Thursday, July 31, 2008

CapitaRetail China Trust To Distribute 1.7 Cents Per Unit In Q2

Source : Channel NewsAsia, 30 July 2008

CapitaRetail China Trust (CRCT) is distributing 1.7cents per unit for its second quarter. This is 10.4 per cent higher than its forecast for the period.

In all, CRCT is distributing S$10.5 million to its unit holders. The trust said its net property income grew 34 per cent on year to about S$16.5 million.

Revenue also jumped to S$26.4 million for the quarter, some 49 per cent higher than the same period a year ago. This is mainly due to revenue contribution from Xizhimen Mall in Beijing, which was acquired in February this year.

CRCT said that barring unforeseen circumstances, it remains confident of meeting its forecast distribution per unit for the full financial year 2008 of 6.67 cents per unit.

It is posting strong same-store sales, with year-on-year growth in some malls at between 24.5 per cent and 77.2 per cent.

The trust said about 94 per cent of its forecast gross rental revenue for this year has also been locked in.

CRCT's total asset size is about S$1.2 billion, comprising eight retail mall properties in five major Chinese cities.

The properties are Xizhimen Mall, Wangjing Mall, Jiulong Mall and Anzhen Mall in Beijing, Qibao Mall in Shanghai, Zhengzhou Mall in Zhengzhou, Saihan Mall in Huhehaote and Xinwu Mall in Wuhu. - CNA/yb

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