- CapitaLand China Trust (SGX:AU8U)'s Top line revenue was down 9% (in RMB) y-o-y to S$303.7m due to divestment of Yuhuating mall to sponsor’s C-REIT, ongoing AEI at four retail malls, and lower rents from business park and logistics segment. NPI declined a similar 9% y-o-y to S$200.9m on cost reduction at 4% y-o-y on a same store basis.
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FY25 Results.
- Operational performance came in in line with our expectations with negative reversions still persistent, saved by AEI boost which has held retail reversions slightly more stable and high occupancy from logistics assets.
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- Business park occupancy improved to 86.7% (Dec-25), but on -8.1% reversions. Supply-side pressure continue to persist where CapitaLand China Trust is adopting rental incentives to selected tenants to preserve occupancy. Ascendas Innovation Towers’ occupancy step-up was helped by new leases including two major leases in the electronics and ICT space, taking ~7,500 sq m.
- Logistics occupancy improved slightly to 98.1% with a 6ppt increase in occupancy at Chengdu Shuangliu Logs Park with early renewal of anchor tenants.
Portfolio valuation held steadier
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