CapitaLand China Trust retail occupancy soars 96.4% in Q1

But its gross revenue declined by 2.9% to $91.8m.

CapitaLand China Trust recorded a 96.4% increase in its retail occupancy in the first quarter of 2023, a one percentage point growth from 95.4% in the fourth quarter of 2022.

The company's retail rental reversion became positive at 3.1%, boosted by CapitaMall Yuhuating AEI's completion.

Shopper traffic grew by 10.6% year-over-year (YoY), whilst tenant sales rose 15.4% YoY, with Sales from Services having a sizeable percentage with 101.3%, followed by Leisure and Entertainment (26.3%), Food and Beverages (18.2%), and Beauty and Health (10.3%).

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CapitaLand China Trust said the recovery of the company's retail operating metrics in the first quarter of the year reflected its improving business environment, with its asset enhancement initiatives underway to bolster its portfolio.

However, the company's gross revenue declined by 2.9% to SG$91.8m (RMB475.5m) YoY from SG$94.6m (RMB489.9m), whilst its net property income fell 1.6% to SG$77.1m (RMB339.1m) from SG$66.5m (RMB344.5m).

The closure of CapitaMall Qibao, downtime from malls undergoing AEI and unit reconfiguration, and lag time from committed occupancy handovers drove the slight decrease.

Meanwhile, the occupancy for business and logistics parks increased to 89.8% and 95.6%, respectively.