CapitaRetail China Trust’s Q2 property income up 11.3%

Mainboard-listed CapitaRetail China Trust (CRCT) announced yesterday net property income of 108.1 million yuan (S$20.6 million) for the second quarter, an increase of 11.3 per cent from the corresponding period last year.

But CRCT’s performance in Singapore dollar terms was much lower, rising only 4.1 per cent as a result of the strength of the local unit versus its Chinese counterpart. Gross revenue was up 10.9 per cent in yuan terms at 160.95 million yuan, or up 3.8 per cent in Singapore dollar terms at S$30.68 million.

For the second quarter, the distribution per unit rose 3.9 per cent to 2.15 Singapore cents .

Mr Victor Liew, chairman of the trust manager, said: “In June 2011, CRCT successfully completed the yield-accretive acquisition of New Minzhong Leyuan Mall in Wuhan, expanding our presence in China.”

CRCT, with a total asset size of S$1.4 billion, now has a portfolio of nine shopping malls across six Chinese cities.

Source : Today – 16 Jul 2011

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