CMC REIT income up 19.1% to US$15.03b in H1

This is higher compared to RMB81.9m (US$12.61b) in the same period last year.

China Merchants Commercial REIT reported its distributable income grew 19.1% to RMB97.6m (approximately, US$15.03b) in the six months to June 2021.

This increased from RMB81.93m (US$12.61b) recorded in the corresponding period in 2020.

Total revenue of CMC REIT amounted to RMB211.8m (US$32.61m), higher by RMB33.9m (US$5.22m).

The 19% increase was attributed to the recovery from the pandemic, coupled with the proper operational strategies made by the China Merchants Land Asset Management Co., Limited.

CMC REIT registered a total of RMB181m (US$27.87m) in rental income; of which, the New Times Plaza and Garden City Shopping Centre accounted for RMB62m (US$9.54m) and RMB47.8m (US$7.36m), respectively.

Moreover, the company's Cyberport Building generated RMB20.7m (US$3.18m), whilst Technology Building and Technology Building 2 each raised RMB26.2m (US$4.03m) and RMB24.3m (US$3.74m).

“The manager is cautiously optimistic about the business and expansion of CMC REIT and will fully leverage the capabilities and resources of China Merchants Group to enhance returns for Unitholders and to develop optimal win-win solutions for all its stakeholders,” the report read in part.

“For the following six months, the manager will optimize its portfolio through proactive asset management on existing assets.”

It added that the company will closely track the progress of the renovation work scheduled in the coming two years, which is seen to enhance the quality of the buildings and their market competitiveness.