CapitaLand China Trust (CLDHF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to CLCT's full year 2025 Analyst and Media Briefing. I'm Siu-Yi, Investor Relations for CLCT. Joining me today, we have our CEO, Jerry, CFO, Joanne, CFO, Designate, Ling Tong, and Head of IPM, Yeo Hong. For this briefing, we'll start with a brief presentation followed by a Q&A session. If you have a question, please use the raise hand feature and I'll direct the time to you. If that, I'll now hand over the time to Jerry. Please go ahead. Welcome everyone to CLCT's full year 2025 financials result briefing. Thank you for making time to attend our presentation this morning. First, CLCT is the first and largest China-focused SREIT, and we uniquely offer connectivity to both SREIT and CREIT markets. Our total assets now is $4.5 billion. We have eight retail malls, five business parks, and four logistics parks. We predominantly tier one and tier two city exposure. Distribution yield, based on our announced FY25, full year 25, our DPU is 6.2%. In terms of our asset allocation, retail is our largest and most resilient asset class at 69% of gross rental income. This bread and butter more relatively defensive and benefits from government initiatives to boost domestic consumption. We also have new economy assets, business parks, logistics parks, which form smaller part of our portfolio at 31%, providing us some exposure to China's efforts to grow technology and innovation, including key sectors like semiconductors, electronics and ICT. For our retail portfolio, one of the key highlights in 2025 was our establishment and listing of our CREIT platform, CLCR, on Shanghai Stock Exchange, together with our sponsor. We managed to securitize one of CLCT's assets, Capital Mall Yu Hua Ting, which is from a tier 2 city in Changsha, into the CREIT, CLCR, a...