As at 2020 First Half Financial Results (29 July 2020)
CapitaLand Retail China Trust (CRCT) is the is the first and largest China shopping mall REIT in Singapore, listed on 8 Dec 2006. It has ownership/interest in 13 properties in eight of China’s cities, worth RMB19,386 million (~S$3.8 billion) as at 30 Jun 2020.
| Gross rental income (by sector) | Percentage |
| Fashion & Accessories | 28% |
| Food & Beverage | 28% |
| Supermarket | 8% |
| Beauty & Healthcare | 7% |
| Leisure & Entertainment | 4% |
| Education | 4% |
| Sundry & Services | 4% |
| Others | 3% |
| Sporting Goods & Apparel | 3% |
| Shoes & Bags | 3% |
| Jewellery / Watches / Pens | 3% |
| Houseware & Furnishings | 3% |
| Department Stores | 2% |
| Information & Technology | 1% |
| Gross rental income (by geographical location) | Percentage |
| China | 100% |
| Metrics | 2Q 2020 | 1Q 2020 |
| Gearing Ratio (Aggregate Leverage) | 33.6% | 35.8% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 2.75 years | 2.55 years |
| Average Cost of Debt (p.a.) | 2.79% | 2.89% |
| Occupancy Rate | 93.4% | 95.4% |
| Weighted Average Lease Expiry (by GRI) | 2.2 years | 2.3 years |
| Top 10 tenants (gross rental income) | – | 17.6% |
| Top tenant (gross rental income) | – | 4.1% |
| 1H 2020 | 1H 2019 | |
| Metrics | S$ ‘000 | S$ ‘000 |
| Gross Revenue | RMB 510,986 | RMB 554,500 |
| Property operating expenses | Not specified | Not specified |
| Net Property Income | 65,278 | 80,167 |
| Distributable Income | 37,048 | 50,231 |
| DPU | 3.02c | 5.13c |
PORTFOLIO
CHINA
| CapitaMall | City | NPI (%) | Occupancy 2Q 2020 | Occupancy 1Q 2020 |
| Xizhimen | Beijing | 28 | 92.6 | 98.4 |
| Wangjing | Beijing | 22 | 93.4 | 97.9 |
| Grand Canyon | Beijing | 10 | 90.1 | 97.0 |
| Shuangjing | Beijing | 6 | 98.5 | 99.7 |
| Xuefu | Harbin | 7 | 97.3 | 99.3 |
| Aidemengdun | Harbin | 1 | 90.0 | 96.7 |
| Rock Square (51%) | Guangzhou | – | 93.8 | 98.0 |
| Xinnan | Chengdu | 12 | 93.1 | 98.2 |
| Yuhuating | Changsha | 6 | 96.5 | 98.2 |
| Qibao | Shanghai | 6 | 82.3 | 87.1 |
| Minzhongleyuan | Wuhan | 0 | 49.1 | 52.8 |
| Saihan | Hohhot | 3 | 99.0 | 99.8 |
| Yuquan Mall | Hohhot | – | – | – |
Rock Square is a joint venture whereby CRCT has 51.0% interest in
Yuquan Mall is undergoing fitting-out and will not be opened till 2H 2020.
| CapitaMall | City | Valuation (RMB m) Jun-20 | Valuation (RMB m) Dec-19 | Leasehold expiry |
| Xizhimen | Beijing | 3,580 | 3,580 | 23 Aug 2044 |
| Wangjing | Beijing | 2,772 | 2,772 | 15 May 2043 |
| Grand Canyon | Beijing | 2,125 | 2,125 | 29 Aug 2044 |
| Shuangjing | Beijing | 610 | 610 | 10 Jul 2042 |
| Xuefu | Harbin | 1,792 | 1,792 | 15 Dec 2045 |
| Aidemengdun | Harbin | 480 | 480 | 7 Sep 2042 |
| Rock Square | Guangzhou | 3,425 | 3,425 | 17 Oct 2045 |
| Xinnan | Chengdu | 1,600 | 1,600 | 17 Oct 2045 |
| Yuhuating | Changsha | 760 | 760 | 3 Mar 2044 |
| Qibao | Shanghai | 435 | 435 | 10 Mar 2043 |
| Minzhongleyuan | Wuhan | 490 | 490 | 30 Jun 2044 |
| Saihan | Hohhot | 460 | 460 | 11 Mar 2041 |
| Yuquan Mall | Hohhot | 857 | 857 | 26 Jul 2049 |
Theory of Constraints 
Hi, I see you recently posted a few REIT info based on latest result. I have share a few of your post in the Facebook group-REIT Investing Community.
Hope you could join the group and share your REIT post there in the future. Btw, I am Vince from REIT-TIREMENT blog.
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Hi, I see you recently posted a few REIT info based on latest result. I have share a few of your post in the Facebook group-REIT Investing Community.
Hope you could join the group and share your REIT post there in the future. Btw, I am Vince from REIT-TIREMENT blog.
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Vince, thanks will share the posts there as well. Great work on the reits dashboard!
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Glad that my dashboard is helpful to you, feel free to use it for your analysis or blog post. I see that you have shared in the Facebook group. Do invite your friends and like-minded to the group, let’s grow this REIT community together. Thanks
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