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.