CapitaLand Revenue Dropped 24% in Q1 and More Asia Real Estate Headlines

Tough times at Singapore’s biggest real estate company lead Mingtiandi’s roundup of real estate headlines from around the region today as CapitaLand Investment says its revenue dropped by nearly a quarter in the first three months of the year. China’s sovereign fund is also in the news with a sell-off of US private equity holdings and Mainland home prices continue to slide despite policy support.

Singapore’s CapitaLand Investment Says Revenue Dropped 24% in Q1

CapitaLand Investment reported total revenue of S$496 million ($365 million) for the quarter ended 31 March, down 24 percent from S$650 million in the corresponding period a year earlier.

In a business update on Wednesday, the real estate investment manager said that much of the decline came from the deconsolidation of CapitaLand Ascott Trust. In December 2024, CapitaLand Investment sold a 4.9 percent stake in the SGX-listed REIT for S$162 million to an unrelated party. Read more>>

China’s CIC Selling off $1B in Investments With US Managers

Chinese sovereign investor China Investment Corporation (CIC) is selling about $1 billion of its private equity investment portfolio in the secondary market, two people with knowledge of the matter said.

The assets are held in a number of funds managed by eight US fund managers , including Blackstone Inc and Carlyle Group, said the people. CIC has tapped US investment bank Evercore to advise on the sale and aims to complete the divestments by the end of June, they said. Read more>>

China Second-Hand Home Prices Fell Again in April

The average price of resale homes across 100 Chinese cities fell by 0.7 percent month-on-month in April, a report by a Chinese real estate research institute said, as more residential properties came onto the market boosting competition for buyers .

“Price cuts to drive sales remained the market norm,” the China Index Academy wrote in the report published on its official WeChat social media account on Thursday. It said there were a relatively high number of listings in core cities last month following the lifting of resale restrictions in some cities. Read more>>

Negative Equity Cases in Hong Kong Housing Market Hit New High in Q1

Negative equity cases in Hong Kong’s real-estate market hit a new high, according to official data released on Wednesday, as elevated interest rates continued to weigh on property prices.

The number of homes whose value sank below what their owners were paying for their mortgages rose 6.1 percent to 40,741 cases in the first quarter from the preceding period, data from the Hong Kong Monetary Authority (HKMA) showed. Read more>>

India’s Mindspace Business Parks REIT Reports 13% Boost in Net Income

Mindspace Business Parks REIT on April 30 reported a 13 percent year-on-year increase in net operating income, reaching INR 540 million ($6.4 million) for the quarter ended March.

In a regulatory filing, the company announced that Ramesh Nair, currently serving as CEO, has been additionally appointed as Managing Director. His new designation, CEO and managing director, is effective immediately and will be held for a five-year term. The company’s net operating income (NOI) rose 8.9 percent in 2024-25 to INR 20.6 billion from INR 18.96 billion in the preceding year. The distribution to unitholders stood at INR 13.12 billion for 2024-25, a growth of 15.5 percent on an annual basis. Read more>>

Embassy REIT Net Income Rose 17% in Jan-Mar Period

Embassy Office Parks REIT on Tuesday reported a 17 percent increase in its net operating income to INR 8.923 billion and declared a distribution of 5.38 billion to unitholders for the quarter ended March.

Its net operating income (NOI) stood at INR 7.66 billion in the year-ago period. The company declared distributions of INR 5.38 billion or INR 5.68 per unit for the quarter ended March 31, 2025, to unitholders in the form of dividend and other income. The NOI for the 2024-25 fiscal rose 10 percent to INR 32.84 billion from INR 29.82 billion in the preceding year. Read more>>

Earnings Flat for Singapore’s Mapletree Industrial Trust

Mapletree Industrial Trust on Wednesday posted a distribution per unit (DPU) of S$0.0336 for the fourth quarter ended 31 March, unchanged from the same period last year.

This came even as revenue dipped 0.5 percent to S$177.8 million, from S$178.7 million in the corresponding period in the previous year. In a bourse filing on Wednesday, the manager attributed the decline in revenue to the non-renewal of leases in its North America portfolio and loss of income from divesting a cluster of factories in Tanglin Halt in March last year. Read more>>

SGX-Listed Elite UK Boosts Q1 Distributions by 10%

The manager of Elite UK Real Estate Investment Trust , announced a 10.2 percent year-on-year increase in distributable income to £4.8 million ($6 million) in Q1 2025, from £4.4 million.

Revenue for the quarter inched up 0.6 percent to £9.3 million, from £9.2 million in Q1 2024, the manager said in a bourse filing on Wednesday. Read more>>

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