CapitaMall Xuefu, Harbin, China
My order for Capitaland China Trust (CLCT) shares is filled today.
This effectively doubled up my small initial position in CLCT to 10,000 shares.
The share price of CLCT has tanked in recent weeks and has been on a poor bear run by diving more than half from the high of $1.65 before the onset of pandemic in 2020 to hit a 52-week low of $0.74 today.
As the largest China-focused REIT in Singapore, CLCT is facing strong headwinds in China's economy, including slowing growth and lingering impacts of its previous zero-COVID policies. High debt levels among many Chinese property developers have fueled anxieties about the sector's stability, spilling over into the REIT market as institutional investors worry about the health of properties that CLCT hold. Prolonged high interest rates and depreciating RMB versus SGD dollar only...