CapLand China T AU8U
Financials
CapitaLand China Trust Annual Report 2025
Explore the statements
16 tablesStatements of Financial Position
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 4,204,374 | 4,443,931 | – | – | PDF p. 94 |
| Plant and equipment$’000 | 1,346 | 1,830 | – | – | PDF p. 94 |
| Subsidiaries$’000 | – | – | 2,600,978 | 2,804,255 | PDF p. 94 |
| Equity investment at fair value$’000 | 23,875 | – | 23,875 | – | PDF p. 94 |
| Financial derivatives$’000 | 179 | 6,468 | 179 | 6,468 | PDF p. 94 |
| Other receivables$’000 | 915 | 1,011 | – | – | PDF p. 94 |
| Non-current assets subtotal | |||||
| Subtotal$’000 | 4,230,689 | 4,453,240 | 2,625,032 | 2,810,723 | PDF p. 94 |
| Current assets | |||||
| Financial derivatives$’000 | 77 | 1,353 | 77 | 1,353 | PDF p. 94 |
| Trade and other receivables$’000 | 16,271 | 39,396 | 1,932 | 97 | PDF p. 94 |
| Cash and cash equivalents$’000 | 237,732 | 228,845 | 4,100 | 3,701 | PDF p. 94 |
| Current assets subtotal | |||||
| Subtotal$’000 | 254,080 | 269,594 | 6,109 | 5,151 | PDF p. 94 |
| Assets | |||||
| Total assets$’000 | 4,484,769 | 4,722,834 | 2,631,141 | 2,815,874 | PDF p. 94 |
| Current liabilities | |||||
| Trade and other payables$’000 | 87,811 | 100,700 | 120,047 | 51,540 | PDF p. 94 |
| Security deposits$’000 | 44,662 | 46,803 | – | – | PDF p. 94 |
| Financial derivatives$’000 | 9,465 | 1,040 | 9,465 | 1,040 | PDF p. 94 |
| Interest-bearing borrowings$’000 | 113,906 | 203,494 | – | 199,953 | PDF p. 94 |
| Provision for taxation$’000 | 8,599 | 8,223 | 2 | 56 | PDF p. 94 |
| Current liabilities subtotal | |||||
| Subtotal$’000 | 264,443 | 360,260 | 129,514 | 252,589 | PDF p. 94 |
| Non-current liabilities | |||||
| Financial derivatives$’000 | 6,238 | 10,423 | 6,238 | 10,423 | PDF p. 94 |
| Other payables$’000 | 6,890 | 6,880 | 44,839 | 111,270 | PDF p. 94 |
| Security deposits$’000 | 38,520 | 43,476 | – | – | PDF p. 94 |
| Interest-bearing borrowings$’000 | 1,583,929 | 1,647,702 | 1,364,691 | 1,310,234 | PDF p. 94 |
| Deferred tax liabilities$’000 | 357,044 | 344,359 | – | – | PDF p. 94 |
| Non-current liabilities subtotal | |||||
| Subtotal$’000 | 1,992,621 | 2,052,840 | 1,415,768 | 1,431,927 | PDF p. 94 |
| Liabilities | |||||
| Total liabilities$’000 | 2,257,064 | 2,413,100 | 1,545,282 | 1,684,516 | PDF p. 94 |
| Net assets | |||||
| Net assets$’000 | 2,227,705 | 2,309,734 | 1,085,859 | 1,131,358 | PDF p. 94 |
| Represented by | |||||
| Unitholders’ funds$’000 | 1,789,624 | 1,926,644 | 936,071 | 1,031,748 | PDF p. 94 |
| Perpetual securities holders$’000 | 149,788 | 99,610 | 149,788 | 99,610 | PDF p. 94 |
| Non-controlling interests$’000 | 288,293 | 283,480 | – | – | PDF p. 94 |
| Represented by subtotal | |||||
| Subtotal$’000 | 2,227,705 | 2,309,734 | 1,085,859 | 1,131,358 | PDF p. 94 |
| Other financial data | |||||
| Units in issue (’000)’000 Units | 1,740,903 | 1,720,367 | 1,740,903 | 1,720,367 | PDF p. 94 |
| Net asset value per Unit attributable to Unitholders ($)$ per Unit | 1.03 | 1.12 | 0.54 | 0.60 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
Consolidated Statement of Total Return
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Gross rental income$’000 | 276,794 | 309,935 | PDF p. 95 |
| Other income$’000 | 26,926 | 31,594 | PDF p. 95 |
| Gross revenue$’000 | 303,720 | 341,529 | PDF p. 95 |
| Property operating expenses | |||
| Property related tax$’000 | (27,577) | (30,272) | PDF p. 95 |
| Business tax$’000 | (1,598) | (1,976) | PDF p. 95 |
| Property management fees and reimbursables$’000 | (18,220) | (21,424) | PDF p. 95 |
| Other property operating expenses$’000 | (55,430) | (61,280) | PDF p. 95 |
| Total property operating expenses$’000 | (102,825) | (114,952) | PDF p. 95 |
| Revenue | |||
| Net property income$’000 | 200,895 | 226,577 | PDF p. 95 |
| Expenses | |||
| Manager’s management fees$’000 | (17,613) | (19,164) | PDF p. 95 |
| Trustee’s fees$’000 | (619) | (645) | PDF p. 95 |
| Audit fees(1)$’000 | (640) | (635) | PDF p. 95 |
| Valuation fees$’000 | (99) | (98) | PDF p. 95 |
| Other operating (expenses)/income(2)$’000 | (1,120) | 116 | PDF p. 95 |
| Other income and expenses | |||
| Foreign exchange gain – realised$’000 | 2,055 | 1,003 | PDF p. 95 |
| Finance | |||
| Finance income$’000 | 1,487 | 3,430 | PDF p. 95 |
| Finance costs$’000 | (60,076) | (65,369) | PDF p. 95 |
| Net finance costs$’000 | (58,589) | (61,939) | PDF p. 95 |
| Results | |||
| Net income$’000 | 124,270 | 145,215 | PDF p. 95 |
| Fair value and disposal adjustments | |||
| (Loss)/gain on disposal of subsidiaries(3)$’000 | (11,988) | 7,309 | PDF p. 95 |
| Change in fair value of investment properties$’000 | (50,507) | (89,733) | PDF p. 95 |
| Change in fair value of financial derivatives$’000 | (1,122) | (403) | PDF p. 95 |
| Foreign exchange loss – unrealised$’000 | (73) | (204) | PDF p. 95 |
| Results | |||
| Total return for the year before taxation$’000 | 60,580 | 62,184 | PDF p. 95 |
| Taxation | |||
| Taxation$’000 | (55,007) | (66,121) | PDF p. 95 |
| Results | |||
| Total return for the year after taxation$’000 | 5,573 | (3,937) | PDF p. 95 |
| Attributable to | |||
| Unitholders$’000 | (9,938) | (18,066) | PDF p. 95 |
| Perpetual securities holders$’000 | 4,453 | 3,384 | PDF p. 95 |
| Non-controlling interests$’000 | 11,058 | 10,745 | PDF p. 95 |
| Total return for the year after taxation$’000 | 5,573 | (3,937) | PDF p. 95 |
| Earnings per Unit | |||
| Basic earnings per Unitcents per Unit | (0.57) | (1.06) | PDF p. 95 |
| Diluted earnings per Unitcents per Unit | (0.57) | (1.05) | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
(1) Relates to audit fees paid or payable to the auditors of the Group.
