CapitaLand Retail China Trust property income rises
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CapitaLand’s China retail venture has had a strong half year, despite the tepid retail sector.
CapitaLand Retail China Trust Management, which manages CapitaLand Retail China Trust , has achieved net property income of RMB339.3 million (US$50.92 million) for the six months to June 30, up 4.6 per cent from the same period last year.
Chairman Victor Liew says that with China’s steady growth spurring domestic economic activities, “we continue to be positive on China’s long-term retail growth prospects”.
CEO Tony Tan says occupancy was steady at 94.9 per cent for the group’s malls for the half-year.
“We continued to enhance our malls by introducing popular brands and keeping abreast of consumer trends,” he says, citing the opening of the Famiku VR experience centre in CapitaMall Qibao.
Danish jewellery brand Pandora will soon be opening at CapitaMall Xizhimen, and new F&B brands include Xiao Niu Niu in CapitaMall Xizhimen and Xing Yang Hainanese Chicken Rice in CapitaMall Qibao.
Meanwhile, CapitaMall Saihan has had its facade upgraded, with similar work almost complete on CapitaMall Wangjing and CapitaMall Qibao to be similarly upgraded this year.
Questions & Answers
Q.What was the net property income for CapitaLand Retail China Trust in the first half of this year?
What was the net property income for CapitaLand Retail China Trust in the first half of this year?
CapitaLand Retail China Trust achieved a net property income of RMB339.3 million, which translates to US$50.92 million, for the six months ending June 30. This represents a 4.6 per cent increase from the previous year.
Q.What is the current occupancy rate for the group's malls?
What is the current occupancy rate for the group's malls?
The occupancy rate for the group's malls remained steady at 94.9 per cent for the first half of the year. This figure suggests a consistent level of occupied retail space across their properties.
Q.What improvements have been made or are planned for CapitaLand's malls?
What improvements have been made or are planned for CapitaLand's malls?
CapitaMall Saihan has had its facade upgraded, with similar work nearing completion at CapitaMall Wangjing. CapitaMall Qibao is also scheduled for a facade upgrade later this year to enhance its appearance.
Q.What new brands are being introduced into CapitaLand malls?
What new brands are being introduced into CapitaLand malls?
A Famiku VR experience centre has opened in CapitaMall Qibao. Danish jewellery brand Pandora will soon open in CapitaMall Xizhimen, which also recently welcomed new F&B brand Xiao Niu Niu. Xing Yang Hainanese Chicken Rice is now in CapitaMall Qibao.
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