Latest news with #CLCR
Business Times
2 days ago
- Business
- Business Times
CapitaLand China Trust to divest retail property for 748 million yuan
[SINGAPORE] CapitaLand China Trust (CLCT) , a CapitaLand Investment subsidiary, is set to raise up to 748 million yuan (S$134.9 million) through the divestment of CapitaMall Yuhuating, a mature retail asset in Changsha. This is part of its participation in the proposed listing of CapitaLand Commercial C-Reit (CLCR) on the Shanghai Stock Exchange. CLCT will dispose of its entire interest in CapitaMalls Hunan Commercial Property, the entity that owns CapitaMall Yuhuating, to Changsha Kaiting Consulting & Management. The trust will sell the asset at a floor price of 748 million yuan, based on independent valuations. Gross proceeds from the transaction are expected to reach 738.5 million yuan, with net proceeds of about 595.3 million yuan after deducting transaction costs and the subscription amount. From the gross proceeds, CLCT intends to allocate around S$20.7 million to subscribe for 5 per cent of the commercial real estate investment trust's (C-Reit) initial public offering (IPO) units. The subscription will be subject to a five-year lock-up period. The manager noted on Thursday (Jun 12) that if CapitaMall Yuhuating is divested at the floor price, the exit net property income yield would be 6.8 per cent. Assuming the net proceeds are used to reduce debt and buy back units, the distribution per unit accretion is projected at 0.4 per cent. CLCT's manager views the transaction as a key step in realising value from a mature asset, while continuing to maintain exposure to China's retail sector through its stake in CLCR. The move is also expected to strengthen its balance sheet, potentially reducing aggregate leverage from 42.6 per cent to 41.4 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In addition to improving financial flexibility – through the use of the proceeds for debt repayment, unit buybacks or working capital – CLCT's participation in CLCR gives it a new platform for future asset recycling, as well as access to China's onshore capital markets and a broader investor base. The manager also noted that the C-Reit market in China has been gaining momentum. 'As at Jun 10, there are currently 66 listed C-Reits with total market capitalisation of approximately 201.7 billion yuan.' This is due to the Chinese government ramping up efforts to boost consumer spending. Consumption-related C-Reits have achieved strong post-IPO average unit price increases of more than 50 per cent, demonstrating the potential for capital appreciation, added the manager. As at 9.53 am on Thursday, units of CLCT were flat at S$0.695.
Business Times
2 days ago
- Business
- Business Times
CapitaLand China Trust to raise 748 million yuan via divestment for C-Reit listing
[SINGAPORE] CapitaLand China Trust (CLCT) , a CapitaLand Investment subsidiary, is set to raise up to 748 million yuan (S$134.9 million) through the divestment of CapitaMall Yuhuating, a mature retail asset in Changsha. This is part of its participation in the proposed listing of CapitaLand Commercial C-Reit (CLCR) on the Shanghai Stock Exchange. As part of this move, CLCT will divest its entire interest in CapitaMalls Hunan Commercial Property, the entity that owns CapitaMall Yuhuating, to Changsha Kaiting Consulting & Management. The trust will sell the asset at a minimum floor price of 748 million yuan, which has been valued by independent valuers. Gross proceeds from the transaction are expected to reach 738.5 million yuan, with net proceeds of about 595.3 million yuan after deducting transaction costs and the subscription amount. From the gross proceeds, CLCT intends to allocate around S$20.7 million to subscribe for 5 per cent of CLCR's initial public offering (IPO) units. The subscription will be subject to a five-year lock-up period. The manager noted on Thursday (Jun 12) that if CapitaMall Yuhuating is divested at the minimum floor price, the exit net property income yield would be 6.8 per cent. Assuming the net proceeds are used to reduce debt and buy back units, the distribution per unit accretion is projected at 0.4 per cent. CLCT views the transaction as a key step in realising value from a mature asset while continuing to maintain exposure to China's retail sector through its stake in CLCR. The move is also expected to strengthen its balance sheet, potentially reducing aggregate leverage from 42.6 per cent to 41.4 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In addition to improving financial flexibility – through the use of proceeds for debt repayment, unit buybacks or working capital – CLCT's participation in CLCR gives it a new platform for future asset-recycling and access to China's onshore capital markets and broader investor base. The manager of the Reit noted that the C-Reit market in China has been gaining momentum. 'As at Jun 10, there are currently 66 listed C-Reits with total market capitalisation of approximately 201.7 billion yuan,' it added. This is due to the Chinese government ramping up efforts to boost consumer spending. Consumption-related C-Reits have achieved strong post-IPO average share price increases of more than 50 per cent, demonstrating the potential for capital appreciation, the manager noted. As at 9.53 am on Thursday, shares of CLCT were flat at S$0.695.
