Capitaland China Trust · SGX:AU8U
Capitaland China Trust — Q3 2026 Earnings Presentation
44 slides from Capitaland China Trust's earnings presentation, Oct 24, 2026
Slide 1: 3Q 2026 Business Updates
CapitaMall Xizhimen, Beijing, China 3Q 2026 Business Updates 23 October 2026
Slide 2: Disclaimer
3Q 2026 Business Updates CapitaLand China Trust Disclaimer This presentation (“Presentation”) is prepared by CapitaLand China Trust Management Limited (“Manager”) and is strictly confidential to the person to whom it is provided. This Presentation is for general informational purposes only and is pr
Slide 3: Agenda
3Q 2026 Business Updates CapitaLand China Trust Agenda 01 Key Highlights 02 Capital Management 03 Looking Forward 04 Appendix 3
Slide 4: First and Largest China-Focused S-REIT
3Q 2026 Business Updates CapitaLand China Trust First and Largest China-Focused S-REIT Offers Diversified Exposure to China’s Domestic Growth, with Unique Connectivity to both S-REIT and C-REIT Markets S$4.6 billion Total Assets1,2 Key asset class positioned to benefit 70.6% from government initiati
Slide 5: Key Highlights
01 Key Highlights
Slide 6: 9M 2026 Highlights
3Q 2026 Business Updates CapitaLand China Trust 9M 2026 Highlights FINANCIAL PERFORMANCE RETAIL OPERATIONAL PERFORMANCE CAPITAL MANAGEMENT RMB 1,222.3 million 97.2% -3.0% 41.1% 3.04% Occupancy1 Rental Reversion2 Aggregate Average Gross Revenue Leverage4 Cost of Debt5 RMB 820.6 million 3.5% +1.9% 3.0
Slide 7: 9M 2026 Financial Results Highlights
3Q 2026 Business Updates CapitaLand China Trust 9M 2026 Financial Results Highlights Gross Revenue (RMB million) -4.8% YoY • Retail revenue -5.1% YoY, mainly due to: Same-store basis1: -1.5% YoY ➢ Divestment of CapitaMall Yuhuating ➢ Lower occupancy and rental rates at CapitaMall Xinnan, CapitaMall
Slide 8: Improvements in Retail Portfolio Shopper Traffic and Tenant Sales
3Q 2026 Business Updates CapitaLand China Trust Improvements in Retail Portfolio Shopper Traffic and Tenant Sales 9M YoY Sales Improvements in During the 2026 Mid-Autumn Festival and National 9M YoY Shopper Traffic (million) Key Trade Sectors Day holiday period3, stable shopper traffic supported 9M
Slide 9: High Retail Occupancy of 97.2%
3Q 2026 Business Updates CapitaLand China Trust High Retail Occupancy of 97.2%1 Committed Occupancy Committed Occupancy 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 97.1% 97.2% 97.0% 97.3% 97.2% CapitaMall Xizhimen 99.6% 99.1% 99.8% 99.4% 99.0% Rock Square 99.0% 99.0% 99.3% 99.1% 98.4% CapitaMa
Slide 10: Business Park Occupancy of 85.7%
3Q 2026 Business Updates CapitaLand China Trust Business Park Occupancy of 85.7%1 Committed Occupancy Committed Occupancy 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 Ascendas Xinsu Portfolio 95.9% 95.3% 95.9% 95.4% 96.0% 85.2% 86.7% 86.0% 85.1% 85.7% Ascendas Innovation Towers 75.4% 85.2% 82.2
Slide 11: Proactive Leasing and Asset Management Efforts to Boost Business Parks Occupancy
3Q 2026 Business Updates CapitaLand China Trust Proactive Leasing and Asset Management Efforts to Boost Business Parks Occupancy 96.0% 81.5%1 81.0% 72.9% 57.4%1 48.1%1 Suzhou Business Ascendas Xinsu Xi'an Business AIT & AIH Hangzhou Business SHSTP Phase I & II Park Submarket Portfolio Park Submarket
Slide 12: High Logistics Park Occupancy of 98.6%
3Q 2026 Business Updates CapitaLand China Trust High Logistics Park Occupancy of 98.6%1 Committed Occupancy 99.0% 99.0% 98.6% Committed Occupancy 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 96.6% 98.1% Shanghai Fengxian Logistics Park 100.0% 100.0% 100.0% 100.0% 100.0% Kunshan Bacheng Logistic
Slide 13: Capital Management
