China Merchants Commercial Real Estate Investment Trust (CMC REIT) reported rental income of RMB195.7 million for the interim period of 2025, representing a decrease of 17.9% compared to RMB238.4 million in the corresponding period in 2024. Property operating expenses for the period were RMB56.3 million, down from RMB65.4 million in the previous year, with property management expenses accounting for RMB23.7 million, or 42.1% of the total. In terms of property performance, New Times Plaza registered rental income of RMB33.7 million, down 33.8% from RMB50.9 million. Cyberport Building reported RMB23.3 million, a decrease of 6.4%. Technology Building and Technology Building 2 recorded increases in rental income, reaching RMB33.7 million (up 3.7%) and RMB28.6 million (up 3.6%) respectively. Garden City Shopping Centre saw rental income rise by 18.5% to RMB44.2 million, while Onward Science & Trade Center reported rental income of RMB32.2 million, down 50.6% from RMB65.2 million. In the first half of the year, the Onward Science & Trade Center in Beijing experienced a 20.1 percentage point rebound in occupancy rate during the second quarter, reducing its vacancy rate to single digits. The Garden City Shopping Center also improved in metrics such as foot traffic, active loyalty program members, and total revenue. Looking ahead, CMC REIT stated that it continues to face challenges including declining office rental rates, rising vacancy rates, and pressure from aging properties despite asset enhancement efforts. The manager plans to monitor market conditions and adjust leasing and operating strategies in response to market changes.