The manager of CapitaLand Retail China Trust (CRCT) has declared a distribution per unit (DPU) of 3.02 cents for 1H20 ended June, down 40% from the 5.03 cents reported a year ago.

Distributable income in 1H20 fell 29.7% to $35.3 million from $50.2 million in 1H19. For the period, CRCT has released the $3.5 million retained in FY19 from the compensation received by CapitaMall Erqi following the exit of its anchor tenant. At the same time, some $1.8 million (or 5.0%) was retained in 1H20 for general corporate and working capital purposes.

In RMB terms, gross revenue fell 7.8% y-o-y to RMB511.0 million ($100.6 million), mainly due to the rental relief extended to tenants affected by the Covid-19 outbreak. The number also registered the lack of contributions from CapitaMall Erqi following the pre-termination of lease from its anchor tenant in 4Q19, and its divestment in May.

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