CapitaLand China Trust Posts Softer 3Q 2025 Operating Numbers, Strengthens Balance Sheet With New Perpetual Securities; Shares Down 2%

CapitaLand China Trust reported that gross revenue for the quarter ended Sep, 30 2025 slipped 8.0 % year on year to roughly 78 million Singapore dollars, while net property income declined 8.5 % to about 52 million Singapore dollars. Excluding the absence of CapitaMall Yuhuating, which was divested into CapitaLand Commercial C-REIT, same-store revenue and net property income contracted 3.4 % and 4.4 %, respectively.

Retail malls delivered a 1.8 % revenue fall on a like-for-like basis, business parks booked a 9.1 % drop owing to lower occupancy at Singapore–Hangzhou Science & Technology Park Phase II, and logistics parks achieved a 13 % rise helped by stronger take-up at Shanghai Fengxian Logistics Park. Portfolio committed occupancy stood at 97.1 % for retail, 85.2 % for business parks and 96.6 % for logistics.

Financing metrics remained stable. As at Sep, 30 2025, total debt was 1.66 billion Singapore dollars, giving a gearing ratio of 38.8 % and an interest-coverage ratio of 2.9 times. Fixed-rate borrowings accounted for 80 % of total debt and the average cost of debt edged down to 3.36 %.

During the quarter the trust issued 150 million Singapore dollars of fixed-rate subordinated perpetual securities, achieving an order book about 3.4 times covered. Proceeds were earmarked for general corporate needs and the redemption of a 100 million Singapore dollar perpetual that was repaid on Oct, 27 2025.

On Sep, 29 2025 CLCT seeded CapitaMall Yuhuating and subscribed for a 5 % interest in CapitaLand Commercial C-REIT, the first international-sponsored retail C-REIT to list on the Shanghai Stock Exchange. The IPO raised 2.29 billion Singapore dollars equivalent and opened 19.6 % above issue price.

Asset-enhancement works are underway at CapitaMall Wangjing, CapitaMall Xuefu and CapitaMall Xizhimen. The Wangjing project, which reconfigured a supermarket into higher-yielding space, is fully leased and targets a 12.6 % return on investment.

Management said it aims to lift the proportion of renminbi-denominated debt to around 50 % by Dec, 31 2025, after refinancing 120 million Singapore dollars of offshore debt into onshore facilities in 4Q 2025.

CapLand China T drops 1.84% at 2:17 pm, Oct 30.