Friday, March 31, 2017

SGX-Listed China REITs Rate-Hike Sensitivity Data Comparison (4Q2016)

Recently, horror stories have been told of 'ghost malls' in China's cities. This is hardly surprisingly given the fact that the Chinese consumers are the most obsessive online shoppers in the world. They are mostly using WeChat app for their online purchases. The e-commerce market in China has grown rapidly to become the largest in the world over the past decade. I hope these comparison data between China retail REITs can help those of you who are vested.

Mapletree Greater China Commercial Trust:
- Gearing: 40.5%
- Average debt maturity: 3.93 years
- Interest coverage ratio: 3.6 times
- All-in debt cost: 2.78%
- % of total debts hedged on fixed rates: 85%
- WALE: 2.5 years
- Occupancy: 98.6%
- NAV: $1.213


CapitaLand China Retail Trust:
- Gearing: 35.3%
- Average debt maturity: 1.84 years
- Interest coverage ratio: 6 times
- All-in debt cost: 2.81%
- % of total debts hedged on fixed rates: 53.7%
- WALE: 5 years
- Occupancy: 95.9%
- NAV: $1.60


Fortune REIT:
- Gearing: 29.5%
- Average debt maturity: 3.7 years (No refinancing needs until 2018)
- Interest coverage ratio: 4.6 times
- All-in debt cost: 2.4%
- % of total debts hedged on fixed rates: 67%
- WALE: 3.1 years
- Occupancy: 96.7%
- NAV: HK$12.90


BHG Retail REIT:
- Gearing: 31%
- Average debt maturity: 2 years
- All-in debt cost: 3.75%
- Interest rates for SGD denominated debts balanced between fixed and variable
- WALE: 5.2 years
- Occupancy: 97.6%
- NAV: $0.80

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