(2) Non-audit fees of $35,000 (2024: $ Nil) were paid during the year.
(3) FY 2025 and FY 2024 relates to the divestment of CapitaMall Yuhuating and CapitaMall Shuangjing which were completed on 31 October 2025 and 23 January 2024 respectively. The loss on disposal of CapitaMall Yuhuating in 2025 was mainly due to the realisation of foreign exchange differences upon divestment, partially offset by the premium over the valuation as at 31 December 2024.
Consolidated Statement of Cash Flows
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Total return for the year after taxation$’000 | 5,573 | (3,937) | PDF p. 103 |
| Adjustments for | |||
| Finance income$’000 | (1,487) | (3,430) | PDF p. 103 |
| Finance costs$’000 | 60,076 | 65,369 | PDF p. 103 |
| Depreciation and amortisation$’000 | 612 | 706 | PDF p. 103 |
| Taxation$’000 | 55,007 | 66,121 | PDF p. 103 |
| Manager’s management fees payable in Units$’000 | 12,556 | 13,880 | PDF p. 103 |
| Plant and equipment written off$’000 | 172 | 51 | PDF p. 103 |
| Change in fair value of investment properties$’000 | 50,507 | 89,733 | PDF p. 103 |
| Change in fair value of financial derivatives$’000 | 1,122 | 403 | PDF p. 103 |
| Gain on disposal of subsidiaries$’000 | 11,988 | (7,309) | PDF p. 103 |
| Impairment losses on trade receivables, net$’000 | 914 | 37 | PDF p. 103 |
| Operating activities | |||
| Operating income before working capital changes$’000 | 197,040 | 221,624 | PDF p. 103 |
| Changes in working capital | |||
| Trade and other receivables$’000 | (208) | 934 | PDF p. 103 |
| Trade and other payables$’000 | (10,760) | (6,334) | PDF p. 103 |
| Operating activities | |||
| Cash generated from operating activities$’000 | 186,072 | 216,224 | PDF p. 103 |
| Income tax paid$’000 | (33,343) | (40,429) | PDF p. 103 |
| Net cash from operating activities$’000 | 152,729 | 175,795 | PDF p. 103 |
| Investing activities | |||
| Interest received$’000 | 1,487 | 3,430 | PDF p. 103 |
| Capital expenditure on investment properties$’000 | (16,619) | (16,845) | PDF p. 103 |
| Investment in financial asset$’000 | (20,419) | – | PDF p. 103 |
| Proceeds from disposal of subsidiaries$’000 | 131,644 | 127,438 | PDF p. 103 |
| Deposit from disposal of subsidiaries$’000 | – | (28,465) | PDF p. 103 |
| Purchase of plant and equipment$’000 | (353) | (405) | PDF p. 103 |
| Proceeds from disposal of plant and equipment$’000 | – | 1 | PDF p. 103 |
| Net cash from investing activities$’000 | 95,740 | 85,154 | PDF p. 103 |
| Financing activities | |||
| Distribution to Unitholders$’000 | (88,743) | (89,477) | PDF p. 103 |
| Distribution to non-controlling interests$’000 | (2,786) | (3,420) | PDF p. 103 |
| Distribution to perpetual securities holders$’000 | (3,375) | (3,384) | PDF p. 103 |
| Payment of equity issue expenses$’000 | (597) | – | PDF p. 103 |
| Payment of financing expenses$’000 | (1,317) | (1,197) | PDF p. 103 |
| Proceeds from issuance of perpetual securities$’000 | 150,000 | – | PDF p. 103 |
| Redemption of perpetual securities$’000 | (100,000) | – | PDF p. 103 |
| Payment of lease liabilities$’000 | – | (48) | PDF p. 103 |
| Proceeds from draw down of interest-bearing borrowings$’000 | 668,450 | 363,178 | PDF p. 103 |
| Repayment of interest-bearing borrowings$’000 | (821,472) | (461,889) | PDF p. 103 |
| Settlement of derivative contracts$’000 | (598) | 698 | PDF p. 103 |
| Interest paid$’000 | (57,634) | (64,801) | PDF p. 103 |
| Repayment from/(Advance to) non-controlling interest$’000 | 21,568 | (15,506) | PDF p. 103 |
| Net cash used in financing activities$’000 | (236,504) | (275,846) | PDF p. 103 |
| Cash and cash equivalents | |||
| Net increase/ (decrease) in cash and cash equivalents$’000 | 11,965 | (14,897) | PDF p. 103 |
| Cash and cash equivalents at 1 January$’000 | 228,845 | 243,464 | PDF p. 103 |
| Effect of foreign exchange rate changes on cash balances$’000 | (3,078) | (1,098) | PDF p. 103 |
| Changes in cash and cash equivalents reclassified to assets held for sale$’000 | – | 1,376 | PDF p. 103 |
| Cash and cash equivalents at 31 December$’000 | 237,732 | 228,845 | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
(A) Significant non-cash and other transactions: $12.5 million of the Manager’s management fees (performance and partial base fees) in 2025 will be paid through issuance of 16,247,383 new Units subsequent to year end. $13.9 million of the Manager’s management fees (performance and partial base fees) in 2024 was paid through issuance of 19,612,240 new Units in April 2025.
(B) Net cash inflow on the divestment of subsidiary schedule is presented on physical page 104. It includes investment properties, plant and equipment, trade and other receivables, cash and cash equivalents, trade and other payables, security deposits, deferred tax liabilities, net identifiable assets and liabilities divested, net asset base on percentage shareholdings, loss/gain on disposal, transaction costs, non-cash adjustments, sale consideration, tax paid, cash of subsidiaries divested, payable to vendor on NAV adjustment, and net cash inflow, with 2025 and 2024 values in $’000.
The accompanying notes form an integral part of these financial statements.
