Business
China Merchants Commercial REIT Reports Total Revenue of RMB529 Million in 2024; Occupancy Rate at Garden City Shopping Centre in Shenzhen Surges Significantly; Overall Operational Performance Continues to Optimize
China Merchants Commercial Real Estate Investment Trust ("CMC REIT" or "the Trust", HKEX stock code:1503), announced its annual results for the year ended 31 December 2024. During the year, total revenue was RMB529 million, an increase of RMB40 million or 8.2% over the revenue for 2023.
About this update from China Merchants Commercial Real Estate Investment Trust
[{"type":"text","content":"HONG KONG, March 18, 2025 /PRNewswire/ -- China Merchants Commercial Real Estate Investment Trust ("CMC REIT" or "the Trust", HKEX stock code:1503), announced its annual results for the year ended 31 December 2024. During the year, total revenue was RMB529 million, an increase of RMB40 million or 8.2% over the revenue for 2023.","length":349,"tagName":"p"},{"type":"text","content":"The final DPU(distribution per unit) for 2024 is HK$0.0520. Together with the paid interim DPU of HK$0.0600, the total DPU for the Reporting Year amounted to HK$0.1120, equivalent to a distribution yield of 9.2%, based on the closing price of CMC REIT on 31 December 2024 (being HK$1.22).","length":288,"tagName":"p"},{"type":"text","content":"Total net borrowings of CMC REIT were RMB4,086 million, equivalent to a gearing ratio of 40.5%. This ratio is lower than the permitted limit of 50% as stipulated by the Code on Real Estate Investment Trusts (the "REIT Code"). Total liabilities (excluding net assets attributable to unitholders) as a percentage of total assets were 54.8% (2023 year end: 53.0%). As at 31 December 2024, net assets attributable to Unitholders amounted to RMB3,096 million (31 December 2023: RMB3,392 million) or RMB2.74 per Unit, equivalent to HKD2.97 per Unit December 2023: RMB3,392 million) or RMB2.75 per Unit, equivalent to HKD2.97 per Unit based on central parity rate as announced by the People's Bank on 31 December 2024.","length":725,"tagName":"p"},{"type":"text","content":"In January 2025, CMC REIT entered into a 5-year facility agreement with an independent third party bank (as lender) in respect of a loan facility in an amount up to RMB4.1 billion at a fixed interest rate of 2.80% per annum. An amount of RMB4,008 million was drawn down from this new loan facility in January 2025 and used to fully prepay the former offshore facilities with fixed rates of 3.55% and 2.93%. This drawdown on a loan facility with a lower interest rate to prepay loans with higher interest rates will result in substantial savings on interest expense for CMC REIT in 2025.","length":586,"tagName":"p"},{"type":"text","content":"Business Performance","length":20,"tagName":"p"},{"type":"text","content":"Over the Reporting Year, the average occupancy rate of the total property portfolio was 90.6%, with office buildings basica...
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