CapitaRetail China Trust (CRCT), a Singapore-based real estate investment trust (REIT), announced that its distribution income rose 3.2 percent to S$13 million in Q3, translating to an increase of 3 percent distribution per unit (DPU) to 2.08 cents.
The strong distribution income result for the third quarter was mainly attributed to “positive rental renewal momentum at all our malls,” said Mr Tony Tan, chief executive of the Trust’s manager.
CRCT recorded a net property income of about S$19.05 million in Q3, up 4.3 percent over the same period last year, while gross revenue dropped 0.2 percent to S$29.77 million.
In yuan terms, net property income jumped 9.1 percent to RMB94.2 million in Q3, and gross revenue rose 4.5 percent to RMB147.22 million.
“China’s total retail sales of consumer goods grew 18.2 per cent year-on-year for the first eight months, with the economy projected to grow at about 10.5 per cent in 2010. Looking ahead, it is well-positioned to benefit from increased consumption and sustained economic growth in China,” said Mr Victor Liew, chairman of the manager.