CMC REIT: steady revenue
CMC REIT reported stable 2025 revenue and a year‑over‑year valuation uptick of RMB 31 million for its Garden City Shopping Centre, with management signaling a push for higher‑quality investments in 2026 (prnewswire.com).
Total revenue for the year amounted to RMB432 million reported)), while distributable income fell to RMB96.3 million from RMB116.7 million the prior year reported)). The Manager set the gearing ratio at 42.3% with total bank borrowings of RMB4.11 billion as at year‑end, staying comfortably below the 50% REIT Code threshold reported)). In January 2025 CMC REIT drew RMB4.008 billion under a new five‑year facility (up to RMB4.1 billion) at a fixed annual rate of 2.80%, and used the proceeds to fully prepay previous offshore facilities announced)). The Manager said cost measures cut property operating expenses by 13.8% and lowered finance costs by 11.3% year‑on‑year, a key driver behind the narrower cash outflows reported)). Net assets attributable to unitholders stood at RMB2,899 million, equivalent to a NAV per unit of RMB2.57 (HK$2.85), versus a closing unit price of HK$1.24 on 31 December 2025 — a 56.4% discount to NAV reported)). In December 2025 CMC REIT signed to acquire its first Hong Kong student accommodation (approx. 23,600 sq ft) adjacent to The Hong Kong Polytechnic University, a property valued at HK$213 million in November 2025 with an agreed purchase price of about HK$206 million (a c.3.3% discount) announced)).