Statements of Movements in Unitholders’ Funds
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ funds | |||||
| Unitholders’ funds as at beginning of the year$’000 | 1,926,644 | 2,039,854 | 1,031,748 | 1,022,240 | PDF p. 98 |
| Operations | |||||
| Change in Unitholders’ funds resulting from operations$’000 | (5,485) | (14,682) | (5,749) | 100,113 | PDF p. 98 |
| Total return attributable to perpetual securities holders$’000 | (4,453) | (3,384) | (4,453) | (3,384) | PDF p. 98 |
| Transfer to general reserve$’000 | (6,480) | (7,767) | – | – | PDF p. 98 |
| Net (decrease)/increase in net assets resulting from operations$’000 | (16,418) | (25,833) | (10,202) | 96,729 | PDF p. 98 |
| Movements in hedging reserve | |||||
| Effective portion of changes in fair value of cash flow hedges$’000 | (13,484) | (11,624) | (13,484) | (11,624) | PDF p. 98 |
| Movements in foreign currency translation reserve | |||||
| Translation differences from financial statements of foreign operations$’000 | (35,178) | (7,696) | – | – | PDF p. 98 |
| Exchange differences on monetary items forming part of net investment in foreign operations$’000 | (5,774) | 5,910 | – | – | PDF p. 98 |
| Exchange differences on hedges of net investment in foreign operations$’000 | (655) | (6,137) | – | – | PDF p. 98 |
| Movements in fair value reserves | |||||
| Movement in fair value reserves$’000 | 3,456 | – | 3,456 | – | PDF p. 98 |
| Other movements | |||||
| Net loss recognised directly in Unitholders’ funds$’000 | (51,635) | (19,547) | (10,028) | (11,624) | PDF p. 98 |
| Movement in general reserve$’000 | 6,480 | 7,767 | – | – | PDF p. 98 |
| Unitholders’ transactions | |||||
| Units issued and to be issued as satisfaction of the portion of Manager’s management fees payable in Units$’000 | 12,556 | 13,880 | 12,556 | 13,880 | PDF p. 98 |
| Units issued in respect of divestment fees$’000 | 740 | – | 740 | – | PDF p. 98 |
| Units issued in respect of the distribution reinvestment plan$’000 | – | 12,490 | – | 12,490 | PDF p. 98 |
| Creation of Units payable/paid to Manager — subtotal | |||||
| Subtotal$’000 | 13,296 | 26,370 | 13,296 | 26,370 | PDF p. 98 |
| Unitholders’ transactions | |||||
| Distributions to Unitholders$’000 | (88,743) | (101,967) | (88,743) | (101,967) | PDF p. 98 |
| Net decrease in net assets resulting from Unitholders’ transactions$’000 | (75,447) | (75,597) | (75,447) | (75,597) | PDF p. 98 |
| Unitholders’ funds | |||||
| Unitholders’ funds as at end of the year$’000 | 1,789,624 | 1,926,644 | 936,071 | 1,031,748 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
The accompanying notes form an integral part of these financial statements. The report presents a separate “Consolidated Statement of Total Return” and does not disclose a separate statement of comprehensive income; other movements, including hedging and foreign currency translation reserves, are included in the movements in unitholders’ funds.
On the non-controlling interests schedule, the page prints only Group values for “Total return attributable to non-controlling interests” and “Translation differences from financial statements of foreign operations”; the Trust column cells are blank in the original schedule.
Financial Highlights
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021As at 31 December / financial year | 2022As at 31 December / financial year | 2023As at 31 December / financial year | 2024As at 31 December / financial year | 2025As at 31 December / financial year | Source |
|---|---|---|---|---|---|---|
| Financial Performance | ||||||
| Gross Revenue (RMB million)RMB million | 1,826.1 | 1,851.5 | 1,912.5 | 1,837.6 | 1,670.0 | PDF p. 7 |
| Gross Revenue (S$ million)S$ million | 378.0 | 383.2 | 364.7 | 341.5 | 303.7 | PDF p. 7 |
| Net Property Income (RMB million)RMB million | 1,209.9 | 1,228.4 | 1,293.7 | 1,219.1 | 1,104.6 | PDF p. 7 |
| Net Property Income (S$ million)S$ million | 250.4 | 254.2 | 246.7 | 226.6 | 200.9 | PDF p. 7 |
| Distributable Income (S$ million)S$ million | 135.5 | 125.6 | 113.9 | 96.8 | 83.9 | PDF p. 7 |
| Distribution Per Unit (DPU) (S cents)S cents | 8.73 | 7.50 | 6.74 | 5.65 | 4.82 | PDF p. 7 |
| Key Financial Position | ||||||
| Total Assets (S$ million)S$ million | 5,575.9 | 5,226.1 | 4,995.8 | 4,722.8 | 4,484.8 | PDF p. 7 |
| Portfolio Property Valuation (S$ million)iiS$ million | 5,239.0 | 4,904.3 | 4,700.1 | 4,443.9 | 4,204.4 | PDF p. 7 |
| Total Deposited Properties (S$ million)iiiS$ million | 5,226.6 | 4,893.4 | 4,670.3 | 4,390.1 | 4,146.2 | PDF p. 7 |
| Net Assets Attributable to Unitholders (S$ million)S$ million | 2,588.2 | 2,306.2 | 2,039.9 | 1,926.6 | 1,789.6 | PDF p. 7 |
| Key Financial Position — Net Asset Value Per Unit (S$) | ||||||
| - Before Income DistributionS$ per Unit | 1.56 | 1.38 | 1.21 | 1.12 | 1.03 | PDF p. 7 |
| - After Income DistributionS$ per Unit | 1.54 | 1.34 | 1.18 | 1.09 | 1.00 | PDF p. 7 |
| Key Financial Position | ||||||
| Total Gross Borrowings (S$ million)ivS$ million | 1,993.4 | 1,950.9 | 1,956.4 | 1,857.3 | 1,703.0 | PDF p. 7 |
| Market Capitalisation (S$ million)S$ million | 1,974.8 | 1,874.8 | 1,570.6 | 1,238.7 | 1,349.2 | PDF p. 7 |
| Capital Management | ||||||
| Aggregate Leverage (%)v% | 37.7 | 39.6 | 41.5 | 41.9 | 40.7 | PDF p. 7 |
| Average Cost of Debt (%)vi% | 2.62 | 2.97 | 3.57 | 3.51 | 3.32 | PDF p. 7 |
| Average Term to Maturity (Years)Years | 3.4 | 3.4 | 3.5 | 3.4 | 3.5 | PDF p. 7 |
| Interest Coverage Ratio (times)viitimes | 4.5 | 3.6 | 3.1 | 3.0 | 2.8 | PDF p. 7 |
| Management Expense Ratio (%)viii% | 0.9 | 0.8 | 0.9 | 0.9 | 0.9 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
i Includes rental support of S$1.3 million in 2022 and S$0.6 million in 2023 (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park. The DPU impact of rental support is 0.08 S cents in 2022 and 0.04 S cents in 2023. No rental support was received in 2024 and 2025. In 2025, there is a distribution top-up of approximately the distribution income from CapitaMall Yuhuating, which would have been contributed from 1 April 2025 to 31 December 2025, proportionally adjusted based on its distribution income in 1Q 2025. It is drawn from past divestment gains from CLCT and is funded through debt.
