CapitaLand China Trust FY2025: Portfolio S$4.20B, Retail Occ 97.2%, Yuhuating Divested to C-REIT
CapitaLand China Trust (CLCT) FY2025 (year ended 31 Dec 2025) delivered a resilient operating performance despite continued China macro headwinds, with its diversified 17-property portfolio across retail, business parks and logistics maintaining solid occupanc
CapitaLand China Trust (CLCT) FY2025 (year ended 31 Dec 2025) delivered a resilient operating performance despite continued China macro headwinds, with its diversified 17-property portfolio across retail, business parks and logistics maintaining solid occupancy.
Portfolio valuation S$4,204.4M (FY2024: S$4,443.9M incl. Yuhuating; -5.4% on a like-for-like basis). NPI S$200.9M (RMB1,104.6M, -11.3% YoY in S$). Distributable income S$83.9M. Aggregate leverage 40.7% (down from 41.9%). Average cost of debt reduced from 3.6% to 3.5% (LPR cut). Gross borrowings S$1,703.0M.
Retail (8 malls, S$2,971.9M): Portfolio occ 97.2% vs China average 92.8% — outperforming market by 4.4pp. Tenant sales +2.1% YoY, shopper traffic +2.7% YoY. Best performers: Nuohemule (99.5%), Xizhimen (99.1%), Rock Square (99.0%). Weakest: Xinnan (88.4%, -3.6pp).
Business Parks (5 assets, S$981.9M): Portfolio occ 86.7% vs China average 63.0% — significant outperformance. Standout recovery: Ascendas Innovation Towers Xi'an +13.4pp to 85.2%. Drag: SH-HZ Phase II -9.5pp to 74.9% (serviced-office to direct-lease conversion impact).
Logistics Parks (4 assets, S$250.6M): Portfolio occ 98.1%. Three parks at 100%. Only Chengdu Shuangliu below full (92.3%, +1.6pp improvement).
Yuhuating Divestment: CapitaMall Yuhuating (Changsha) divested 31 Oct 2025, transferred to CapitaLand Commercial C-REIT (CLCR) — China's first international-sponsored retail C-REIT listed on Shanghai Stock Exchange in Sep 2025. CLCT retains 5.0% stake in CLCR (RMB130.5M).
Capital Management: Issued S$150M 3-year fixed rate subordinated perpetual securities in Sep 2025 (3.4x oversubscribed); used proceeds to redeem S$100M perpetual securities and refinance debt.
CLCT's FY2025 result reflects the tension between a well-managed portfolio outperforming Chinese market averages and the structural headwind of RMB/SGD translation and China commercial real estate softness. All logistics parks and flagship malls (Nuohemule, Xizhimen, Rock Square) remain near full occupancy. The Yuhuating divestment via C-REIT is an innovative capital recycling structure. The key watch items are the SH-HZ Phase II recovery trajectory (74.9% occ), Xinnan's occupancy trend, and whether logistics valuations stabilise after FY2025 declines.