CapitaLand bullish on China's property market

There are encouraging signs in CapitaLand's residential business and retail operations in China, Andrew Lim, the real estate developer's chief financial officer, said on Aug 7, CNBC reported.

In the first half of 2020, the company's profits were down 89 percent to S$96.6 million ($70.5 million), from S$875.4 million year-on-year, and revenue fell 4.9 percent, mainly due to rental rebates and lower contributions from malls and residential projects, according to the channel.

Although earnings before interest and taxes plunged 71 percent year-on-year, Singapore and China remain the "key contributions", accounting for 74.1 percent of the total EBIT, Lim told CNBC.

"If you look across our China businesses, you'll see very encouraging signs in our residential business, our retail operations and in the … appetite to look at acquiring and disposing of properties," he said. "China remains a bright spark."

Lim added the company was "very actively" looking to replenish its land back in China, where appetite has "very clearly" returned, according to CNBC.

Headquartered and listed in Singapore, CapitaLand Limited is one of Asia's largest real estate groups with core markets focused on Singapore and China. After 25-year-development in China, it manages or owns over 200 business projects in 42 Chinese cities.