Yuexiu Real Estate Investment Trust (“Yuexiu REIT”together with Yuexiu REIT Asset Management Limited, jointly referred to as the “REIT”; stock code: 405) revealed its interim outcomes for the 6 months ended 30 June 2025.
2025 Interim Results Highlights:
– Overall operation was steady, with overall earnings of RMB966 million (matching duration of 2024: RMB1,034 million).
– As at 30 June 2025, the general tenancy rate of the residential or commercial properties was 82.2% (matching duration of 2024: 84.0%).
– The typical funding expense was 3.33%, representing a reduction of 83 basis points from the start of the year. Leaving out exchange loss, funding expenditures reduced by 13.5% year-on-year.
– Interim circulation of around RMB0.0333 per system, comparable to around HK$ 0.0366. This represents an annualized circulation yield of 8.42%.
Guangzhou International Finance Center (GZIFC):
– Operating earnings of the GZIFC complex was RMB486 million, representing 50.3% of the REIT’s overall income.
– Its office complex presented a Fortune Global 500 business, the tenancy rate was 82.6%, and the renewal rate was 70%.
– GZIFC Shopping Mall had a high tenancy rate of 96.4% throughout the duration.
– Four Seasons Hotel Guangzhou attained a 1.1-percentage-point year-on-year boost in typical tenancy rate with record space income for the duration, while Ascott Serviced Apartments GZIFC tape-recorded a 1.8-percentage-point increase in typical tenancy and likewise reached historical highs in income.
Yuexiu Financial Tower:
– Yuexiu Financial Tower taped operating income of around RMB165 million, representing 17.1% of the REIT’s overall profits. The tenancy rate was 82.1%.
– The renter structure continued to enhance, with brand-new intro of quality occupants such as a Fortune Global 500 business and a futures business with a market price going beyond RMB10 billion.
Proactive Management of Financing Risk and Effective Stabilization of Financing Cost
– With regard to the short-term loan of RMB530 million and the 5-year syndicated loan of HK$ 2.1 billion, both due in the very first half of 2025, and other loans which are due within the year, the Manager in the very first half of 2025 restored the short-term loan of RMB530 million, acquired overseas loan of RMB1.7 billion and provided dim amount bonds of RMB1 billion for the refinancing and early payment of the developing loans so regarding make sure efficient display on the liquidity threat.
– The Manager presented an overall of RMB3.23 billion in loans in the very first half of 2025 to re-finance overseas HKD drifting rate loans, benefiting from the fairly inexpensive of RMB funding to proactively change the funding structure, consequently decreasing the effect of the rate of interest market. At the end of the very first half of 2025, the funding rate of interest direct exposure of Yuexiu REIT was roughly 14%, narrowing by 12 portion points from 26% at the start of the year; the typical funding expense was 3.33%, representing a decline of 83 basis points from 4.16% at the start of the year; the typical interest payment rate for the very first half of the year was 3.92%, representing a year-on-year reduction of 64 basis points. Leaving out the exchange loss, the financing expenditures totaled up to roughly RMB402 million, representing a year-on-year decline of 13.5%.
– As at the end of June 2025, Yuexiu REIT had RMB funding of roughly RMB14,795 million, representing 72% of overall funding (matching duration of 2024: RMB funding of roughly RMB8,404 million, representing 41% of overall funding).
Mr. JIANG Guoxiong, Chairman and Non-Executive Director of Yuexiu REIT, stated, “In the very first half of 2025, versus the background of worldwide trade volatility and slowing financial development, China’s GDP accomplished stable development of 5.3%, yet business growth stayed mindful and sluggish; retail usage was weak, and typical day-to-day rate of hotel and house was under pressure. In order to successfully handle the headwinds in the market, we took tactical actions to protect market share by restoring leases ahead of time, purchasing property gratitude jobs to boost item competitiveness, and successfully supporting the basics of operations, which efficiently supported the income of Yuexiu REIT for the Interim Period. Lower funding expense is useful to the circulations.”
Guangzhou International Finance Center (GZIFC)
GZIFC accomplished favorable development in both consumer circulation and conversion rates through item improvement and functional optimisation, with a recently contracted location of 13,133 sq. m. The recently introduced 4,235 sq. m. of provided systems tape-recorded an absorption cycle of just about 19 days, with an absorption rate near to 90%. Quality occupants presented consist of a Fortune Global 500 business, a leading international shipping business, and a distinguished Internet-based culture, sports and home entertainment business, using up more than 2,200 sq. m. in aggregate. In addition, the job taped a restored leasing location of 9,099 sq. m. and a renewal rate of 70%, maintaining quality renters consisting of 2 Fortune Global 500 business and a foreign consulate. GZIFC was chosen as one of the Top 30 business in the “Performance Index – 2025 Commercial Property Operation Performance” by Guandian.
