New | China’s Hui Xian REIT posts 12.4 per cent growth in amount available for distribution

Hui Xian Real Estate Investment Trust (REIT) reported the amount available for distribution rose 12.4 per cent year-on-year to 745 million yuan for the six-month period to June 30 due to organic growth from the existing leasing and hotel portfolio and an additional of 38 million yuan from the newly acquired Metropolitan Oriental Plaza in Chongqing.

Hui Xian, a unit of Cheung Kong Property Holdings, said the distributions to unitholders was 730 million yuan and the payout ratio was 98 per cent. The distribution per unit was 0.1363 yuan, an increase of 7.2 per cent year-on-year, according to the announcement released late on Monday.

Total revenue was up 9.5 per cent to 1.51 billion yuan while net property income was 1.03 billion yuan, an increase of 9.8 per cent when compared with the same period over the last year.

Net asset value attributable to unitholders dropped slightly to 28.49 billion yuan compared with 28.56 billion yuan as of December 31, 2014.