CapitaLand China Trust’s NPI declines 5.1% YoY as occupancies and rentals soften

NPI for the 9M2024 was RMB930.2m.

CapitaLand China Trust’s (CLCT) net property income (NPI) fell by 5.1% YoY to RMB930.2m in 9M 2024.

In a bourse filing, CLCT attributed the decline to lower income from logistics and business park portfolios and the absence of returns from divested malls.

CLCT stated that lower effective occupancies and rentals and the absence of one-off property tax incentives also weighed on its NPI for the period.

However, CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, Rock Square, and CapitaMall Xuefu recorded a 4.6% YoY higher NPI for the period, which helped offset the decline.

The five malls accounted for 82% of CLCT’s NPI for the period.

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