- CapitaLand China Trust (SGX:AU8U) announced its 1Q23 business update on 25 Apr 2023.
Continuous traffic recovery while tenants’ sales reached 95% of pre-COVID levels
- Shopper traffic improved 10.6% y-o-y with sequential m-o-m improvement in 1Q23.
- - Read this at SGinvestors.io -
- Food & beverage, beauty & health, services and leisure & entertainment were the major trade categories drove the sales improvement during the quarter. Overall, retail occupancy increased from 95.4% in 4Q22 to 96.4% in 1Q23.
- CapitaLand China Trust saw q-o-q improvement in retail occupancy across most malls in 1Q23 after China lifted its COVID-19 pandemic controls.
New economy: capturing new demand as business activities increase
- - Read this at SGinvestors.io -
- CapitaLand China Trust seeks to increase exposure in targeted sectors that are in alignment with China economic policies such as biomedical science, engineering and electronics to backfill the space. Management noted that business sentiment improved during the quarter with a 40% q-o-q increase in new leases signed and renewed leases secured.
- Separately, logistics park’s occupancy fell slightly by 0.8 ppt q-o-q to 95.6% but performance remained relatively stable.
Benefiting from China’s reopening and pro-growth policies
- Read more at SGinvestors.io.
