CapitaMall Minzhongleyuan in Wuhan resumes operations
Singapore, 6 April 2020 – Following the lifting of restrictive measures in Wuhan as China’s COVID-19 outbreak abates, CapitaLand Retail China Trust (CRCT) has reopened CapitaMall Minzhongleyuan on 2 April 2020 after receiving the necessary clearance from the local authorities. Three other CapitaLand malls in Wuhan also reopened on the same day.1
In March 2020, CRCT’s portfolio observed improving business activities as compared to during the peak of China’s lockdown measures in February 2020. Tenants’ opening rate has been steadily increasing and reached as high as 80% to 90% in some malls by end March 2020. Footfall for March 2020 has also rebounded positively from the preceding month’s low.
Mr Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management Limited, said: “We are very encouraged by the return of tenants and shoppers to our malls after the progressive lifting of restrictions in the nine cities where we operate. The quality of our portfolio and the enduring bonds our malls have built with the catchment communities will put us ahead in the path towards normality. Our focus now is to collaborate closely with our retailers to meet the pent-up demand of our shoppers and CapitaStar members with targeted offerings and attractive promotions. We will also continue to put in place best practice precautionary measures to ensure the well-being of our tenants, shoppers and employees.”
“In the last few years, we have actively shaped the portfolio to become more resilient by diversifying our presence across more cities and diversifying our tenant base across different trade categories. With a well-experienced management team equipped with deep local knowledge, we have built up the skill set and tenacity to overcome near-term business disruptions. This is supported by the strong retail platform and network of our sponsor.
"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. By standing with our partners and local communities during these times, we continue to strengthen CRCT’s ability to seek new opportunities and achieve sustainable growth in the long run.”
Notes:
1 Please refer to news release issued by CapitaLand, CRCT’s property manager, on 6 April 2020: “CapitaLand sees encouraging signs of recovery in China”.