China Merchants Commercial REIT (01503.HK): Steady progress, resilient to market fluctuations with high-quality assets.
In recent years, commercial office buildings have faced significant pressure in operation due to multiple factors such as the continuous increase of market supply, relative shortage of effective office demands, and the transformation of enterprise office methods towards more flexible and diversified approaches. Despite the uncertain development of the industry, some enterprises have demonstrated their ability to excel in operation and achieve upward growth. On August 14th, China Merchants Commercial REIT announced its mid-term performance for 2024. The fund recorded a revenue of 0.266 billion yuan, a year-on-year increase of 11.9%; net property income was 0.201 billion yuan, a year-on-year increase of 12.5%. Each fund unit distributed 0.0.
Understanding the performance of China Merchants Commercial REIT Fund (1503.HK) by 2024 midterm with one diagram.
On August 14th, 2024, China Merchants Commercial REIT (1503.HK), the first state-owned real estate investment trust fund to be listed in Hong Kong, announced its mid-year performance as of June 30th, 2024. Let's take a look at the highlights of this performance and operational excellence through a chart below.
China Merchants Commercial REIT's fund income increased by 12% in the first half of the year, and mid-term distribution increased significantly by 26% to reach HKD 0.06 per fund unit.
China Merchants Commercial REIT (1503 HK), announced its interim performance for the six months ended on June 30th, 2024. Despite challenging circumstances, the operation of REIT within the reporting period still showed positive performance. As the rental income sharply increased by 9.7% to RMB 238.4 million on a year-on-year basis, the total revenue of China Merchants Commercial REIT Fund during the reporting period rose by RMB 26.63 million, a 11% growth compared to the same period in 2023.
Stock Market Movement: China Merchants Commercial REIT (01503) surged more than 9% during trading, with a mid-term distributable income of RMB 62.018 million, a year-on-year growth of 26.3%.
China Merchants Commercial REIT (01503) rose more than 9% in midday trading. As of press time, it has risen 7.21%, to HKD 1.19 with a turnover of HKD 1.2933 million.
China Merchants Commercial REIT distributed HK$0.06 per fund unit for the interim period, with a dividend payment date of October 31st.
China Merchants Commercial REIT (01503) released an announcement to distribute a half-yearly dividend of 0.06 Hong Kong dollars per fund unit from January 1, 2024 to June 30, 2024. The dividend payout date is October 31, 2024.
China Merchants Commercial REIT announced its mid-year performance, with distributable income of RMB 62.018 million, a YoY growth of 26.3%.
China Merchants Commercial REIT (01503) released its interim performance report as of June 30, 2024, with a revenue of 266 million yuan, up 11.9% year-on-year; distributable income of 62.018 million yuan, up 26.3% year-on-year; and a distribution of HKD 0.06 per fund unit. The announcement stated that during the reporting period, the overall occupancy rate of the property portfolio rose from 86.8% to 92.7%, an increase of 5.9 percentage points compared to December 31, 2023. The main reason is that after the upgrading of the Garden City, new tenants including block orders stores have settled in, which has led to a significant increase in its occupancy rate by 11.