CapitaLand unit reopens Wuhan malls

Its portfolio’s footfall has rebounded from the previous month’s low.

CapitaLand Retail China Trust (CRCT) has reopened CapitaMall Minzhongleyuan as well as three other malls in Wuhan on 2 April following the lifting of restrictive measures in the city, according to a press release.

In March, CRCT’s portfolio saw improving business activities compared with the peak of China’s lockdown measures in February. Tenants’ opening rate reached 80% to 90% in some malls, and footfall has also rebounded positively from the preceding month’s low.

“Our focus now is to collaborate closely with our retailers to meet the pent-up demand of our shoppers and CapitaStar members with targeted offerings and attractive promotions.” CRCT’s CEO Tan Tze Wooi said.