CapitaLand China Trust (CLCT) told investors on Nov, 21 2025 that gross revenue for the three months ended Sep, 30 2025 fell 8.0 % year on year to RMB 416.6 million, while net property income slipped 8.5 % to RMB 273.5 million. Excluding the contribution from the divested CapitaMall Yuhuating, same-store revenue and net property income declined 3.4 % and 4.4 % respectively. Portfolio occupancy stood at 90.6 % as at end-September, with retail assets 97.1 % let, business parks 85.2 % and logistics parks 96.6 %.

CLCT confirmed that on Sep, 29 2025 it seeded CapitaMall Yuhuating into CapitaLand Commercial C-REIT (CLCR) and subscribed for a 5 % strategic stake in the Shanghai Stock Exchange-listed vehicle. The CLCR initial public offering raised RMB 2.29 billion and was oversubscribed 254.5 times by institutional investors and 535.2 times by retail bidders.

To strengthen its balance sheet, the trust issued 150 million Singapore dollars of fixed-rate subordinated perpetual securities on Sep, 19 2025, achieving demand of about 3.4 times the offer size. Proceeds are earmarked for general corporate purposes, refinancing of existing borrowings and redemption of a 100 million Singapore dollars perpetual security, which will trim CLCT’s gearing to 41.3 % from 42.1 % as at Jun, 30 2025.

Following these actions, total debt stood at 1.66 billion Singapore dollars at Sep, 30 2025, translating to a gearing ratio of 38.8 %. The average cost of debt was 3.36 % with 80 % of borrowings fixed and a weighted average term to maturity of 3.4 years. Interest coverage remained at 2.9 times.

Operational initiatives included asset-enhancement works at CapitaMall Wangjing, CapitaMall Xuefu and CapitaMall Xizhimen, a successful supermarket conversion at CapitaMall Wangjing that is expected to deliver a 12.6 % return on investment, and ongoing efforts to lease back space at Singapore-Hangzhou Science & Technology Park Phase II.

The trust also highlighted its third consecutive 5-Star rating in GRESB 2025 and reiterated plans to raise the proportion of renminbi-denominated debt to around 50 % by Dec, 31 2025 to enhance its natural hedge against currency movements.