Investor Presentaiton
China
Performance anchored by long stays; outlook expected to improve as flight frequencies increase
RevPAU (RMB)
+37%
298
218
2Q 2022
2Q 2023
•
•
4% of total assets, 2% of 1H 2023 gross profit:
5 SRs under management contracts
1H 2023 revenue and gross profit increased 25%
and 139% y-o-y respectively, mainly due to higher
occupancies following the easing of Covid-19
restrictions in early 2023
2Q 2023 RevPAU increased 37% y-o-y to RMB 298,
which is 78% of 2Q 2019 same-store RevPAU1
• Long stays and project groups continued to be
primary sources of demand at CLAS' properties,
providing resilience; the average length of stay of
CLAS' properties was c.6 months in 2Q 2023
• Demand for corporate and leisure short stays
rose in 2Q 2023, largely driven by the domestic
segment, boosted by several exhibitions and
events, as well as public holidays such as the
long Labour Day weekend
•
•
Forward bookings for 3Q 2023 reflect increased
transient demand as the summer season
approaches; pick-up in corporate demand
boosted by several events and conferences
in 3Q 2023
International demand is expected to improve
further in the coming months, as the frequency of
flights to and from China continues to recover
progressively
Note:
1. Excluding Somerset Xu Hui Shanghai which was divested in May 2021 and Ascott Guangzhou which was divested in Dec 2020
CapitaLand Ascott Trust
1H 2023 Financial Results
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