GZIFC Shopping Mall actively developed digitalized usage situations, advanced the pilot application of the regional way of life platform “YueXiu Club”, which now covers 12 merchants, while bring in consumers through numerous channels such as Dianping and UnionPay QuickPass platforms. Freshly contracted location and restored leasing location amounted to 5,734 sq.m., with a renewal rate of 97% and the tenancy rate of 96.4%. Throughout the duration, it was revealed that China Duty Free Group (CDFG) will establish a shop in GZIFC Shopping Mall, which will be the very first and presently the only downtown duty-free shop in Guangzhou and is anticipated to open in the 3rd quarter.
Space income of Four Seasons Hotel Guangzhou and revunue of Ascott Serviced Apartments GZIFC reached a record high for the duration, respectively. Throughout the duration, the typical tenancy rate of Four Seasons Hotel Guangzhou reached 80.1%, representing a year-on-year boost of 1.1 portion points. The typical space rate was RMB2,201, comparable to the exact same duration in 2015. The earnings per offered space (RevPAR) was RMB1,762, representing a year-on-year boost of 0.7%. The RevPAR competitive index was 111.7, preserving a leading market position amongst high-end hotel rivals. The typical tenancy rate of Ascott Serviced Apartments GZIFC reached 92.3%, representing a year-on-year boost of 1.8 portion point and 9.7 portion points greater than that of serviced apartment or condo rivals. The typical space rate was RMB1,128, comparable to the very same duration in 2015. The RevPAR was RMB1,041, representing a year-on-year development of 1.5%. The RevPAR competitive index reached 120.0.
Yuexiu Financial Tower
Throughout the duration, Yuexiu Financial Tower taped a freshly contracted location of 7,448 sq.m., consisting of an overall of 1,500 sq. m. even more used up by 7 existing occupants searching for broadened location. 7,089 sq. m. of supplied systems were released, with an absorption cycle of around 38 days and an absorption rate of more than 65%. Quality renters recently presented consist of a Fortune Global 500 business and a futures business with a market price of over RMB10 billion. As particular occupants moved to their own residential or commercial properties, the task taped a restored leasing location of 10,303 sq. m. and a renewal rate of 42%, keeping quality renters with big leasing locations, consisting of Deloitte, among the Big Four global accounting companies, and a leading integrated property management business in China.
White Horse Building
Throughout the duration, White Horse Building presented supply chain resources from the Pearl River Delta and taped a recently contracted location of 3,273 sq.m., with complete tenancy on the 1st flooring. In the very first half of 2025, it invited an overall of 165 procurement delegations, in addition to almost 5,000 buyer sees, consisting of 23 foreign delegations from France, Vietnam and other nations, and assisted in procurement offers worth RMB140 million. By benefiting from exhibits such as the Greater Bay Area International Women’s Wear Expo and the Canton Fair, White Horse Building helped with occupant deals. It likewise effectively introduced the cross-border e-commerce platform “White Horse Global E-Channel” and establish a series naturally entitled “White Horse Business School Marketing Empowerment Camp” to trigger brand-new momentum for renters’ digital operations.
Fortune Plaza
Throughout the duration, the task tape-recorded a freshly contracted location of 2,354 sq.m., and presented quality renters consisting of numerous health care and senior care subsidiaries of a Fortune Global 500 incorporated monetary group. The task taped a restored leasing location of 2,924 sq. m. and a renewal rate of 76%, maintaining quality renters consisting of a Fortune Global 500 business, and flexibly changed systems to match their need for expense effectiveness.
City Development Plaza
Throughout the duration, the job tape-recorded a recently contracted location of 7,585 sq. m. and presented a charm innovation business to boost the environment of health care organization in the structure. Retention strategies were developed due to occupants’ pursuit of expense performance, targeted at enhancing item requirements to satisfy occupant requirements. The job taped a restored leasing location of 2,090 sq. m. and a renewal rate of 68%, maintaining occupants consisting of the Guangzhou workplace of a globally-renowned Contract Research Organisation (CRO).
Success Plaza
Throughout the duration, its anchor renter, Uniqlo, continued to play a flagship function by releasing its C-series items, and hosted the very first “A Better Life” project of Uniqlo in China, together with enormous Pokémon setups and A Better Life Music Event, from 28 March to 6 April. Client circulation reached a quarterly peak throughout the occasions, driving a 7% year-on-year sales development in April, and adding to a 0.3% year-on-year sales development throughout the Interim Period. By teaming up with renters taken part in catering services to profit from increased sales with the rise in client circulation, the job drove a year-on-year boost of 0.6% in general sales throughout the Interim Period.
