Property giant CapitaLand has reopened all its malls in China that had been shut due to the country's coronavirus lockdown.
Its four malls in Wuhan - the epicentre of the outbreak - reopened last Thursday after receiving clearance from the local authorities.
About 80 per cent of stores in CapitaLand's malls and business parks in China were operational as at March 31, the firm said in a bourse filing yesterday.
In a separate filing, CapitaLand Retail China Trust (CRCT) said its portfolio had seen improvements in business activity and footfall last month compared with February.
CRCT Management chief executive Tan Tze Wooi said the trust was "very encouraged" by the return of tenants and shoppers, adding that it would work closely with retailers to meet pent-up demand through targeted offerings and promotions.
He said: "While we expect short-term volatility to our business due to Covid-19, we maintain our long-term collaborative stance with our business partners and a positive view of the China market."
About 95 per cent of CapitaLand's office tenants have also resumed operations, with more than 65 per cent of tenants' employees returning.
CapitaLand's residential sales offices across China reopened progressively last month, with transactions for the month exceeding 1.3 billion yuan (S$263 million). This is more than 51/2 times its sales for January and February combined.
Its new La Botanica township in Xi'an, launched on March 24, sold all 288 units within four days for a gross sales value of 405 million yuan, the firm said.
Other notable sales in the first quarter included Jing'an One in Shanghai and Citta Di Mare and La Riva in Guangzhou. The three properties netted the company about one billion yuan all up.
CapitaLand group China president Lucas Loh said Chinese home buyers have become more discerning since the virus outbreak, but added that the healthy figures indicated a sustained underlying demand for new homes. The developer said most of its projects under construction have resumed work, and it is now focused on catching up with its annual sales and handover targets.
CapitaLand shares closed up 4.6 per cent to $2.74 yesterday while CRCT units added 6.6 per cent to $1.13.
THE BUSINESS TIMES
