Income support helps Perennial China Retail Trust meet forecast
Perennial China Retail Trust today reported that the amount available for distribution for the third quarter was $10.9 million - in line with the forecast given at its listing - as income support kicked in for properties that did not meet expectations.
Distribution per unit for the three months to Sept 30 was 0.97 cent. The money will be paid to unitholders together with the fourth quarter distributions on or before March 31 next year, said the trustee-manager in a statement.
Only two of the seven properties in Perennial China Retail Trust are currently operating. These two - the Shenyang Red Star Macalline Furniture Mall and the Shenyang Longemont Shopping Mall - are undergoing major tenancy restructuring.
The trustee-manager said that the operating performance of these two malls is expected to remain challenging in the short term due to the restructuring.