ii Based on valuation on a 100% basis as at 31 December 2025. The portfolio property valuation includes the valuation of eight retail malls, five business parks and four logistics parks. For more details, please refer to page 26.
iii Total consolidated assets of CLCT and excludes share attributable to the non-controlling interest of the project companies if the ownership is less than 100%.
iv Excludes unamortised transaction costs and modification gain.
v In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings and deferred payments over deposited properties. CLCT does not have any deferred payments.
vi Based on the consolidated interest expense for the respective financial year reflected over weighted average borrowings on balance sheet for that financial year.
vii The ratio is calculated by dividing the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities (i.e. perpetual securities) in accordance with the Property Funds Appendix. EBITDA refers to earnings before interest, tax, depreciation and amortisation.
viii Refers to the expenses of CLCT excluding property expenses and interest expenses but including the performance component of CLCTML’s management fees, expressed as a percentage of weighted average net assets.
Return on Investment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20251 Year Price Change | 20251 Year Total Return | 20253 Year Price Change | 20253 Year Total Return | Source |
|---|---|---|---|---|---|
| Return on Investment | |||||
| CLCT% | 7.6 | 15.6 | -30.8 | -13.7 | PDF p. 41 |
| STI% | 22.7 | 28.8 | 42.9 | 66.6 | PDF p. 41 |
| MXCNii% | 28.3 | 31.7 | 28.8 | 39.5 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
Source: Bloomberg.
i Assumes dividends were reinvested.
ii MXCN refers to the MSCI China Index. Price change and total return data are generated based on SGD.
2025 Trading Data
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Calendar year 2025 | Source |
|---|---|---|
| Trading Data | ||
| Opening Unit Price on 2 January 2025S$ per Unit | 0.720 | PDF p. 41 |
| Closing Unit Price on 31 December 2025S$ per Unit | 0.775 | PDF p. 41 |
| Lowest Unit Price (S$)S$ per Unit | 0.575 | PDF p. 41 |
| Highest Unit Price (S$)S$ per Unit | 0.825 | PDF p. 41 |
| Average Closing Unit Price (S$)S$ per Unit | 0.732 | PDF p. 41 |
| Total Volume Traded (million units)million units | 588 | PDF p. 41 |
| Average Daily Trading Volume (million units)million units | 2.3 | PDF p. 41 |
| Market Capitalisation (S$ billion)S$ billion | 1.3 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
Consolidated Distribution Statement
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution to Unitholders | |||
| Amount available for distribution to Unitholders at beginning of the year$’000 | 46,601 | 51,765 | PDF p. 96 |
| Total return for the year attributable to Unitholders and perpetual securities holders$’000 | (5,485) | (14,682) | PDF p. 96 |
| Less: Total return attributable to perpetual securities holders$’000 | (4,453) | (3,384) | PDF p. 96 |
| Distribution adjustments$’000 | 88,164 | 114,869 | PDF p. 96 |
| Income for the year available for distribution to Unitholders$’000 | 78,226 | 96,803 | PDF p. 96 |
| Distribution top-up(1)$’000 | 5,700 | – | PDF p. 96 |
| Amount available for distribution to Unitholders$’000 | 130,527 | 148,568 | PDF p. 96 |
| Distributions to Unitholders during the year | |||
| Distribution of 2.49 cents per Unit for the period from 1 January 2025 to 30 June 2025$’000 | (43,325) | – | PDF p. 96 |
| Distribution of 2.64 cents per Unit for the period from 1 July 2024 to 31 December 2024$’000 | (45,418) | – | PDF p. 96 |
| Distribution of 3.01 cents per Unit for the period from 1 January 2024 to 30 June 2024$’000 | – | (51,301) | PDF p. 96 |
| Distribution of 3.00 cents per Unit for the period from 1 July 2023 to 31 December 2023$’000 | – | (50,666) | PDF p. 96 |
| Subtotal$’000 | (88,743) | (101,967) | PDF p. 96 |
| Distribution to Unitholders | |||
| Amount available for distributions to Unitholders at end of the year$’000 | 41,784 | 46,601 | PDF p. 96 |
| Distribution per Unit (“DPU”) (cents)cents per Unit | 4.82 | 5.65 | PDF p. 96 |
Definitions & sources
Original report: PDF p. 96 ↗
(1) The amount is approximately the distribution income from CapitaMall Yuhuating, which would have been contributed from 1 April 2025 to 31 December 2025, proportionally adjusted based on its distribution income in 1Q 2025. It is drawn from past divestment gains from CLCT and will be funded through debt.
Note A – Distribution adjustments
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Distribution adjustment items | |||
| Loss/(gain) on disposal of subsidiaries(1)$’000 | 11,988 | (7,309) | PDF p. 97 |
| Withholding tax on gain from disposal of subsidiaries(1)$’000 | 1,387 | 12,115 | PDF p. 97 |
| Straight line rental and leasing commission adjustments(2)$’000 | 881 | 859 | PDF p. 97 |
| Manager’s management fees payable in Units$’000 | 12,556 | 13,880 | PDF p. 97 |
| Change in fair value of investment properties(2)$’000 | 48,308 | 87,162 | PDF p. 97 |
| Change in fair value of financial derivatives$’000 | 1,122 | 403 | PDF p. 97 |
| Deferred taxation(2)$’000 | 17,531 | 14,954 | PDF p. 97 |
| Transfer to general reserve(2)$’000 | (6,480) | (7,767) | PDF p. 97 |
| Unrealised foreign exchange loss(2)$’000 | 70 | 194 | PDF p. 97 |
| Net gain arising on modification of financial instruments measured at amortised cost that were not derecognised$’000 | 67 | (303) | PDF p. 97 |
| Other adjustments(2)$’000 | 734 | 681 | PDF p. 97 |
| Net effect of distribution adjustments$’000 | 88,164 | 114,869 | PDF p. 97 |
Definitions & sources
Original report: PDF p. 97 ↗
(1) FY 2025 and FY 2024 relates to the divestment of CapitaMall Yuhuating and CapitaMall Shuangjing which were completed on 31 October 2025 and 23 January 2024 respectively. The loss on disposal of CapitaMall Yuhuating in 2025 was mainly due to the realisation of foreign exchange differences upon divestment, partially offset by the premium over the valuation as at 31 December 2024.
(2) Excludes non-controlling interests’ share.
