- Business
- CapitaLand China Trust (CLCT) operates as Singapore’s largest China-focused real estate investment trust, investing in a diversified portfolio of income-producing real estate primarily used for retail, office and industrial purposes across China; its assets encompass nine shopping malls including CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, CapitaMall Xuefu, CapitaMall Aidemengdun, CapitaMall Nuohemule, CapitaMall Xinnan, CapitaMall Yuhuating and Rock Square; five business parks such as Ascendas Xinsu Portfolio, Ascendas Innovation Towers, Ascendas Innovation Hub, Singapore-Hangzhou Science & Technology Park Phase I and Phase II; and four logistics parks comprising Kunshan Bacheng Logistics Park, Wuhan Yangluo Logistics Park, Shanghai Fengxian Logistics Park and Chengdu Shuangliu Logistics Park. The portfolio spans 12 tier-1 and leading cities including Beijing, Guangzhou, Harbin, Changsha, Chengdu, Wuhan, Hangzhou, Kunshan, Shanghai, Suzhou, Hohhot and Xi’an, with properties strategically located in densely populated areas for retail, high-growth economic zones for business parks and key logistics hubs near seaports, airports and railways for logistics facilities; retail assets contribute approximately 70.8% of gross rental income, business parks 25.8% and logistics parks 3.4%, serving domestic consumption, new economy sectors with multinational and domestic tenants, and e-commerce logistics needs. Listed on the Singapore Exchange Securities Trading Limited since 8 December 2006 and managed by CapitaLand China Trust Management Limited, a wholly-owned subsidiary of CapitaLand Investment Limited, CLCT maintains headquarters in Singapore at 168 Robinson Road, #30-01 Capital Tower. Recent developments include the January 2024 divestment of CapitaMall Shuangjing for RMB842 million at a 2.8% exit yield to strengthen the balance sheet; full occupancy at Shanghai Fengxian Logistics Park via an eight-year master lease with a third-party logistics tenant in December 2024; expansion of RMB-denominated debt to 35% of total debt by year-end 2024 through a RMB400 million bond issuance at 2.9% due 2027, targeting 50% by end-2025 amid lower RMB rates; divestment of CapitaMall Yuhuating to CapitaLand Commercial C-REIT listed on the Shanghai Stock Exchange in 2025 with net proceeds of approximately S$119.8 million and a planned S$20.7 million investment for a 5% stake; completion of debt refinancing for 2025 maturities; asset enhancement initiatives such as reconfigurations at CapitaMall Xizhimen, CapitaMall Xuefu and Rock Square yielding blended returns of around 14%, plus an ongoing 8,800 sq m transformation at CapitaMall Wangjing into a new-concept supermarket by 4Q 2025; and aggregate leverage steady at 41.9% with average debt cost reduced to 3.51%.