CLCT’s net property income rises 7.5% YoY in 9M22

Its new economy portfolio drove the increase.

CapitaLand China Trust’s (CLCT) net income in the first nine months of the financial year 2022 (9M22) rose 7.5% YoY to RMB970.8m ($188,84m).

In a bourse filing, the trust said its new economy portfolio which includes business and logistics parks drove the increase in its net income.

CLCT said its new economy portfolio saw a positive 9M22 rental reversion at 5.6%, driven by a strong performance from the engineering, electronics, ICT and biomedical science sectors.

Occupancy rates of its business and logistic parks were also high at 94.3% and 96.6%, respectively.

Its retail portfolio likewise saw a positive 9M22 rental reversion of 4.9%, marking the first since the onset of the pandemic.

The completion of AEI at CapitaMall Wangjing boosted the rental reversion said CLCT.

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