CMC REIT (01503) announced operational data for the three months ended December 31, 2025. In the fourth quarter, the average occupancy rate for CMC REIT's office portfolio was 77%, while the overall property portfolio's average occupancy rate stood at 80.8%.

During the quarter, Shenzhen's overall office leasing market remained in an adjustment period characterized by high supply levels and rental price pressures, with demand showing structural divergence and persistent leasing pressure. Although new economy and technology-related industries exhibited expansion demand in certain niche segments, tenants maintained high sensitivity towards lease terms.

The Grade A office property New Times Plaza secured several high-quality tenants during the quarter, driving its overall occupancy rate up by 9.2 percentage points to 66.1%, with the current rent increasing from RMB 139.2 per square meter to RMB 141.9 per square meter.

CMC Hanghua Science and Trade Center continued to see effectiveness from its strategy prioritizing occupancy rate improvement; by offering more market-competitive leasing solutions, it steadily pushed the occupancy rate up to 93.8%, while the current rent correspondingly adjusted down to RMB 196.4 per square meter.

Technology Tower experienced a 6.6 percentage point drop in overall occupancy to 72.8% this quarter, impacted by the lease expiration of a major tenant. As a long-term key client, this tenant may continue to make strategic leasing adjustments in the future due to scaling back its innovation business, a situation which we, as the REIT manager, will continue to monitor closely.

Technology Tower Phase II and Digital Tower also saw their occupancy rates decline by 10.3 percentage points and 6.4 percentage points, respectively, due to year-end lease expirations for some tenants. The REIT manager will formulate leasing strategies for these properties to drive a recovery in occupancy rates.

Garden City Shopping Mall continued its stable operational performance witnessed throughout the year this quarter, with the year-end peak season boosting customer traffic and sales, allowing it to maintain a high occupancy rate. Looking ahead, driven by the expected recovery in Spring Festival consumption and sustained passenger flow from Metro Line 12, the project's operations and competitiveness are expected to remain stable with a positive trajectory.