--- title: "Retail and commercial park performance declines, CapLand China Trust's distributable income in the second half of the year decreases by 11% year-on-year | Lianhe Zaobao" type: "News" locale: "en" url: "https://longbridge.com/en/news/274886985.md" description: "CapitaLand China Trust's distributable income for the second half of the fiscal year 2025 decreased by 11% year-on-year to RMB 40.51 million, with a distribution per unit (DPU) of 2.33 cents, down from 2.64 cents in the same period of fiscal year 2024. The net property income (NPI) for the second half was RMB 94.40 million, a decline of 13.1% year-on-year; total revenue was RMB 144.48 million, a decrease of 14.3% year-on-year. The full-year distributable income fell by 13.3% to RMB 83.93 million, with a distribution per unit based on the expanded unit base of 4.82 cents, down from 5.65 cents in fiscal year 2024" datetime: "2026-02-05T00:02:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274886985.md) - [en](https://longbridge.com/en/news/274886985.md) - [zh-HK](https://longbridge.com/zh-HK/news/274886985.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274886985.md) | [繁體中文](https://longbridge.com/zh-HK/news/274886985.md) # Retail and commercial park performance declines, CapLand China Trust's distributable income in the second half of the year decreases by 11% year-on-year | Lianhe Zaobao CapitaLand China Trust expects a year-on-year decline of 11% in distributable income for the second half of fiscal year 2025 to SGD 40.51 million, with a distribution per unit (DPU) of 2.33 cents, down from 2.64 cents in the same period of fiscal year 2024. The trust released its performance for the second half and the full year ending December 2025 before the market opened on Thursday (February 5). The net property income (NPI) for the second half was SGD 94.4 million, a year-on-year drop of 13.1%; total revenue for the second half was SGD 144.48 million, a year-on-year decrease of 14.3%. The trust's distribution date is March 27, with a registration cutoff date of February 13. For the full year, the trust's distributable income fell by 13.3% to SGD 83.93 million, with a distribution per unit based on an expanded unit base of 4.82 cents, lower than the 5.65 cents in fiscal year 2024. The trust noted that the decrease in distributable income was due to the poor performance of its retail and commercial park portfolio, as well as the weakening of the Renminbi against the Singapore Dollar. However, this was partially offset by higher realized foreign exchange gains and lower financing costs. Additionally, the trust earlier sold CapitaLand Plaza Yuhua Pavilion in Changsha, Hunan, China, to CapitaLand Commercial C-REIT (abbreviated as CLCR), resulting in no further contribution to income. #### Further Reading Retail and commercial park revenue declines, CapitaLand China Trust's total revenue fell 8% year-on-year in the third quarter CapitaLand China Trust's DPU for the first half decreased by 17% year-on-year to 2.49 cents In the fiscal year 2025, the net real estate income of the trust declined by 11.3% to RMB 209 million, a decrease of 9.4% when calculated in Renminbi. As of the end of 2025, the occupancy rate of the trust's retail asset portfolio remained at 97.2%, lower than the 98.2% recorded in the same period of 2024. The occupancy rate for commercial parks was 86.7%, while the occupancy rate for logistics parks was 98.1%. As of the end of 2025, the valuation of the trust's investment portfolio fell by 0.8% year-on-year. This was mainly due to the decline in occupancy rates of small retail real estate and downward pressure on rents, as well as a short-term supply-demand imbalance in business and logistics parks. In terms of capital management, the average debt cost of the trust as of the end of 2025 was 3.32%, with an interest coverage ratio of 2.8 times and a leverage ratio of 40.7%. 68% of the trust's debt was at a fixed interest rate. The trust's stock price closed at RMB 0.78 on Wednesday (the 4th), unchanged ### Related Stocks - [CapitaLand China Trust (AU8U.SG)](https://longbridge.com/en/quote/AU8U.SG.md) ## Related News & Research - [DBS Keeps Their Hold Rating on CapitaLand China Trust (AU8U)](https://longbridge.com/en/news/274926791.md) - [A 27-year-old drew down half of her stock portfolio to buy real estate. It's part of her plan to hit financial independence.](https://longbridge.com/en/news/277350965.md) - [11:55 ETDiverse Referrals Awarded 128th Fastest-Growing US Company by Inc. 5000](https://longbridge.com/en/news/277656016.md) - [12:10 ETPorter Law Firm Names Shane Waddell Partner](https://longbridge.com/en/news/277814267.md) - [How Is Welltower’s Stock Performance Compared to Other Real Estate Stocks?](https://longbridge.com/en/news/277752485.md)