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CapitaMalls Asia dogged in Japan but China rocking
The Japanese aren't shopping and CapitaMalls Asia outlets in Japan stand 20% empty, but the good news is China is rocking.
Latest results from CapitaMalls Asia show income blew the gates wide jumping 27% to $234 million in the first three months of this year mainly on the back of an excellent Singapore recovery. But whilst the group struggled in Japan and actually saw income drop 14% as its malls remained under rented, China posted a stellar performance. The group, which has 34 malls in China, saw sales in the mainland jump 26% on a square metre basis over the year as the Chinese flocked to newly opened department stores and dumped their cash.
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