CapitaLand Retail China Trust's tenant sales down 42.5% YoY in Q1

Only 34% of its stores were open on 15 February.

CapitaLand Retail China Trust (CRCT) saw its tenant sales plunge 42.5% YoY in Q1 2020 amidst travel restrictions in China, according to a business update. Over the same period, shopper traffic crashed 37.6%.

However, tenant sales surged 189% MoM in March, reflecting a 105% surge in shopper traffic.

Of CRCT's stores, only around 34% were open on 15 February, two weeks after the Chinese New Year, but recovered to 90% by 18-19 April as malls have mostly reverted back to normal operating hours.

As of 31 March, the trust's portfolio occupancy rate dipped to 95.4%, from 96.7% on 31 December.

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