Capitaland Retail China Trust
Capitaland Retail China Trust. Company's website.

CapitaLand Retail China Trust Management reported an unchanged fourth-quarter distribution per unit (DPU).

DPU was flat at 2.37 Singapore cents in three months ended December 31 compared to the previous year.

Net property income was down 5.2 percent to S$33 million, the company said in a regulatory filing.

Gross revenue declined 4.6 percent to S$54.1 million due to the divestment of CapitaMall Anzhen on July 1 and lower revenue contribution from CapitaMall Grand Canyon due to disruptions to trading activities arising from an operational review by the authorities leading up to the 19th National Congress on the other multi-tenanted malls, the company said.

Property expenses decreased 3.6 percent in the quarter due to a lower provision of property tax in the period.

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"In 2017, China's economy performed better than expected and consumption remains a key economic growth driver," Soh Kim Soon, Chairman of CRCTML said in a statement.

"We are positive that CRCT's portfolio of family-oriented shopping malls is well-placed to tap China's sustainable growth, rising disposable income and increasing consumer spend."

Listed on the Singapore Exchange, CRCT is the first China shopping mall Real Estate Investment Trust (REIT) in Singapore, with a portfolio of 10 income-producing shopping malls.

As of December 31, the total asset size of CRCT was about S$2.7 billion.

Shares in CapitaLand Retail China Trust Management lost 1.2 percent to S$1.67 on the Singapore Exchange. The stock has risen 29 percent in a year.