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CRCT slashes rents at Beijing mall for two 'lifestyle' concepts

Bookstore concept with a cafe and textile retailer will create buzz so people stay longer: CEO of Reit manager

Published Thu, Jan 26, 2017 · 09:50 PM

Singapore

A WEAKER Chinese yuan and a higher property tax led to China retail mall play CapitaLand Retail China Trust (CRCT) reporting dimmer results for its fourth quarter and full year ended Dec 31, 2016.

But what caught the attention of analysts at CRCT's results briefing on Thursday was a 19.7 per cent drop in rents for new leases signed at CapitaMall Xizhimen during the last three months of 2016. The Beijing mall is closely watched as it is CRCT's largest contributor by gross revenue and net property income.

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