Statements of Movements in Unitholders’ Funds — continuation
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Perpetual securities holders’ funds | |||||
| Balance as at beginning of the year$’000 | 99,610 | 99,610 | 99,610 | 99,610 | PDF p. 99 |
| New issuance of perpetual securities$’000 | 150,000 | – | 150,000 | – | PDF p. 99 |
| Issue expenses relating to perpetual securities$’000 | (900) | – | (900) | – | PDF p. 99 |
| Redemption of perpetual securities$’000 | (100,000) | – | (100,000) | – | PDF p. 99 |
| Amount reserved for distributions to perpetual securities holders$’000 | 4,453 | 3,384 | 4,453 | 3,384 | PDF p. 99 |
| Distributions to perpetual securities holders$’000 | (3,375) | (3,384) | (3,375) | (3,384) | PDF p. 99 |
| Balance as at end of the year$’000 | 149,788 | 99,610 | 149,788 | 99,610 | PDF p. 99 |
| Non-controlling interests | |||||
| Balance as at beginning of the year$’000 | 283,480 | 277,302 | – | – | PDF p. 99 |
| Dividends paid$’000 | (2,786) | (3,420) | – | – | PDF p. 99 |
| Balance at end of the year$’000 | 288,293 | 283,480 | – | – | PDF p. 99 |
| Equity totals | |||||
| Total$’000 | 2,227,705 | 2,309,734 | 1,085,859 | 1,131,358 | PDF p. 99 |
| Non-controlling interests | |||||
| Translation differences from financial statements of foreign operations$’000 | (3,459) | (1,147) | – | – | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Non-controlling interests — Group only
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-controlling interests | |||
| Total return attributable to non-controlling interests$’000 | 11,058 | 10,745 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
The corresponding Trust cells are blank in the source row.
Note B – Net cash inflow on the divestment of subsidiary
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Net cash inflow on the divestment of subsidiary | |||
| Investment properties$’000 | 144,879 | 156,570 | PDF p. 104 |
| Plant and equipment$’000 | 41 | 29 | PDF p. 104 |
| Trade and other receivables$’000 | 948 | 3,251 | PDF p. 104 |
| Cash and cash equivalents$’000 | 6,761 | 1,141 | PDF p. 104 |
| Trade and other payables$’000 | (7,488) | (734) | PDF p. 104 |
| Security deposits$’000 | – | (1,175) | PDF p. 104 |
| Deferred tax liabilities$’000 | (2,841) | (28,611) | PDF p. 104 |
| Net identifiable assets and liabilities divested$’000 | 142,300 | 130,471 | PDF p. 104 |
| Net asset base on percentage shareholdings$’000 | 142,300 | 130,471 | PDF p. 104 |
| (Loss)/gain on disposal of subsidiaries$’000 | (11,988) | 7,309 | PDF p. 104 |
| Transaction costs$’000 | 4,950 | 1,573 | PDF p. 104 |
| Non-cash adjustments$’000 | 4,530 | 1,367 | PDF p. 104 |
| Sale consideration$’000 | 139,792 | 140,720 | PDF p. 104 |
| Tax paid$’000 | (1,387) | (12,115) | PDF p. 104 |
| Cash of subsidiaries divested$’000 | (6,761) | (1,141) | PDF p. 104 |
| Payable to vendor on NAV adjustment$’000 | – | (26) | PDF p. 104 |
| Net cash inflow$’000 | 131,644 | 127,438 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Consolidated Portfolio Statement — Retail Malls
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Valuation (RMB’000) | 2024Group; Valuation (RMB’000) | 2025Group; Valuation ($’000) | 2024Group; Valuation ($’000) | 2025Group; Percentage of Unitholders’ funds | 2024Group; Percentage of Unitholders’ funds | Source |
|---|---|---|---|---|---|---|---|
| Retail Malls | |||||||
| CapitaMall XizhimenRMB’000; $’000; % | 3,741,000 | 3,668,000 | 684,416 | 680,414 | 38.2 | 35.3 | PDF p. 100 |
| Rock SquareRMB’000; $’000; % | 3,410,000 | 3,410,000 | 623,859 | 632,555 | 34.9 | 32.8 | PDF p. 100 |
| CapitaMall WangjingRMB’000; $’000; % | 2,822,000 | 2,844,000 | 516,285 | 527,562 | 28.9 | 27.4 | PDF p. 100 |
| CapitaMall Grand CanyonRMB’000; $’000; % | 1,780,000 | 1,797,000 | 325,651 | 333,343 | 18.2 | 17.3 | PDF p. 100 |
| CapitaMall XuefuRMB’000; $’000; % | 1,789,000 | 1,789,000 | 327,298 | 331,859 | 18.3 | 17.2 | PDF p. 100 |
| CapitaMall XinnanRMB’000; $’000; % | 1,303,000 | 1,385,000 | 238,384 | 256,918 | 13.3 | 13.3 | PDF p. 100 |
| CapitaMall NuohemuleRMB’000; $’000; % | 1,030,000 | 1,030,000 | 188,438 | 191,065 | 10.5 | 9.9 | PDF p. 100 |
| CapitaMall AidemengdunRMB’000; $’000; % | 369,000 | 382,500 | 67,509 | 70,954 | 3.8 | 3.7 | PDF p. 100 |
| Retail Malls subtotal | |||||||
| Balance carried forwardRMB’000; $’000; % | 16,244,000 | 16,305,500 | 2,971,840 | 3,024,670 | 166.1 | 156.9 | PDF p. 100 |
Definitions & sources
Original report: PDF p. 100 ↗
Lease term and remaining-term fields are printed in the source; values are not projected into separate range endpoints.
Consolidated Portfolio Statement — Business Parks
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Valuation (RMB’000) | 2024Group; Valuation (RMB’000) | 2025Group; Valuation ($’000) | 2024Group; Valuation ($’000) | 2025Group; Percentage of Unitholders’ funds | 2024Group; Percentage of Unitholders’ funds | Source |
|---|---|---|---|---|---|---|---|
| Business Parks | |||||||
| Ascendas Xinsu PortfolioRMB’000; $’000; % | 2,340,000 | 2,340,000 | 428,103 | 434,070 | 23.9 | 22.5 | PDF p. 101 |
| Singapore-Hangzhou Science & Technology Park (Phase I)RMB’000; $’000; % | 805,000 | 810,000 | 147,275 | 150,255 | 8.3 | 7.8 | PDF p. 101 |
| Singapore-Hangzhou Science & Technology Park (Phase II)RMB’000; $’000; % | 1,017,000 | 1,025,000 | 186,060 | 190,138 | 10.4 | 9.9 | PDF p. 101 |
| Ascendas Innovation TowersRMB’000; $’000; % | 871,000 | 879,000 | 159,349 | 163,055 | 8.9 | 8.5 | PDF p. 101 |
| Ascendas Innovation HubRMB’000; $’000; % | 334,000 | 343,000 | 61,105 | 63,626 | 3.4 | 3.3 | PDF p. 101 |
| Business Parks subtotal | |||||||
| Balance carried forwardRMB’000; $’000; % | 21,611,000 | 21,702,500 | 3,953,732 | 4,025,814 | 221.0 | 208.9 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 101 ↗
Lease term and remaining-term fields are printed in the source; values are not projected into separate range endpoints.
