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MPACT dragged by higher finance costs; Hong Kong’s Festival Walk weak even as VivoCity thrives 

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Jude Chan

Jude Chan

Published Fri, Oct 28, 2022 · 05:13 PM
    • There was a 49.4 per cent surge in H1 shopper traffic at VivoCity. Tenants’ sales jumped 48.4 per cent to surpass pre-Covid levels.
    • There was a 49.4 per cent surge in H1 shopper traffic at VivoCity. Tenants’ sales jumped 48.4 per cent to surpass pre-Covid levels. FILE PHOTO: BT

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    THE manager of Mapletree Pan Asia Commercial Trust (MPACT) on Friday (Oct 28) said it does not expect a miraculous recovery for its Festival Walk retail mall in Hong Kong amid China’s strict zero-Covid policy.

    One of MPACT’s three “core assets” alongside VivoCity and Mapletree Business City (MBC) in Singapore, Festival Walk was a key blemish on what was otherwise a solid set of results for the real estate investment trust (Reit).

    In its first results announcement post-merger, the Reit posted a 12.5 per cent increase in distribution per unit (DPU) to S$0.0494 for the first half ended September, with gross revenue and net property income (NPI) both rising 44.9 per cent.

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    Mapletree Pan Asia Commercial TrustS-ReitsFinancial results

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