Yahoo
19-04-2025
- Business
- Yahoo
Top Stock Market Highlights of the Week: Nvidia, CapitaLand Investment and Singapore Economic Resilience Taskforce
Welcome to this week's edition of top stock market highlights. Nvidia was informed by the US government that its H20 chip would require a licence 'for the foreseeable future' before it can be exported to China . This new restriction came as the Trump administration seems intent on escalating its trade war with China. It will also interfere with Nvidia's latest product line, which was explicitly designed to comply with previous restrictions. Government officials said that this ruling will prevent the H20 from being used in, or diverted to, a supercomputer in China. As a result, Nvidia will book around US$5.5 billion in write-downs because of the new ruling during its first quarter of fiscal 2026 results. The H20 chip is a scaled-down product that's designed to not be too powerful, and is better suited for the inference stage for artificial intelligence (AI) – or the point where the model recognises patterns and draws conclusions. However, even this basic functionality is now perceived to be too risky to export to China. Nvidia is unhappy with this restriction and believes that further restrictions may spur China to make itself independent of American companies, where the country will develop its technology in-house. This write-down also implies that Nvidia may miss out on its revenue guidance for the year. Meanwhile, Nvidia has also pledged to build up to US$500 billion worth of AI infrastructure in the US over the next four years. It remains to be seen if the Trump administration is satisfied with the latest curb, or if Nvidia could suffer more restrictions in due course. CapitaLand Investment Limited, or CLI, looks set to be the first Singaporean company to list a Chinese retail REIT on the Shanghai Stock Exchange. CLI plans to list CapitaLand Commercial C-REIT (CLCR), which will increase the funds under management (FUM) of CLI's listed funds platform. CLCR will invest in operating retail assets in China, which should benefit from the Chinese government's stimulus policies designed to spur domestic consumption. The new REIT will own two starting assets – CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha. These two properties have a total gross floor area of 168,405 square metres and are valued at RMB 2.8 billion. Their aggregate committed occupancy stood at 97%. CapitaMall SKY+ is jointly owned currently by both CLI and CapitaLand Development (CLD), while CapitaMall Yuhuating is owned by CapitaLand China Trust (SGX: AU8U), or CLCT. After the REIT is listed, CLI, CLCT and CLD will still collectively own a 20% stake in CLCR. CLI will continue to operate both assets post-launch and has a potential pipeline of 43 retail properties across 18 Chinese cities that can be injected into both CLCR and CLCT. The move to spin off CLCR should help boost CLI's recurring fee income and FUM and lighten its balance sheet further. The Singapore Economic Resilience Taskforce, or SERT, held a press conference recently to address the raft of tariffs imposed by US President Donald Trump. Singapore's GDP forecast was downgraded to between 0% to 2%, and Deputy Minister Gan Kim Yong cannot rule out the possibility of a recession this year. SERT will comprise three workstreams to help businesses, especially SMEs (small, medium enterprises), navigate these challenges. The first is for information sharing and sensemaking so that everyone is aware of the latest developments and how they impact businesses and workers. The second involves immediate support to address the challenges faced by these two groups. Budget 2025 has rolled out a comprehensive package, but this will be reviewed to determine if it is sufficient, and more support will be provided if necessary. As for the third, the plan is to focus on longer-term strategic planning to help businesses and the economy transform and reposition in a new economic landscape. Singapore Business Federation (SBF) vice-chairman Mark Lee said that SBF has established the Centre for the Future of Trade and Investment (CFOTI), which launched a national sentiment poll to capture business reaction and understand the support that businesses feel they need. The results of this poll will be out in the next two to three weeks. He advised businesses here to continue to innovate, strengthen their offerings, and tap into Singapore's free trade agreement (FTA) network to diversify their markets and suppliers. Generative AI is reshaping the stock market, but not in the way most investors think. It's not just about which companies are using AI. It's about how they're using it to unlock new revenue, dominate their markets, and quietly reshape the business world. Our latest FREE report 'How GenAI is Reshaping the Stock Market' breaks the hype down, so you can invest with greater clarity and confidence. Click here to download your copy today. Follow us on Facebook and Telegram for the latest investing news and analyses! Disclosure: Royston Yang does not own shares in any of the companies mentioned. The post Top Stock Market Highlights of the Week: Nvidia, CapitaLand Investment and Singapore Economic Resilience Taskforce appeared first on The Smart Investor.
