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Han cheng very bad in China? Cut DPU?

CapitaLand China Trust posts 24.4% drop in H2 DPU to S$0.034
06 Feb 2023 09:00
By Jude Chan and Bernadette Toh

CAPITALAND China Trust (CLCT) on Friday (Feb 3) posted a 24.4 per cent year-on-year drop in distribution per unit (DPU) to S$0.034 for its second half ended Dec 31, 2022, from S$0.045 a year earlier.

The lower DPU came despite the real estate investment trust (Reit) releasing in H2 2022 S$3.6 million from the amount available for distribution to unitholders previously retained in H1.

Distributable income fell 20.3 per cent year on year to S$56.9 million from S$71.4 million, impacted by lower retail performance, higher interest expenses as well as the absence of one-off proceeds, said the Reit's manager.

The decline in H2 performance can also be attributed to higher rental relief provided for tenants whose operations were affected by long periods of Covid-19 lockdowns during the year, particularly in H2, the manager noted.