CapitaLand China Trust sees improved Q1 portfolio occupancy for retail, business parks
Apr 30, 2021 (China Knowledge) - CapitaLand China Trust (CLCT) saw improved occupancy in its retail and business park portfolio in the Q1 as sales and traffic recovered and an increased percentage of workforce reported to work.
Retail occupancy stood at 94.4% and business park occupancy was at 92.1% at the end of the Q1. The trust’s manager said in a business update released on Monday that the occupancy rates were driven by completed acquisitions and quarterly improvements in the retail portfolio.
Net property income (NPI) for the Q1 2021 was reported to be RMB 264.2 mln, 80% that of the RMB 328.6 mln NPI reported in the first half of 2020. CLCT also saw improvements in its portfolio diversification in the quarter, with essential sectors such as supermarkets and services accounting for 42.9% of gross rental income of its retail portfolio. For its business portfolio, 62.3% of its tenants were from emerging high-growth sectors such as electronics, e-commerce and financial services.
On retail portfolio, CLCT expects improvement in operations due to the retail sector recovery and consumer sentiments. As for the business park portfolio, it expects to see high-tech industries to be a strong driver of demand, in line with China's macroeconomic government support policies.
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