Ironically, the increase in NPI was boosted by stronger performance in CLCT’s retail portfolio which constitutes 75.9% of AUM, offset by lower contributions from the new economy portfolio.
CapitaLand China Trust’s distributable income of $113.9 million in FY2023 ended Dec 31, 2023, was down 9.4% y-o-y while distributions per unit (DPU) fell by 10.1% y-o-y to 6.74 cents as a result of the stronger Singapore dollar versus the RMB, as well as higher interest expense. Notably, distributable income in 2HFY2023 fell by 4.8% to $50.7 million.
Net property income (NPI) rose by 5.3% in FY2023, to RMB1.293 billion ($245.1 million).
