CapitaLand China Trust’s net property income soars 81.1% in Q3

This is the company’s highest nine-month NPI since its listing in 2006.

CapitaLand China Trust’s (CLCT) recorded its highest nine-month net property income since its listing in 2006, after seeing an 81.1% year-on-year (YoY) increase in the third quarter (Q3).

Based on the company’s financial report, CLCT’s NPI was approximately $190.6m (RMB903.4m) for the first nine months of 2021. The number is much bigger compared to approximately $105.2m (RMB499m) in the same period last year.

CLCT attributed the growth of its NPI to its retail and business park assets, which both saw an occupancy boost of 96.7%.

The company said its overall shopper traffic saw a recovery in Q3, recording a YoY increase of 22.6%. This recovery was led by Beijing malls whose shopper traffic was up by 26.6%.

Meanwhile, non-Beijing malls saw a 20.4% YoY growth.

Tenant sales also improved during the quarter, surging by 27.3% YoY, with Beijing malls driving growth anew with a 44.3% YoT increase.

Meanwhile, the growth in occupancy in CLCT’s business park assets was anchored by higher exposure to emerging high-growth sectors such as electronics (18.2% growth), engineering (14.1%), e-commerce (6.3%), and biomedical sciences (7.4%).

To improve its retail portfolio CLCT said it plans to focus on “offering lifestyle essentials and necessities to densely populated catchments.”

The company also vowed to “provide high standards of property management and customer solutions,” to improve its business park assets.