---
title: "CapLand China Trust's net real estate income in the first quarter decreased by 3.5% year-on-year | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283740747.md"
description: "CapLand China Trust's net real estate income for the first quarter was RMB 282.4 million, a year-on-year decrease of 3.5%. Total revenue was RMB 416.4 million, a year-on-year decline of 5.3%. Retail asset income decreased by 7.2%, mainly due to the divestment of CapLand Plaza·Yuhua Pavilion, which no longer contributes revenue. The occupancy rate of the trust's retail assets was 97%, the occupancy rate of commercial parks was 86%, and the occupancy rate of logistics parks was 99%"
datetime: "2026-04-23T00:32:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283740747.md)
  - [en](https://longbridge.com/en/news/283740747.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283740747.md)
---

# CapLand China Trust's net real estate income in the first quarter decreased by 3.5% year-on-year | Lianhe Zaobao

Affected by the decrease in retail asset income, CapitaLand China Trust's net real estate income for the first quarter of this year reached RMB 282.4 million (approximately SGD 52.79 million), a decrease of 3.5% compared to RMB 292.5 million in the same period last year.

The trust management company released its quarterly business report before the market opened on Thursday (April 23), indicating that total revenue was RMB 416.4 million, a year-on-year decline of 5.3%.

Retail asset income fell by 7.2% to RMB 299 million, mainly due to the trust's divestment of CapitaMall Yuhua Pavilion, which no longer contributes income. At the same time, the occupancy rates and rents of CapitaMall XinNan, CapitaMall Grand Canyon, and CapitaMall Edmonton have decreased.

The occupancy rate of the trust's retail assets is 97%, a decrease of 0.8 percentage points compared to the same period in 2025. The occupancy rate of commercial parks is 86%, an increase of 2.75% year-on-year. The occupancy rate of logistics parks is 99%, an increase of 3.3 percentage points compared to the same period last year.

#### Further Reading

Retail and commercial park performance declines, CapitaLand China Trust's distributable income for the second half of the year expected to drop by 11%  
  
\](https://www.zaobao.com/finance/singapore/story20260205-8312196)

Based on net leasable area, the weighted average lease expiry (WALE) of the overall investment portfolio is 2.5 years, and based on rental income, it is 2 years.

As of the end of March this year, the trust's total debt reached RMB 1.7304 billion, and the debt-to-asset ratio decreased from 42.6% in the same period last year to 41.4%, with the average cost of debt reduced to 3.10%.

CapitaLand China Trust's unit price closed at SGD 0.68 on Wednesday, down 1.45%

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