Mixed commercial REIT Mapletree Pan Asia Commercial Trust (MPACT) has had its credit rating downgraded as its North Asia portfolio continues to struggle with declining earnings, falling occupancy rates and negative rental reversions.
MPACT is a China and Hong Kong-exposed REIT that owns a portfolio of 17 retail, office and business park assets.
Besides China and Hong Kong, the REIT also owns four assets in Singapore, nine office assets in Japan and one office tower in South Korea.
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