Here's how CMA's China malls slowed down in 1Q

Tenant sales dipped 1.5%.

According to Nomura, CapitalMalls Asia's Chinese malls recorded a comparably slower performance in 1Q: 

Nomura noted that its tenant sales were down 1.5% to 8.3%y-y (vs. +9.8% in FY12). Excluding malls in Tier-1 cities, tenant sales growth was 9.8% (vs. 13.2% in FY12). It also said that excluding CRCT’s (CRCT SP) portfolio, SSNPI growth was 17.7%y-y (vs. 19.5% in FY12).

Nomura also added that committed occupancy was down 0.4% to 96.3% (from 96.7% in 4QFY12) as shopper traffic fell 0.9%y-y (vs. +7% in FY12).

Here's more:

That being said, we note that the malls that were opened in 2011 appear to be maturing relatively well, with NPI yield on cost for these malls reaching 4.6% in 1Q13. In comparison, the NPI yield on cost for malls that were opened in 2010 was just 3.3% by 1Q12.