China Merchants Commercial REIT (1503) said its annual distributable income rose 32.4 percent to 12.25 million yuan (HK$13.69 million) in 2019 due to an increase in rent and occupancy rate.
An annualized distribution of 1.22 HK cents per unit was also declared.
The rent and occupancy rate of the five properties under China Merchants Commercial REIT achieved steady growth.
The total revenue was about 28.75 million yuan.
The company expected that the completion of asset enhancement initiatives together with the approaching launch of Metro Line 12 in 2022 will promote the overall rental level of the properties and the group will search for the assets of China Merchants Group for suitable injections into China Merchants Commercial REIT.
In other news, Times Neighborhood (9928), which spun off from Times China (1233), expected its gross floor area under management will increase to 100 million square meters in 2021 and will announce news of an acquisition soon, said chief executive Wang Meng.
Wang said the epidemic could have a positive impact on large-scale property management company in the long term.
Times China supported the group's development, which also seeks to expand their business to Central China, Eastern China and other first-tier areas with high economic growth through mergers and acquisitions.
The core net profit excluding listing expenses attributable to owners of the parent for the 2019 amounted to 120.1 million yuan, representing a year-on-year increase of 89.1 percent.
