CapitaLand Invest's revenue in the first nine months fell 25% year-on-year to 1.568 billion yuan | Lianhe Zaobao

CapitaLand Investment's revenue for the first nine months of this year fell by approximately 25% year-on-year to SGD 1.568 billion, primarily due to the exclusion of revenue from CapitaLand Ascott Trust (CLAS). Its revenue for the same period last year was SGD 2.040 billion. CapitaLand Investment has two main businesses: one is the real estate investment business, which originally accounted for the largest share of the group's revenue, but its proportion has significantly decreased due to the exclusion of revenue from CapitaLand Ascott Trust. The other major business is the increasingly significant fee-related business, which now accounts for over half of the group's revenue and continues to grow. The business report released by CapitaLand Investment after the market closed on Thursday (November 6) shows that revenue from the real estate investment business nearly halved to SGD 753 million in the first nine months of this year. Excluding the contribution from CapitaLand Ascott Trust to the same period last year, it represents a year-on-year decline of 12% to SGD 753 million, mainly due to strategic asset disposals. On the other hand, in the first nine months of this year, revenue from CapitaLand Investment's fee-related business grew by 7% year-on-year to SGD 900 million, which includes 40% of the fee income from SC Capital Partners Group (SCCP) from March to September (as CapitaLand Investment acquired a 40% stake in SCCP). Management stated that the growth in revenue was driven by higher contributions from listed funds and new funds. Further Reading CapitaLand Ascott Trust's Asia Fund II raises over SGD 850 million, exceeding target Temasek-backed CapitaLand Investment and Frasers Property are considering a merger to form one of Asia's largest real estate companies In the first nine months of this year, the listed fund business raised a total of RMB 1.6 billion in equity, with fee-related income increasing by 18% year-on-year; the private equity fund business raised a total of RMB 2.1 billion in equity, an increase of 31% year-on-year. CapitaLand Commercial C-REIT (referred to as CLCR), managed by CapitaLand, was listed on the Shanghai Stock Exchange on September 29, with the stock price closing approximately 20% higher than the issue price on the first day. This is the first retail China Real Estate Investment Trust (C-REIT) initiated by an international company. In terms of portfolio optimization and value release, CapitaLand has realized RMB 2.2 billion in cash from asset disposals in the first nine months of this year. By the end of September, its net debt-to-equity ratio was 0.43 times, with an additional RMB 6.4 billion in borrowing capacity. CapitaLand's stock price remained flat on Thursday, closing at RMB 2.65