Shanghai Yue Xiu Tower
Throughout the duration, the task tape-recorded a restored leasing location of 3,798 sq.m., with a renewal rate of 39%, while protecting a freshly contracted location of 3,933 sq.m., effectively offseting the systems giving up ahead of lease expiration. By changing the energy-saving light tubes in the carpark areas to boost brightness, the job improved both energy performance and service requirements, therefore enhancing renter fulfillment. As at the end of the Interim Period, the tenancy rate of Shanghai Yue Xiu Tower was 87.2%, representing a year-on-year boost of 2.6 portion points.
Wuhan Properties
Throughout the duration, Wuhan Yuexiu Fortune Centre tape-recorded a recently contracted location of 12,395 sq.m., and presented quality occupants consisting of a member of a leading international vehicle group and a varied expert services business. In addition, it taped a restored leasing location of 10,884 sq. m. and a renewal rate of 81%, keeping quality renters with big leasing locations, consisting of a Fortune Global 500 state-owned business. Business solicitation group enhanced the clients’ residential or commercial property checking out experience through partial micro-renovation of systems, soft providing upgrades and development of AI design spaces to increase the conversion rate of consumers.
Starry Victoria Shopping Centre tape-recorded a recently contracted location and restored leasing location amounting to 3,894 sq. m. with a renewal rate of 82% throughout the duration. The job effectively presented a number of popular food and drink brand names, consisting of the internet-famous brand name “Domino’s” on the 1st flooring of Hall A, to draw in more household consumer groups. The job used nighttime intake by leveraging the special appeal of “Joy Garden” on the 4th flooring, continually establishing efforts like “Riverside Starry Night” and “Midnight Diner” to promote brand-new sales development motorists.
Hangzhou Victory
Hangzhou Victory taped a recently contracted location of 1,974 sq. m. and presented an occupant to use up a whole flooring throughout the duration. In addition, it tape-recorded a restored leasing location of 6,083 sq. m. and a renewal rate of 64%, keeping quality renters consisting of a Fortune Global 500 building engineering business and the Zhejiang branch of a state-owned business in Shanxi Province.
Potential customers
The marketplace typically expects additional rates of interest cuts by the United States Federal Reserve in the 2nd half of 2025, though the course and degree stay unsure. On the other hand, 2025 marks the concluding year of China’s “14th Five-Year Plan”, with policies focusing on stability, consisting of reasonably accommodative financial policies and “trade-in” intake aid policies targeted at broadening domestic need to promote market vigor. The Manager anticipates the RMB interest rate to stay at a fairly low level. With the sped up advancement of brand-new quality efficient forces and the improvement of supply-side reforms in China, the Manager anticipates that brand-new commercial momentum will continue to emerge and company environment will enhance. The extremely expected 15th National Games is arranged to open in Guangzhou in the 2nd half of 2025, which is anticipated to enhance usage in shopping center and need for hotels and homes.
In the 2nd half of 2025, the Manager will keep up with financial advancement patterns and dynamically execute proactive, sensible and versatile leasing methods, acutely take possible chances, and constantly boost the marketplace competitiveness of possession portfolio. The Manager will continue to examine and clear up modifications to its funding structure depending upon expectations of market advancements, and present affordable RMB funding through numerous RMB funding channels to look for more beneficial funding expenses to balance out rates of interest dangers. Furthermore, the Manager will perform pertinent property gratitude tasks as prepared, with affordable preparation and phased remodelling of the visitor spaces at Four Seasons Hotel Guangzhou. By concentrating on item improvement, devices renewal and security assurance, the Manager intends to accomplish worth conservation and gratitude of the homes and make sure the sound operation of the jobs.
About Yuexiu Real Estate Investment Trust
Yuexiu Real Estate Investment Trust (“Yuexiu REIT”was noted on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the very first noted realty financial investment trust just purchasing homes in individuals’s Republic of China (the “PRC”worldwide. The present residential or commercial property portfolio makes up 10 high quality homes, particularly Guangzhou International Finance Center, White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Yuexiu Financial Tower in Guangzhou, Yuexiu Tower in Shanghai, Wuhan Properties in Wuhan (consisting of Wuhan Yuexiu Fortune Centre and Starry Victoria Shopping Centre), Victory Business Centre in Hangzhou and Yuexiu Building in Hong Kong, with an overall location of ownership of around 1.184 million sq. m. All homes lie in the main enterprise zone of Guangzhou, Shanghai, Wuhan, Hangzhou and Hong Kong respectively. The classifications of the homes consist of Grade-A workplaces, industrial complexes, retail organization, hotel, serviced homes and expert clothes market etc.
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Subject: Press release summary
