Stock Track | CapitaLand China Trust Plummets 3.07% as Q3 Net Property Income Drops 8.5%

Stock Track10-30

CapitaLand China Trust (SGX:AU8U) saw its shares plummet 3.07% in Thursday's trading session following the release of its disappointing third-quarter financial results. The trust reported a significant 8.5% year-over-year decline in net property income, which fell to 273.5 million yuan from 298.9 million yuan in the same period last year.

The trust's gross revenue also took a hit, decreasing by 8% to 416.6 million yuan compared to 452.8 million yuan in the previous year. This decline was primarily attributed to the absence of contribution from CapitaMall Yuhating, which was divested into CapitaLand Commercial C-REIT, as well as lower rents and occupancy rates across its portfolio. On a same-store basis, revenue and net property income contracted by 3.4% and 4.4%, respectively, excluding the impact of the CapitaMall Yuhuating divestment.

Despite the challenging quarter, CapitaLand China Trust maintained a relatively stable financial position. The trust's gearing ratio stood at 38.8%, with an interest coverage ratio of 2.9 times. In a move to strengthen its balance sheet, the trust issued 150 million Singapore dollars of fixed-rate subordinated perpetual securities during the quarter. Looking ahead, management aims to increase the proportion of renminbi-denominated debt to around 50% by the end of 2025, demonstrating a proactive approach to managing currency risks in its portfolio.

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In a move to strengthen its balance sheet, the trust issued 150 million Singapore dollars of fixed-rate subordinated perpetual securities during the quarter. 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