CapitaLand China Trust sees rise in shopper traffic, tenant sales in 9M

Its retail portfolio saw growth from Golden Week holiday and jewellery demand, amongst others.

CapitaLand China Trust saw heightened shopper traffic and tenant sales in the first nine months, with 100 million visitors and RMB6m ($1.09m) sales, up 2.3% YoY and 1.1% YoY, respectively.

During the period, sale increases were recorded in the following sectors: F&B (5.1%), toys and hobbies (56.4%), information and technology (12.8%), and jewellery and watches (16.6%), with sales increasing in Beijing.

Meanwhile, China’s Golden Week 2025 holiday period saw a 4.6% YoY increase in traffic and a 3.9% rise in total sales across CapitaLand’s retail portfolio.

The REIT cited the 10% surge in sales per square metre from the “successful tenant-mix optimisation and effective in-mall execution.”

CapitaMall Wangjing saw 13% increase in shopper traffic, 21% rise in tenant sales, and “177 times higher sales per sqm for supermarket.”

Across its retail portfolio in China in 9M2025, the firm experienced an occupancy rate of 97.1%.

However, the REIT’s gross revenue decreased 8% YoY at RMB416.6m ($76m) at Q32025

Retail revenue declined by 8.4% YoY, mainly due to an absence of contribution from CapitaMall Yuhuating, lower rents, and occupancy at CapitaMall Xinnan and mini anchor tenant repositioning at Rock Square during the period, it said.

The company saw other declines in gross revenue and an absence of Q32025 contribution from CapitaMall Yuhuating.

For investment returns, the company aims to optimise its portfolio, particularly at CapitaMall Wangjing in which 14 out 27 tenants commenced operations in early October 2025 and at CapitaMall Xuefu that aims to target younger consumers.

CapitaLand’s portfolio includes eight malls in five cities across China with a total value of RMB16.3b ($2.87b) as of December 2024.

1RMB = $0.18 as of 30 October 2025 (data from LSEG via Google)

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