Axios
04-04-2025
- Health
- Axios
How Indy is responding to mental health incidents without police
As interactions between police and those in mental health crises continue to produce fatal results nationwide, Indianapolis officials are now operating under a revamped system to ensure that every citizen's first point of contact is appropriate. Why it matters: Indy's recently launched unified mental health response initiative attempts to curb how often Indianapolis police are called to manage matters unrelated to law enforcement. It follows the 2023 rollout of the city's Clinician-Led Community Response (CLCR) team and the creation of the Mobile Crisis Assistance Teams (MCAT) in 2017. The big picture: Local efforts coincide with a nationwide uptick in programs that replace police with mental health professionals in emergency responses. Backers of such efforts say these better-equipped teams can prevent police shootings and other fatal interactions that disproportionately affect communities of color. According to a Washington Post estimate, 20% of victims in fatal U.S. police shootings since 2015 were experiencing a mental health crisis. Driving the news: Indy first responders have been operating under the guidelines of the new system since earlier this year. Zoom in: The 24/7 initiative is a joint response involving IMPD, IFD and IEMS personnel that kicks in when CLCR teams and MCAT are unavailable. It covers all IMPD districts. How it works: It starts with a Metropolitan Emergency Services Agency (MESA) dispatcher who determines if the call is mental health-related, and if the scene is safe. If there is danger or scene safety is unknown, IMPD becomes the lead agency while IFD and IEMS set up nearby. If it is safe, IEMS and IFD lead and administer care as needed while IMPD provides support. Following a call, individuals are connected with MCAT, CLCR teams or other local resources as needed. What they're saying: "Making sure our community receives the best care requires teamwork," IMPD Chief Chris Bailey tells Axios. "This unified mental health response initiative allows us to connect our neighbors with the right resources at the right time." "By partnering with MESA, IFD and IEMS, we can better assess complex situations and provide the most effective response. Every call is different, and I'm grateful for this collaborative effort." Flashback: In April 2022, Herman Whitfield III died after being tased by IMPD officers as he suffered a mental health crisis. The involved officers were indicted and ultimately acquitted last December after a five-day jury trial. Whitfield's death spurred calls for local reform, leading Mayor Joe Hogsett's administration to allocate $2 million in American Rescue Plan Act money to create the CLCR program. By the numbers: When the program went live in 2023, Bailey told IndyStar an estimated 80% of IMPD's radio runs were for issues like mental health that aren't built for law enforcement. In 2024, the CLCR team took more than 925 calls and helped nearly 650 people, according to the city of Indianapolis. The program expanded to the St. George Apartments on the near northside and IMPD's North District at the turn of the year, making it a resource for 192,000 additional residents. It launched in IMPD's Downtown District in July 2023 and expanded to the East District in February 2024. The city said that MCAT, meanwhile, responded to more than 2,700 mental health-related calls last year while conducting about 1,000 follow-up home visits after an incident.
