CapitaLand China Trust sees 17.3% decline in DPU in H1

This resulted from a decline in NPI and the weakening of RMB against SGD. 

CapitaLand China Trust (CLCT) reported a lower distribution per unit (DPU) of 2.49 cents in the first half of 2025, reflecting a 17.3% year-on-year decline. 

The lower DPU was attributed to a decline in net property income (NPI) and the weakening of the RMB against the SGD, which was partially offset by savings in finance costs.  

CLCT’s NPI reached $103.95m (RMB580.3m) for the six months ended 30 June 2025, a decline of 8.1% from the same period last year. NPI was impacted by lower gross revenue, partially mitigated by a 2.5% YoY reduction in operating expenses across CLCT’s overall portfolio.

CLCT reported a 6.3% YoY decrease in gross revenue. This 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. It was partially offset by stronger performance from the logistics parks portfolio, which recorded a 2% YoY increase.

The payment date for CLCT’s DPU is on 24 September, after the record date of 7 August.

Including distributions from CapitaMall Yuhuating, which were retained on account of its divestment to CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 cents.  

CLCT obtained on 29 July the approval from unitholders for the divestment of CapitaMall Yuhuating to CLCR for no less than the minimum floor price of $134.9m (RMB748m) and CLCT’s subscription for a 5% strategic stake in CLCR.  

CLCT, together with its sponsor CapitaLand Investment and CapitaLand Development, as joint strategic investors in CLCR, will next seek the needed approval from local authorities for the listing of CLCR. CLCT’s receipt of the gross proceeds from the divestment is subject to and shall take place after the completion of the CLCR offering.