CapitaLand China Trust net property income up 84.4% to $120.3m

It plans to expand in the coming months, on the back of China’s economic recovery.

CapitaLand China Trust announced an 84.4% increase in their net income for the first half of the year to $120.3m.

In a bourse disclosure, it announced that its income was driven by new contributions from its business park portfolio, Rock Square and CapitaMall Nuohemule.

This partially offset the lack of contributions from two of its recently divested malls: CapitaMall Minzhongleyuan and CapitaMall Saihan earlier this year.

Its portfolio occupancy was 95.4% for its shopping malls and 94% for its business park as of end-June.

“We are actively looking to add quality assets, with a focus on new economy asset classes such as business parks, logistics, data centre, and industrial properties in the near term. We will tap opportunities from both our sponsor, as well as third parties to diversify and grow our portfolio mix across asset classes,” said CapitaLand China Trust Management Limited CEO Tan Tze Wooi.

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