Consolidated Portfolio Statement — Logistics Parks and Divested Asset
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Valuation (RMB’000) | 2024Group; Valuation (RMB’000) | 2025Group; Valuation ($’000) | 2024Group; Valuation ($’000) | 2025Group; Percentage of Unitholders’ funds | 2024Group; Percentage of Unitholders’ funds | Source |
|---|---|---|---|---|---|---|---|
| Logistics Parks | |||||||
| Shanghai Fengxian Logistics ParkRMB’000; $’000; % | 438,000 | 510,000 | 80,132 | 94,605 | 4.5 | 4.9 | PDF p. 102 |
| Chengdu Shuangliu Logistics ParkRMB’000; $’000; % | 323,000 | 336,000 | 59,093 | 62,328 | 3.3 | 3.2 | PDF p. 102 |
| Wuhan Yangluo Logistics ParkRMB’000; $’000; % | 326,000 | 332,000 | 59,642 | 61,586 | 3.3 | 3.2 | PDF p. 102 |
| Kunshan Bacheng Logistics ParkRMB’000; $’000; % | 283,000 | 291,000 | 51,775 | 53,980 | 2.9 | 2.8 | PDF p. 102 |
| Logistics Parks subtotal | |||||||
| Investment properties, at valuation (Note 4)RMB’000; $’000; % | 22,981,000 | 23,171,500 | 4,204,374 | 4,298,313 | 235.0 | 223.0 | PDF p. 102 |
| Divested Asset | |||||||
| CapitaMall Yuhuating(1)RMB’000; $’000; % | – | 785,000 | – | 145,618 | – | 7.6 | PDF p. 102 |
| Portfolio total | |||||||
| Balance carried forwardRMB’000; $’000; % | 22,981,000 | 23,956,500 | 4,204,374 | 4,443,931 | 235.0 | 230.6 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
Lease term and remaining-term fields are printed in the source; values are not projected into separate range endpoints.
Consolidated Portfolio Statement — Net Assets Reconciliation
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Valuation ($’000) | 2024Group; Valuation ($’000) | 2025Group; Percentage of Unitholders’ funds | 2024Group; Percentage of Unitholders’ funds | Source |
|---|---|---|---|---|---|
| Net assets reconciliation | |||||
| Other assets and liabilities (net)$’000; % | (1,976,669) | (2,134,197) | (110.5) | (110.7) | PDF p. 102 |
| Net assets$’000; % | 2,227,705 | 2,309,734 | 124.5 | 119.9 | PDF p. 102 |
| Net assets attributable to perpetual securities holders$’000; % | (149,788) | (99,610) | (8.4) | (5.2) | PDF p. 102 |
| Net assets attributable to non-controlling interests$’000; % | (288,293) | (283,480) | (16.1) | (14.7) | PDF p. 102 |
| Net assets attributable to Unitholders$’000; % | 1,789,624 | 1,926,644 | 100.0 | 100.0 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
Where the money comes from
Segment information
By business
Operating segments - Information about reportable segments 13 lines
| Item / unit | 2025Retail Malls | 2024Retail Malls | 2025Business Parks | 2024Business Parks | 2025Logistics Parks | 2024Logistics Parks | 2025Reportable segment totals | 2024Reportable segment totals | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Gross rental income$'000 | 193,569 | 217,544 | 74,180 | 83,730 | 9,045 | 8,661 | 276,794 | 309,935 | PDF p. 153 |
| Others$'000 | 22,440 | 26,554 | 4,212 | 4,627 | 274 | 413 | 26,926 | 31,594 | PDF p. 153 |
| Gross revenue$'000 | 216,009 | 244,098 | 78,392 | 88,357 | 9,319 | 9,074 | 303,720 | 341,529 | PDF p. 153 |
| Results | |||||||||
| Segment net property income$'000 | 141,236 | 159,630 | 53,526 | 61,848 | 6,133 | 5,099 | 200,895 | 226,577 | PDF p. 153 |
| Finance income$'000 | 830 | 1,545 | 526 | 896 | 90 | 232 | 1,446 | 2,673 | PDF p. 153 |
| Finance costs$'000 | (4,975) | (5,468) | (2,447) | (2,862) | – | (446) | (7,422) | (8,776) | PDF p. 153 |
| Reportable segment total return/ (loss) before taxation$'000 | 119,173 | 112,833 | 42,039 | 44,282 | (13,053) | (25,353) | 148,159 | 131,762 | PDF p. 153 |
| Assets | |||||||||
| Segment assets$'000 | 3,084,335 | 3,340,320 | 1,111,176 | 1,086,401 | 257,822 | 283,802 | 4,453,333 | 4,710,523 | PDF p. 153 |
| Liabilities | |||||||||
| Segment liabilities$'000 | 553,346 | 571,528 | 183,759 | 184,932 | 10,364 | 9,295 | 747,469 | 765,755 | PDF p. 153 |
| Other segment items | |||||||||
| Depreciation and amortisation$'000 | (403) | (416) | (162) | (241) | (47) | (49) | (612) | (706) | PDF p. 153 |
| (Impairment losses)/Write-back on trade receivables, net$'000 | 35 | (5) | (949) | (32) | – | – | (914) | (37) | PDF p. 153 |
| Net change in fair value of investment properties and Right-of-Use assets$'000 | (21,913) | (44,172) | (9,415) | (15,432) | (19,179) | (30,129) | (50,507) | (89,733) | PDF p. 153 |
| Capital expenditure$'000 | (11,000) | (7,809) | (4,110) | (3,377) | (1,191) | (206) | (16,301) | (11,392) | PDF p. 153 |
Notes
Header: Retail Malls, Business Parks, Logistics Parks, Reportable segment totals; 2025 and 2024; $'000.
Geographical segments: All of the Group's investment properties are used for retail malls, business parks and logistics parks purposes. All properties are in China. No separate geographic table is printed.
