CapitaLand opens all malls and business parks in China as country returns to normalcy

Mall spaces had suffered greatly during the lockdown in China but as the country returns to somewhat normalcy, retailers and mall owners are looking to get back on track as soon as possible.

Image Courtesy: capitaland.com

Singaporean mall developers CapitaLand have reopened all the malls situated in the country. Even its four locations located in Wuhan, the epicentre of the pandemic, opened their doors to business on 2 April after receiving the all clear from local authority.

However, the malls in Wuhan were the last to open up and 80 per cent of CapitaLand’s business park and mall spaces had started operations by the end of March.

As per a separate filing by CapitaLand Retail China Trust (CRCT), they had seen escalation and improvements in footfall and business activity in March as compared to February. As of now, CRCT is working on formulating new strategies to meet with pent up demand as tenants and shoppers continue to return.

95 per cent of office tenants in CapitaLand business parks have started operations officially with 65 per cent of their workforce returning to offices. Even the property giant’s new township, La Botanica in Xi’an, sold out 288 units within 4 days of its launch, indicating a sustained underlying demand for new homes.

Commenting on keeping the business afloat during difficult times, CRCT Management Chief Executive Tan TzeWooi, said “While we expect short-term volatility to our business due to COVID-19, we maintain our long-term collaborative stance with our business partners and a positive view of the China market.”