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CapitaLand China Trust posts record 9M NPI of $190.7 mil in 3Q business update

Felicia Tan
Felicia Tan • 2 min read
CapitaLand China Trust posts record 9M NPI of $190.7 mil in 3Q business update
CLCT’s assets under management (AUM) stood at $4.7 billion as at end-September, with a market capitalisation of $2.0 billion.
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The manager of CapitaLand China Trust (CLCT) has reported net property income (NPI) of RMB903.4 million ($190.7 million) for the 9MFY2021 ended September.

The figure, which represents an 81.1% y-o-y growth, is the highest 9M NPI reported since the REIT’s listing.


See: CapitaLand China Trust's current share price post market correction is an opportunity to buy the dip: DBS

The growth was attributed to its retail and business park assets, with an improved retail segment and new contribution from the addition of business parks to the REIT.

In its update, the REIT reported improvement in traffic and sales in the 3QFY2021, which was led by stronger recovery in its malls in Beijing. 9MFY2021 shopper traffic recovery is at 72.8% while 9MFY2021 tenant sales recovery is at 82.3%.

As at end-Sept, CLCT has a weighted average lease expiry (WALE) of 2.2 years by gross rental income (GRI) or 2.8 years by net lettable area (NLA).

CLCT’s assets under management (AUM) stood at $4.7 billion as at end-September, with a market capitalisation of $2.0 billion.

The REIT reported distribution per unit (DPU) yield of 7.0%, based on an annualised 1HFY2020 DPU of 8.53 cents and unit price of $1.22 as at Oct 25.

For more stories about where the money flows, click here for our Capital section

CLCT’s gearing stood at 36.4% as at end-September, with an average cost of debt of 2.59% and an interest coverage of 4.7 times.

Units in CLCT closed 1 cent higher or 0.83% up at $1.22 on Oct 25.

Photo: CLCT

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