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Saturday, September 6, 2025

CapLand China Tr -CapLand China may rise up to reclaim 79.5-80 cents

30th October 2025:

3rd quarter results update is out! 

On the basis excluding CapitaMall Yuhuating’s contribution in 3Q 2024: -3.4% YoY

Net Property Income -8.5% YoY Same store basis excluding CapitaMall Yuhuating’s contribution in 3Q 2024: -4.4% YoY

Retail Malls Business Parks/Logistics Parks

3Q 2024 3Q 2025

298.9 273.5

RMB million

3Q 2024 3Q 2025

452.8 416.6

RMB million

• Retail revenue declined by 8.4% YoY, mainly due to absence of 3Q 2025 contribution from CapitaMall Yuhuating, 

lower rents and occupancy at CapitaMall Xinnan and mini anchor tenant repositioning at Rock Square

➢ Excluding CapitaMall Yuhuating’s contribution in 3Q 2024, retail revenue declined by 1.8% YoY

• Business Park revenue declined by 9.1% YoY largely due to lower occupancy at Singapore-Hangzhou Science & 

Technology Park Phase II

• Logistics Park revenue increased by 13% YoY mainly due to improved occupancy at Shanghai Fengxian Logistics parks. 

NPI is down 8.5% to RMB 273.5m.

Gearing Improved from 42.1% to 38.8%. 

ICR 2.9x . Average cost per debts also come down from 4.22% to 3.36%.





7th September 2025:

She is rising up to retest 81.5 cents! 

A nice breakout smoothly plus high volume we may see her rising up further towards 88.5 cents than 94.5 cents. 

Pls dyodd. 



7th September 2025:

Wow! Nice Gapped Up this morning at 80 cents, looks rather bullish!

She may rise up to test 82 than 88 cemts.

Pls dyodd. 



 7th September 2025:

Hosey! Last Friday,  non-farm employment figure only added 22,000 instead of 75,000 that may put pressure on Fed to cut interest for the coming meeting on 17th September 2025. A 98% chance that rate cut may likely happen!

Thus, this is gd news for the reit sector and also the equity market. 

CapLand China may rise up to reclaim 79.5-80 cents!

A nice breakout smoothly plus good volume we may see her rising up further towards 88 cents.

Pls dyodd.



1st September 2025:

 CapLand China  - Chart wise,  bullish mode. She is rising up to retest 80 cents soon. 

A nice breakout smoothly at 80 cents plus good volume we may see her rising up further towards 88-90 cents.

Pls dyodd. 




30th July 2025:

She is rising up to retest 80 cents!

Taking cue September will likely see Fed cutting interest rates of 0.25%.

Not a call to buy or sell!

Pls dyodd.



30th July 2025:

CLCT posts 1H 2025 net property income of RMB580.3 million

Upgrades underway at three retail malls to transform former anchor 

supermarket spaces into higher-yielding concepts 

Singapore, 30 July 2025 – CapitaLand China Trust (CLCT) reported a net property income 

(NPI) of RMB580.3 million for the six months ended 30 June 2025 (

CLCT posts 1H 2025 net property income of RMB580.3 million

Upgrades underway at three retail malls to transform former anchor 

supermarket spaces into higher-yielding1H 2025). NPI was 

impacted by lower gross revenue, partially mitigated by a 2.5% year-on-year (y-o-y) reduction 

in operating expenses across CLCT’s overall portfolio.

The decrease in gross revenue was attributed to lower contributions from the retail portfolio, 

largely due to ongoing supermarket upgrades at three retail malls, and lower occupancy at the 

business parks portfolio. This was partially offset by stronger performance from the logistics 

parks portfolio, which recorded a 2.0% y-o-y increase.



CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU 




resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the 

Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including 

distributions from CapitaMall Yuhuating, which were retained

in view of its divestment to 

CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 

Singapore cents.

XD 6th August.  Paydate 24th September. 


CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU 

resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the 

Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including 

distributions from CapitaMall Yuhuating, which were retained1

in view of its divestment to 

CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 

Singapore cents.

On 29 July 2025, CLCT obtained Unitholders’ approval for the divestment of CapitaMall 

Yuhuating to CLCR for no less than the minimum floor price of RMB748 million (approximately

S$134.9 million) and CLCT’s subscription for a 5% strategic stake in CLCR. With Unitholders’ 

approval received, CLCT, together with its sponsor CapitaLand Investment and CapitaLand 

Development, who are joint strategic investors in CLCR, will proceed to seek the local 

authorities’ approval for the listing of CLCR targeted around 3Q/4Q 2025. CLCT’s receipt of 

the gross proceeds from the divestment is subject to and shall take place after the completion 

of the CLCR offering.

Mr Gerry Chan, CEO of CLCTML, the manager of CLCT, said: “Despite ongoing economic 

headwinds in China, our portfolio continues to demonstrate resilience. Our retail occupancy 

remained high at 96.9% in 1H 2025, while we increased the occupancy of our business parks 

and logistics portfolio by proactively attracting tenants in key sectors aligned with China’s priorities, we are well-positioned to capture policy-driven opportunities as China pursues 

high-quality growth.” 

“We remain focused on seizing opportunities in China’s domestic market, including our 

strategic participation in the C-REIT, which offers new capital recycling pathways and 

attractive growth potential. The divestment of CapitaMall Yuhuating will unlock value from a 

mature retail asset, enhance our financial flexibility and strengthen our balance sheet. 

Through CLCT’s strategic stake in CLCR, we will continue to enhance long-term, sustainable 

returns for our Unitholders.”

“As part of our disciplined capital management, we have leveraged the easing interest rates 

in China to increase our RMB-denominated debt. The RMB share of total debt rose from 27% 

in 1H 2024 to 41% in 1H 2025, and we remain on track to meet our 50% target by end 2025. 

This strengthens our natural hedging position, mitigates foreign exchange fluctuations and 

optimises funding costs,” added Mr Chan.

technology ambitions. In 2025, we are prioritising the repositioning of our retail malls with 

unique and customer-centric offerings to address changing shopper preferences. By 

focusing our business parks and logistics parks on sectors aligned with the government’s


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