China Real Estate portfolio value rises

Date: Friday 05 Feb 2010

Chinese property company China Real Estate saw the value of its property portfolio rise 4% to RMB 9,188m at the end of 2009 from RMB 8,834m at the end of June. In sterling terms, the increase was 7.35%.

The company said that 2009 was a challenging year on the office leasing front, though vacancy rates had eased to 11.4% by the year end from a peak of 14,2% in the first quarter. The retail sector however, continued to perform strongly, aided by the resurgence of the Chinese consumer, the company added.

Across the portfolio as a whole, the occupancy rate, excluding space under refurbishment, at the end of the year was 85%, versus 91% at the end of 2008. Office space had an occupancy rate of 79% while retail units had an occupancy rate of 97%.

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