Retail recovery drives 1.2% YoY increase in CLCT's net property income in 9M23
In 9M23, the REIT recorded a net property income of RMB316.4m ($59.8m).
CapitaLand China Trust (CLCT) recorded a 1.2% YoY higher revenue of 316.4m yuan in the first nine months of the financial year 2023 (9M23).
In Singapore dollars, however, the REIT's net income fell by 8.4% YoY to $58.9m from $64.3m in 3Q22.
The REIT attributed the decline to the 10.5% YoY depreciation of RMB to SGD.
In the same period, the REIT recorded a 93.1% portfolio occupancy and a 30.2% YoY improvement in tenant sales.
The REIT's retail portfolio likewise saw a 33.0% growth in shopper traffic in 9M23.