CapitaLand Retail China Trust DPU down 10.6% to 2.36 cents in 3Q

Beijing tax changes affected margins.

CapitaLand Retail China Trust posted today that its distribution per unit (DPU) for 3Q 2016 was 2.36 cents which was lower than 2.64 cents a year ago.

Net property income (NPI) of RMB161.3m for the period edged up 0.6% from RMB160.3m for the corresponding period last year.

The management attributed that softer NPI growth for 3Q 2016 to the Beijing government’s move to align its tax policy with the national practice of charging tax based on revenue from 1 July 2016, which affected the NPI of CRCT’s malls in Beijing.

Excluding the impact of the additional taxes, NPI for 3Q 2016 would have been 7.4% higher than 3Q 2015.

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