EVEN as China announced the scrapping of its strict zero-Covid policy towards the end of 2022, a lag in recovery for Mapletree Pan Asia Commercial Trust’s : N2IU 0% (MPACT) assets in Greater China is weighing on its overall growth.

The Festival Walk mall in Hong Kong – MPACT’s biggest property by asset value – experienced rental reversion of minus 12.7 per cent for the full year ended March 2023.

Meanwhile, rental reversion at its Gateway Plaza office asset in Beijing and Sandhill Plaza business park in Shanghai came in at minus 3.7 per cent for the financial year from 2022 to 2023.