Reconciliations of reportable segment revenue, total return, assets and liabilities 10 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Total revenue for reporting segments$'000 | 303,720 | 341,529 | PDF p. 154 |
| Total return | |||
| Total return for reportable segments before taxation$'000 | 148,159 | 131,762 | PDF p. 154 |
| Total return - Unallocated amounts | |||
| Other corporate expenses$'000 | (87,579) | (69,578) | PDF p. 154 |
| Total return | |||
| Total return before taxation$'000 | 60,580 | 62,184 | PDF p. 154 |
| Assets | |||
| Total assets for reportable segments$'000 | 4,453,333 | 4,710,523 | PDF p. 154 |
| Other unallocated amounts$'000 | 31,436 | 12,311 | PDF p. 154 |
| Consolidated assets$'000 | 4,484,769 | 4,722,834 | PDF p. 154 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 747,469 | 765,755 | PDF p. 154 |
| Other unallocated amounts$'000 | 1,509,595 | 1,647,345 | PDF p. 154 |
| Consolidated liabilities$'000 | 2,257,064 | 2,413,100 | PDF p. 154 |
Notes
Reconciliation of reportable segment totals to consolidated figures; 2025 and 2024; $'000.
Debt
Borrowings
Terms and debt repayment schedule - Group 2025 (nominal rate %, year of maturity, face value, carrying amount)
| Item / unit | 2025Group nominal interest rate per annum % | 2025Group year of maturity | 2025Group face value $'000 | 2025Group carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| S$ fixed rate MTN% / year / $'000 | 2.40 | 2028 | 150,000 | 149,925 | PDF p. 137 |
Notes
Other Group 2025 rows (S$ unsecured floating SORA+Margin 2027-2031 743,765/740,411; RMB Trust unsecured floating HIBOR+Margin 2029-2030 292,640/291,606; RMB secured floating 2.85-3.30 2026-2038 143,347/143,347; RMB unsecured floating 3.40-3.75 2026-2029 80,315/80,315; RMB FTZ fixed 3.80 2026 109,740/109,482) not quoted due to garbled label characters in source text.
Terms and debt repayment schedule - Group 2024
| Item / unit | 2024Group nominal interest rate per annum % | 2024Group year of maturity | 2024Group face value $'000 | 2024Group carrying amount $'000 | Source |
|---|---|---|---|---|---|
| Group 2024 | |||||
| S$ fixed rate MTN% / year / $'000 | 2.40 | 2028 | 150,000 | 149,895 | PDF p. 137 |
| RMB fixed rate MTN% / year / $'000 | 2.90 | 2027 | 74,200 | 74,157 | PDF p. 137 |
| RMB FTZ fixed rate bonds% / year / $'000 | 3.80 | 2026 | 111,270 | 110,688 | PDF p. 137 |
Notes
RMB secured floating term loans 3.20-4.15, 2025-2038, 147,402/147,402 and RMB unsecured floating term loan 3.75-4.20, 2025-2029, 82,919/82,919 not quoted due to garbled label characters. Trust 2024 and 2025 schedules also printed on this page.
Contractual maturities of non-derivative financial liabilities - Group
| Item / unit | 2025Group carrying amount $'000 | 2025Group contractual cash flow $'000 | 2025Group within 1 year $'000 | 2025Group within 2 to 5 years $'000 | 2025Group after 5 years $'000 | 2024Group carrying amount $'000 | 2024Group contractual cash flow $'000 | 2024Group within 1 year $'000 | 2024Group within 2 to 5 years $'000 | 2024Group after 5 years $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| S$ fixed rate MTN$'000 | 149,925 | 159,005 | 3,600 | 155,405 | – | 149,895 | 162,605 | 3,600 | 159,005 | – | PDF p. 138 |
| RMB fixed rate MTN$'000 | 182,749 | 195,103 | 5,284 | 189,819 | – | 74,157 | 80,656 | 2,152 | 78,504 | – | PDF p. 138 |
| Security deposits$'000 | 83,182 | 83,182 | 44,662 | 35,519 | 3,001 | 90,279 | 90,279 | 46,803 | 40,084 | 3,392 | PDF p. 138 |
| RMB FTZ fixed rate bonds$'000 | 110,688 | 119,726 | 4,228 | 115,498 | – | PDF p. 138 | |||||
Notes
Includes estimated interest payments, excluding netting. Group total 1,875,718 / 2,059,840 / 288,498 / 1,474,139 / 297,203. Other loan rows (S$ unsecured floating 740,411/822,155/17,739/648,713/155,703; RMB Trust unsecured 291,606/324,084/5,573/318,511/–; RMB secured 143,347/178,025/5,295/41,121/131,609; RMB unsecured 80,315/89,675/4,624/85,051/–; RMB FTZ 109,482/113,910/113,910/–/–) omitted due to garbled source labels. Trust table also printed.
Group total 2,049,055 / 2,293,194 / 414,139 / 1,628,310 / 250,745. Other rows omitted due to garbled labels.
Debt Maturity Profile as at 31 December 2025 (Capital Management)
| Item / unit | 2026Maturing by end of 2026 | 2027Maturing by end of 2027 | 2028Maturing by end of 2028 | 2029Maturing by end of 2029 | 2030Maturing by end of 2030 | 2031Maturing by end of 2031 | 2032Maturing by end of 2032 | 2025Beyond 2032 | 2025Total as at 31 December 2025 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt maturity profile | ||||||||||
| Total Debt (S$ million)S$ million | 114.2 | 294.1 | 300.6 | 458.4 | 269.2 | 162.9 | 14.3 | 89.3 | 1,703.0 | PDF p. 30 |
| % of Total Debt maturing by end of the year% | 6.7 | 17.3 | 17.7 | 26.9 | 15.8 | 9.6 | 0.8 | 5.2 | 100.0 | PDF p. 30 |
Notes
Average term to maturity 3.5 years. Chart shows balanced mix of RMB and SGD denominated debts; 68% of gross borrowings on fixed interest rates (excludes onshore RMB loans); ~S$535 million undrawn facilities.
Borrowing notes 1 tables
Interest-bearing borrowings (Group and Trust)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Trust, $'000 | 2024Trust, $'000 | Source |
|---|---|---|---|---|---|
| Borrowings by type | |||||
| Unsecured term loans$'000 | 1,036,405 | 1,291,197 | 1,036,405 | 1,291,197 | PDF p. 135 |
| Medium Term Notes (“MTN”)$'000 | 332,950 | 224,200 | 332,950 | 224,200 | PDF p. 135 |
| Free Trade Zone (“FTZ”) bonds$'000 | 109,740 | 111,270 | – | – | PDF p. 135 |
| Borrowings by type (secured) | |||||
| Secured loans$'000 | 143,347 | 147,402 | – | – | PDF p. 135 |
| Borrowings by type | |||||
| Unsecured loan$'000 | 80,315 | 82,919 | – | – | PDF p. 135 |
| Less: Unamortised transaction costs | |||||
| transaction costs$'000 | (4,922) | (5,792) | (4,664) | (5,210) | PDF p. 135 |
| Current / non-current | |||||
| Current$'000 | 113,906 | 203,494 | – | 199,953 | PDF p. 135 |
| Non-current$'000 | 1,583,929 | 1,647,702 | 1,364,691 | 1,310,234 | PDF p. 135 |
Notes
(a) Unsecured floating rate term loan facilities of $1,036.4 million (2024: $1,291.2 million), repayable in full at maturity; negative pledge covenants.
