CapitaLand China Trust net property income up 30.4% in Q1

The increase was attributed to contributions from business and logistics parks.

China-focused real estate investment trust, CapitaLand China Trust (CLCT), posted a net property income of $72.3m (344.5m yuan) in the first quarter (Q1) of 2022, up by 30.4% from $55.3m (264.2m yuan) in the same quarter last year.

The rising net property income was due to full contributions from business parks and new contributions from logistics parks, CLCT said in a recent financial report. It also benefitted from a growth in occupancy for logistics parks.

CLCT recorded a 24% growth in gross revenue to $102.5m (489.9m yuan) in Q1 2022, from $82.7m (395m yuan) in Q1 of 2021. 

In terms of occupancy rate, retail is at 95.4%, business park is at 94.7%, whilst logistics park isat 97.6%.

$1= 4.78 yuan