02 Capital Management
Slide 14: Healthy Funding Matrix
3Q 2026 Financial Highlights CapitaLand China Trust Healthy Funding Matrix Proactive capital management contributes to a reduction in average cost of debt resulting in interest savings of 14% YoY ICR Sensitivity Analyses 30 September 30 June 30 September 2026 2026 2025 Movement ICR4 Total Deposited
Slide 15: Debt Maturity Profile with Diversified Funding Sources
3Q 2026 Financial Updates CapitaLand China Trust Debt Maturity Profile with Diversified Funding Sources Different funding sources lower overall cost of funding while managing currency exposure RMB600 million (S$113.8 million) 3.8% FTZ Bond due in October 2026 has been refinanced with credit faciliti
Slide 16: Looking Forward
03 Looking Forward
Slide 17: Our Strategy
3Q 2026 Business Updates CapitaLand China Trust Our Strategy: Build a Balanced Multi-Asset Portfolio to Leverage China’s Domestic Consumption Growth and Innovation-Driven Economy Create Value Unlock Value Target expansion of retail presence in Tier 1 and 2 cities Proactively identify and recycle mat
Slide 18: Business Outlook
3Q 2026 Business Updates CapitaLand China Trust Business Outlook Economic growth supported by policy Structural growth opportunities amid Middle East tensions re-escalated and lifted measures and industrial momentum gradual domestic demand recovery oil prices, while extended US-China trade truce off
Slide 19: Appendix
04 Appendix
Slide 20: Glossary
3Q 2026 Business Updates CapitaLand China Trust Glossary • AEI: Asset Enhancement Initiative • PPI: Producer Price Index • AUM: Assets under Management • QoQ: Quarter-on-Quarter • BPS: Basis Points • RMB: Renminbi • C-REIT: China Real Estate Investment Trust • S-REIT: Singapore Real Estate Investmen
Slide 21: Gross Revenue (in RMB'mil)
3Q 2026 Business Updates CapitaLand China Trust Gross Revenue (in RMB’mil) 9M 2026 9M 2025 CapitaMall 924.1 Yuhuating Portfolio 877.1 43.0 9M 2026 1,222.3 RMB mil -4.8% YoY 309.6 321.5 9M 2025 1,284.2 RMB mil 35.6 38.6 Retail Business Park Logistics Park 21
Slide 22: Gross Revenue (in RMB'mil)
3Q 2026 Business Updates CapitaLand China Trust Gross Revenue (in RMB’mil) 3Q 2026 3Q 2025 Portfolio 286.3 294.8 3Q 2026 399.7 RMB mil -4.1% YoY 100.6 107.3 3Q 2025 416.6 RMB mil 12.8 14.5 Retail Business Park Logistics Park 22
Slide 23: Net Property Income (in RMB'mil)
3Q 2026 Business Updates CapitaLand China Trust Net Property Income (in RMB’mil) 9M 2026 9M 2025 CapitaMall Yuhuating Portfolio 579.4 607.3 26.7 9M 2026 820.6 RMB mil -3.9% YoY 219.2 220.8 9M 2025 853.8 RMB mil 22.0 25.7 Retail Business Park Logistics Park 23
Slide 24: Net Property Income (in RMB'mil)
3Q 2026 Business Updates CapitaLand China Trust Net Property Income (in RMB’mil) 188.9 3Q 2026 3Q 2025 182.9 Portfolio 3Q 2026 259.6 RMB mil -5.1% YoY 73.6 68.4 3Q 2025 273.5 RMB mil 8.3 11.0 Retail Business Park Logistics Park 24
Slide 25: Improved Portfolio Stability by Mitigating Tenant Concentration Risks
3Q 2026 Business Updates CapitaLand China Trust Improved Portfolio Stability by Mitigating Tenant Concentration Risks Well represented and No. Tenant Trade Sector Asset Class % of Total Rental Income diversified leases 1 JD.com Group of Companies E-commerce, Logistics and Retail, Logistics Park 1.4%
Slide 26: Portfolio Lease Expiry Profile
3Q 2026 Business Updates CapitaLand China Trust Portfolio Lease Expiry Profile1 Portfolio WALE Remains Stable at 2.4 years by NLA % of total Gross Rental Income2 Retail Business Logistics Portfolio WALE (Years) Retail Logistics Park Park Park Business Park By Gross Rental Income2 2.1 1.7 2.5 2.0 41.