(b) MTN of $333.0 million (2024: $224.2 million) under $1.0 billion Multicurrency Debt Issuance Programme.
(c) FTZ bonds $109.7 million (RMB600.0 million) (2024: $111.3 million (RMB600.0 million)), three-year tenor, coupon 3.80% per annum.
(d) Secured term loans $143.3 million (RMB783.5 million) (2024: $147.4 million (RMB794.6 million)), 5-year LPR, lending rates 2.85% to 3.30% (2024: 3.20% to 4.15%); unsecured loan $80.3 million (RMB439.0 million) (2024: $82.9 million (RMB447.0 million)), rates 3.40% to 3.75% (2024: 3.75% to 4.20%). Secured by mortgages over Rock Square and Singapore-Hangzhou Science & Technology Park, bank account pledges and insurance assignments.
Total row (unlabelled): 1,697,835 / 1,851,196 / 1,364,691 / 1,510,187.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution of 2.49 cents per Unit for the period from 1 January 2025 to 30 June 2025 | 2.49 cents per Unit | Group, 1H 2025, paid during 2025 | PDF p. 96 |
| On 5 February 2026, the Manager declared a distribution of 2.33 cents per Unit | 2.33 cents per Unit | Group, 2H 2025 (1 July 2025 to 31 December 2025), declared 5 February 2026 as subsequent event · As at 2026-02-05 | PDF p. 171 |
| Distribution of 3.01 cents per Unit for the period from 1 January 2024 to 30 June 2024 | 3.01 cents per Unit | Group, 1H 2024, paid during 2024 (comparative) | PDF p. 96 |
| Distribution of 2.64 cents per Unit for the period from 1 July 2024 to 31 December 2024 | 2.64 cents per Unit | Group, 2H 2024, paid during 2025 (comparative year's final) | PDF p. 96 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (“DPU”) (cents) | 4.82 cents | Group, year ended 31 December 2025 | PDF p. 96 |
| Distribution per Unit (“DPU”) (cents) | 5.65 cents | Group, year ended 31 December 2024 (comparative) | PDF p. 96 |
Extracted from CapitaLand China Trust Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate Leverage (%)v | 40.7% | As at 31 December 2025; comparative 2024: 41.9 · As at 2025-12-31 | PDF p. 7 |
| Interest Coverage (times)iv | 2.8x | As at 31 December 2025; comparative 2024: 3.0x · As at 2025-12-31 | PDF p. 29 |
| Average Cost of Debtv | 3.32% | As at 31 December 2025; comparative 2024: 3.51% · As at 2025-12-31 | PDF p. 29 |
| Average Term to Maturity (years) | 3.5 years | As at 31 December 2025; comparative 2024: 3.4 years · As at 2025-12-31 | PDF p. 29 |
| Portfolio Occupancy | 91.7% | Based on committed leases as at 31 December 2025 · As at 2025-12-31 | PDF p. 6 |
| Weighted Average Lease Expiry (WALE)2 | 2.1 years | As at 31 December 2025, by GRI · As at 2025-12-31 | PDF p. 33 |
| Weighted Average Lease Expiry (WALE)2 | 2.6 years | As at 31 December 2025, by NLA · As at 2025-12-31 | PDF p. 33 |
| Portfolio Property Valuation (S$ million)ii | 4,204.4 S$ million | As at 31 December 2025; comparative 2024: 4,443.9 · As at 2025-12-31 | PDF p. 7 |
| - Before Income Distribution | 1.03 S$ | As at 31 December 2025; comparative 2024: 1.12 · As at 2025-12-31 | PDF p. 7 |
| - After Income Distribution | 1.00 S$ | As at 31 December 2025; comparative 2024: 1.09 · As at 2025-12-31 | PDF p. 7 |
| Distribution Per Unit (DPU) (S cents) | 4.82i | FY2025; comparative 2024: 5.65 | PDF p. 7 |
Extracted from CapitaLand China Trust Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Deloitte & Touche LLP | Group and Trust, year ended 31 December 2025 | PDF p. 93 |
| Engagement partner | Toh Yew Kuan Jeremy | Group and Trust | PDF p. 93 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, and the statement of financial position and statement of movements in Unitholders’ funds of the Trust are properly drawn up | Group and Trust, year ended 31 December 2025 | PDF p. 91 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties (Note 4) | The Group owns a portfolio of investment | Group, as at 31 December 2025 | PDF p. 91 |
Extracted from CapitaLand China Trust Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow CapitaLand China Trust Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The report presents total return and movements in Unitholders’ funds, not a separate comprehensive income statement.
Leasehold term and remaining-term columns in the Consolidated Portfolio Statement include ranges; the financial tables retain the amount and percentage columns without converting those ranges into derived endpoints.
Annual report PDF p. 7: i Includes rental support of S$1.3 million in 2022 and S$0.6 million in 2023 (which was previously deducted from the amount paid to the vendor) for the vacancy loss and rent free provided to existing tenants for Chengdu Shuangliu Logistics Park and Wuhan Yangluo Logistics Park. The DPU impact of rental support is 0.08 S cents in 2022 and 0.04 S cents in 2023. No rental support was received in 2024 and 2025. In 2025, there is a distribution top-up of approximately the distribution income from CapitaMall Yuhuating, which would have been contributed from 1 April 2025 to 31 December 2025, proportionally adjusted based on its distribution income in 1Q 2025. It is drawn from past divestment gains from CLCT and is funded through debt. ii Based on valuation on a 100% basis as at 31 December 2025. The portfolio property valuation includes the valuation of eight retail malls, five business parks and four logistics parks. For more details, please refer to page 26. iii Total consolidated assets of CLCT and excludes share attributable to the non-controlling interest of the project companies if the ownership is less than 100%. iv Excludes unamortised transaction costs and modification gain. v In accordance with the Property Funds Appendix, the aggregate leverage is calculated based on the proportionate share of total borrowings and deferred payments over deposited properties. CLCT does not have any deferred payments. vi Based on the consolidated interest expense for the respective financial year reflected over weighted average borrowings on balance sheet for that financial year. vii The ratio is calculated by dividing the trailing 12 months EBITDA (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities (i.e. perpetual securities) in accordance with the Property Funds Appendix. EBITDA refers to earnings before interest, tax, depreciation and amortisation. viii Refers to the expenses of CLCT excluding property expenses and interest expenses but including the performance component of CLCTML’s management fees, expressed as a percentage of weighted average net assets.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.