CapitaLand China Trust (AU8U.SI) or CLCT has released its business update for the quarter ended 30 September 2025. The trust maintained a strong portfolio occupancy rate of 97.1% as of the end of the quarter. Operational metrics showed positive momentum, with shopper traffic increasing by 4.5% year-on-year and tenant sales rising by 3.2% YoY in the third quarter. Year-to-date sales through September in key trade sectors also saw notable growth, with Toys & Hobbies up by 56.4%, Jewellery & Watches by 16.6%, and Information & Technology by 12.8% YoY.
Despite these operational gains, CLCT's total net property income declined by 8.5% year-on-year to RMB 273.5 million. This was primarily due to lower gross revenue and the absence of contribution from CapitaMall Yuhuating in third quarter of 2025, as the mall is currently being divested to CapitaLand Commercial C-REIT at a premium. The impact was partially mitigated by a 1.3% year-on-year reduction in operating costs on a same-store basis.
Retail revenue fell by 8.4% year-on-year, largely attributed to the absence of CapitaMall Yuhuating's contribution, softer rents and occupancy at CapitaMall Xinnan, and the repositioning of mini anchor tenants at Rock Square. However, when excluding CapitaMall Yuhuating's contribution in 3Q 2024, the retail revenue decline was a more modest 1.8% year-on-year.
Business Park revenue declined by 9.1% year-on-year, mainly due to lower occupancy at Singapore-Hangzhou Science & Technology Park Phase II. In contrast, Logistics Park revenue increased by 13% year-on-year, driven by improved occupancy at Shanghai Fengxian Logistics Park.
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