Slide 27: Driving New Leases and Tenant Retention Through Active Leasing Momentum
3Q 2026 Business Updates CapitaLand China Trust Driving New Leases and Tenant Retention Through Active Leasing Momentum Retail Business Logistics Park Park Renewed Renewed Renewed Leases, 3Q 2026 Leases, 3Q 2026 Leases, 3Q 2026 69.6% 69.5% 59.8% Business Logistics Retail Park Park Leases by New Leas
Slide 28: Retail Portfolio Overview
3Q 2026 Business Updates CapitaLand China Trust Retail Portfolio Overview Harbin, 13.3% 16.2 8 5 Total Valuation1 Retail Cities (across 3 Malls1 core city clusters) Hohhot, 6.3% (RMB billion) Beijing, 51.4% Chengdu, 8.0% Guangzhou, 21.0% Note: 1. Based on valuation on a 100% basis as at 31 December
Slide 29: Retail Portfolio Lease Expiry Profile
3Q 2026 Business Updates CapitaLand China Trust Retail Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2,3 Net Lettable Area4 2026 2.1 199 6.4% 5.0% 2027 1,124 41.5% 33.4% By Gross Rental Income2 2028
Slide 30: Building Strength through Active Tenancy Remixing
3Q 2026 Business Updates CapitaLand China Trust Building Strength through Active Tenancy Remixing Retail contributes 70.6% of Portfolio GRI IT & Telecommunications Food & Beverage 39.4% Increased from 4.6%2 to 5.0%1, reflecting Fashion & Accessories 16.7% ongoing optimisation of the trade mix and st
Slide 31: Transforming Spaces, Redefining Experiences
3Q 2026 Business Updates CapitaLand China Trust Transforming Spaces, Redefining Experiences Unveiling A New Outdoor Event Space at CapitaMall Wangjing Before After • Successfully transformed an inaccessible space into a dynamic outdoor venue, creating a new event space that enhanced its street prese
Slide 32: Optimising Portfolio to Enhance Returns
3Q 2026 Business Updates CapitaLand China Trust Optimising Portfolio to Enhance Returns Mall Layout Reconfiguration After Before at Rock Square • Reconfigured Level 3 with a new continuous walkway that improved shopper traffic flow and enhanced storefront visibility. • Optimised the layout by reconf
Slide 33: Leveraging the Popularity of Toys and Collectibles to Drive Shopper Engagement
3Q 2026 Business Updates CapitaLand China Trust Leveraging the Popularity of Toys and Collectibles to Drive Shopper Engagement CapitaMall Wangjing Rock Square • The Pokémon official pop-up stores at CapitaMall Wangjing and Rock Square featured 30th anniversary activations, exclusive collectibles and
Slide 34: Designing Engaging Lifestyle Experiences
3Q 2026 Business Updates CapitaLand China Trust Designing Engaging Lifestyle Experiences Youth First-Aid Training at CapitaMall Aidemengdun Co-hosted the Youth First-Aid Training at CapitaMall Aidemengdun in partnership with Blue Sky Rescue, equipping participants with practical emergency response s
Slide 35: Business Park Portfolio Overview
3Q 2026 Business Updates CapitaLand China Trust Business Park Portfolio Overview 5.4 5 3 Total Valuation1 Business Cities Xi’an, 22.5% (RMB billion) Parks1 Suzhou, 43.6% Hangzhou, 33.9% Note: 1. Based on valuation on a 100% basis as at 31 December 2025. 35
