway at three retail malls to transform former anchor
supermarket spaces into higher-yielding concepts
Singapore, 30 July 2025 – CapitaLand China Trust (CLCT) reported a net property income
(NPI) of RMB580.3 million for the six months ended 30 June 2025 (
CLCT posts 1H 2025 net property income of RMB580.3 million
Upgrades underway at three retail malls to transform former anchor
supermarket spaces into higher-yielding1H 2025). NPI was
impacted by lower gross revenue, partially mitigated by a 2.5% year-on-year (y-o-y) reduction
in operating expenses across CLCT’s overall portfolio.
The decrease in gross revenue was attributed to lower contributions from the retail portfolio,
largely due to ongoing supermarket upgrades at three retail malls, and lower occupancy at the
business parks portfolio. This was partially offset by stronger performance from the logistics
parks portfolio, which recorded a 2.0% y-o-y increase.
CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU
resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the
Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including
distributions from CapitaMall Yuhuating, which were retained
in view of its divestment to
CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59
Singapore cents.
XD 6th August. Paydate 24th September.
CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU
resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the
Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including
distributions from CapitaMall Yuhuating, which were retained1
in view of its divestment to
CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59
Singapore cents.
On 29 July 2025, CLCT obtained Unitholders’ approval for the divestment of CapitaMall
Yuhuating to CLCR for no less than the minimum floor price of RMB748 million (approximately
S$134.9 million) and CLCT’s subscription for a 5% strategic stake in CLCR. With Unitholders’
approval received, CLCT, together with its sponsor CapitaLand Investment and CapitaLand
Development, who are joint strategic investors in CLCR, will proceed to seek the local
authorities’ approval for the listing of CLCR targeted around 3Q/4Q 2025. CLCT’s receipt of
the gross proceeds from the divestment is subject to and shall take place after the completion
of the CLCR offering.
Mr Gerry Chan, CEO of CLCTML, the manager of CLCT, said: “Despite ongoing economic
headwinds in China, our portfolio continues to demonstrate resilience. Our retail occupancy
remained high at 96.9% in 1H 2025, while we increased the occupancy of our business parks
and logistics portfolio by proactively attracting tenants in key sectors aligned with China’s priorities, we are well-positioned to capture policy-driven opportunities as China pursues
high-quality growth.”
“We remain focused on seizing opportunities in China’s domestic market, including our
strategic participation in the C-REIT, which offers new capital recycling pathways and
attractive growth potential. The divestment of CapitaMall Yuhuating will unlock value from a
mature retail asset, enhance our financial flexibility and strengthen our balance sheet.
Through CLCT’s strategic stake in CLCR, we will continue to enhance long-term, sustainable
returns for our Unitholders.”
“As part of our disciplined capital management, we have leveraged the easing interest rates
in China to increase our RMB-denominated debt. The RMB share of total debt rose from 27%
in 1H 2024 to 41% in 1H 2025, and we remain on track to meet our 50% target by end 2025.
This strengthens our natural hedging position, mitigates foreign exchange fluctuations and
optimises funding costs,” added Mr Chan.
technology ambitions. In 2025, we are prioritising the repositioning of our retail malls with
unique and customer-centric offerings to address changing shopper preferences. By
focusing our business parks and logistics parks on sectors aligned with the
government’s
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