- CapitaLand China Trust (SGX:AU8U)'s 3Q25 revenue and net property income (NPI) declined 8% and 8.5% y-o-y, respectively. 3Q25 revenue and NPI fell 8% and 8.5% y-o-y to CNY416.6m and CNY273.5m, respectively (-3.4% and -4.4% y-o-y on a same store basis).
Retail revenue fell 8.4% y-o-y.
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- Retail traffic and tenant sales grew 4.5% and 3.2% y-o-y, respectively, during the quarter (+2.3% and +1.1% y-o-y, respectively, for 9M25), and management shared that its malls enjoyed strong momentum during the Golden Week holiday.
Business Park revenue plunged 9.1% y-o-y.
- Meanwhile, Business Park revenue plunged 9.1% y-o-y. Occupancy slipped 1.7 ppt q-o-q to 85.2%, and negative rental reversions for 9M25 deepened from 1H25 to -8.9%, as CapitaLand China Trust deployed targeted rental incentives to secure long-term tenancies.
Logistics Park revenue up 13% y-o-y.
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Gearing improved.
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