Slide 36: Business Park Portfolio Lease Expiry Profile
3Q 2026 Business Updates CapitaLand China Trust Business Park Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2 Net Lettable Area3 2026 1.7 91 7.8% 7.3% 2027 475 40.5% 39.2% By Gross Rental Income 2028
Slide 37: Proactively Attracting Tenants Across Sectors for Business and Logistics Parks
3Q 2026 Business Updates CapitaLand China Trust Proactively Attracting Tenants Across Sectors for Business and Logistics Parks Business Parks and Logistics Parks contribute 26.0% and 3.4% of Portfolio GRI respectively Electronics 20.0% Electronics increased from 18.7%2 to 20.0%1, Engineering 17.1% d
Slide 38: Logistics Park Portfolio Overview
3Q 2026 Business Updates CapitaLand China Trust Logistics Park Portfolio Overview 1.4 4 4 Total Valuation1 Logistics Cities (RMB billion) Parks Wuhan, 23.8% Kunshan, 20.6% Shanghai, 32.0% Chengdu, 23.6% Note: 1. Based on valuation on a 100% basis as at 31 December 2025. 38
Slide 39: Logistics Park Portfolio Lease Expiry Profile
3Q 2026 Business Updates CapitaLand China Trust Logistics Park Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2 Net Lettable Area3 2026 2.5 108 30.8% 38.9% 2027 35 22.9% 17.4% By Gross Rental Income 2
Slide 40: Portfolio at a Glance
3Q 2026 Business Updates CapitaLand China Trust Portfolio at a Glance1 CapitaMall Xizhimen Rock Square CapitaMall Wangjing CapitaMall Xuefu 凯德MALL•西直门 乐峰广场 凯德MALL•望京 凯德广场•学府 Location Beijing Guangzhou Beijing Harbin GFA (sq m) 83,075 88,279 83,768 123,811 NLA (sq m) 50,446 53,135 41,611 63,211 23 Au
Slide 41: Portfolio at a Glance
3Q 2026 Business Updates CapitaLand China Trust Portfolio at a Glance1 CapitaMall Grand CapitaMall CapitaMall Xinnan CapitaMall Nuohemule Canyon Aidemengdun 凯德广场• 新南 凯德广场•诺和木勒 凯德MALL• 大峡谷 凯德MALL•埃德蒙顿 Location Beijing Chengdu Hohhot Harbin GFA (sq m) 92,918 91,816 100,047 49,040 NLA (sq m) 40,713 36,
Slide 42: Portfolio at a Glance
3Q 2026 Business Updates CapitaLand China Trust Portfolio at a Glance1 Singapore-Hangzhou Singapore-Hangzhou Ascendas Ascendas Innovation Ascendas Innovation Science & Technology Science & Technology Xinsu Portfolio Towers Hub Park Phase I Park Phase II 腾飞新苏 新加坡腾飞科汇城 腾飞创新中心 新加坡杭州科技园一期 新加坡杭州科技园二期 Loc
Slide 43: Portfolio at a Glance
3Q 2026 Business Updates CapitaLand China Trust Portfolio at a Glance1 Shanghai Fengxian Wuhan Yangluo Chengdu Shuangliu Kunshan Bacheng Logistics Park Logistics Park Logistics Park Logistics Park 上海奉贤物流园 武汉阳逻物流园 成都双流物流园 昆山巴城物流园 Location Shanghai Wuhan Chengdu Kunshan GFA (sq m) 62,785 86,973 71,556
Slide 44: Thank You
3Q 2026 Business Updates CapitaLand China Trust Thank You For enquiries, please contact: Ms Debbie Tan, Associate Director, Investor Relations Direct: (65) 6713 2154 | Email: [email protected] CapitaLand China Trust Management Limited Tel: (65) 6713 2888 | Fax: (65) 6713 2999 clct.com.sg 44
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