CLCT posts 35.1% rise in H2 DPU to S$0.045 driven by pivot to 'new economy'

CAPITALAND China Trust (CLCT) AU8U was hit with 96 days of closures at 3 of its shopping malls - CapitaMall Xuefu and CapitaMall Aidemengdun in Harbin, and CapitaMall Xinnan in Chengdu - in the second half of FY2021 due to sporadic Covid-19 outbreaks in China.

But for the real estate investment trust (Reit), this brings to the fore the merits of its diversification strategy following the expansion of its investment mandate in September 2020.

"Despite 2021 still going through a volatile business environment and also China taking a zero Covid stance, management has stayed focused to achieve the strategies to build portfolio strength and income resilience across the market cycles," said chief executive officer of the manager Tan Tze Wooi at a briefing on Monday (Jan 31) following the Reit's FY2021 results announcement.