CapitaLand Retail China Trust (CRCT) is Singapore’s first China retail real estate investment trust (REIT) with a portfolio of 11 shopping malls. The malls have a diverse mix of approximately 1,600 tenants which include leading brands like UNIQLO, Xiaomi, ZARA, Nanjing Impressions, Nike, Sephora, Starbucks and Sisyphe. As at 31 December 2018, CRCT’s portfolio is valued at S$3.0 billion.
According to CEO Tan Tze Wooi in the latest annual report, the Chinese retail space remains resilient amid a slowdown in China’s GDP growth and the economic uncertainty arising from the U.S.-China trade war:
‘China’s retail sales of consumer goods grew by 9.0% to RMB38.1 trillion in 2018, sustained by consumption in major cities that saw an increase in urban disposal income and expenditure per capita of 7.8% and 6.8% respectively.’
I attended the AGM to learn more the REIT’s performance and the retail scene in China. Here