CapitaLand’s China retail venture has had a strong half year, despite the tepid retail sector.
CapitaLand Retail China Trust Management, which manages CapitaLand Retail China Trust , has achieved net property income of RMB339.3 million (US$50.92 million) for the six months to June 30, up 4.6 per cent from the same period last year.
Chairman Victor Liew says that with China’s steady growth spurring domestic economic activities, “we continue to be positive on China’s long-term retail growth prospects”.
CEO Tony Tan says occupancy was steady at 94.9 per cent for the group’s malls for the half-year.
“We continued to enhance our malls by introducing popular brands and keeping abreast of consumer trends,” he says, citing the opening of the Famiku VR experience centre in CapitaMall Qibao.
Danish jewellery brand Pandora will soon be opening at CapitaMall Xizhimen, and new F&B brands include Xiao Niu Niu in CapitaMall Xizhimen and Xing Yang Hainanese Chicken Rice in CapitaMall Qibao.
Meanwhile, CapitaMall Saihan has had its facade upgraded, with similar work almost complete on CapitaMall Wangjing and CapitaMall Qibao to be similarly upgraded this year.