CapitaMall Minzhongleyuan (Photo: CapitaLand)

CapitaLand Retail China Trust (CRCT) reopened CapitaMall Minzhongleyuan on 2 April 2020 after receiving the necessary clearance from the local authorities.

The mall was temporarily shut as a precaution against the coronavirus outbreak.

In March 2020, CRCT’s portfolio observed improving business activities as compared to during the peak of China’s lockdown measures in February 2020, said the REIT.

“Tenants’ opening rate has been steadily increasing and reached as high as 80% to 90% in some malls by end-March 2020. Footfall for March 2020 has also rebounded positively from the preceding month’s low”, the REIT added.

“We are very encouraged by the return of tenants and shoppers to our malls after the progressive lifting of restrictions in the nine cities where we operate”, said Tan Tze Wooi, CEO of the REIT’s manager.

“The quality of our portfolio and the enduring bonds our malls have built with the catchment communities will put us ahead in the path towards normality”, he added.

“Our focus now is to collaborate closely with our retailers to meet the pent- up demand of our shoppers and CapitaStar members with targeted offerings and attractive promotions”.

The REIT’s manager has indicated that it expects short-term volatility to business due to COVID-19.

However, it maintains a positive view of the China market.

“By standing with our partners and local communities during these times, we continue to strengthen CRCT’s ability to seek new opportunities and achieve sustainable growth in the long run”, it added.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.