CapitaLand China Trust (CLCT), formerly known as CapitaLand Retail China Trust*, is Singapore’s largest China-focused real estate investment trust (REIT) with a market cap of S$2.09 Billion. *The name was changed from 26 January 2021 following the expansion of its investment strategy, from a pure retail REIT to one that holds offices and industrial properties. Like most Retail REITs, CLCT was beaten down during the pandemic as economies went into lockdown. During the lockdown, retail sales fell sharply as citizens reduced unnecessary trip to the malls. In the case of China, a complete lockdown was implemented to curb the spread of COVID-19 which has affected malls severely during this period. As a result, CLCT share price plummet 36% from its peak in Feb 2020 last year.

While CLCT share price has yet to recover to its pre-pandemic level, there are positive signs which signals the worst are behind the REIT now. (CLCT dropped slightly after the news of Phase 2 Heightened Alert was released last week. Fundamentals remain unchanged.)