On October 30, after market close, China World Trade Center (SH:600007) released its financial report for the third quarter of 2024. In Q3, the company’s revenue declined by 2.61% year-on-year to 985 million yuan, with net profit attributable to shareholders down 5.04% to 331 million yuan. For the first three quarters, revenue showed a slight year-on-year increase of 0.02%, reaching 2.95 billion yuan, while net profit attributable to shareholders grew 1.63% year-on-year to 1.019 billion yuan.
Additionally, the company reported total assets of 12.123 billion yuan, a 5.88% decrease from the end of the previous fiscal year.
China World Trade Center’s primary businesses include property leasing and management and hotel operations. The property leasing and management segment encompasses office buildings, shopping malls, apartments, and other real estate types.
The main complex owned by the company, the China World Trade Center, is located in the heart of Beijing’s Central Business District and includes high-end commercial buildings such as China World Mall, China World Hotel, China World Apartments, and China World Exhibition Center, among others.
China World Mall is one of Beijing’s premier upscale shopping centers and was among the first to introduce brand boutiques to the Chinese Mainland. It houses flagship stores of numerous top international luxury brands, such as Louis Vuitton, Dior, Loewe, Chloé, and Berluti. Notably, it hosts the first Louis Vuitton Foundation in China and the world’s first “three-in-one” Chanel store.
The financial report also disclosed the average rental rates and occupancy rates of China World Mall for the first three quarters:
- Phase I: Average rent at 2,048 yuan/sqm/month, occupancy rate at 98.9%, down 0.6 percentage points year-on-year
- Phase II: Average rent at 1,204 yuan/sqm/month, occupancy rate at 98.3%, down 1.7 percentage points year-on-year
- Phase III A: Average rent at 700 yuan/sqm/month, occupancy rate at 92.9%, down 5.3 percentage points year-on-year
- Phase III B: Average rent at 804 yuan/sqm/month, occupancy rate at 97.8%, down 1.1 percentage points year-on-year
- East Tower: Average rent at 2,448 yuan/sqm/month, occupancy rate at 95.7%, down 1.5 percentage points year-on-year
As of the close on October 31, the company’s stock price fell by 1.46% to 22.92 yuan per share, with a total market capitalization of 23.1 billion yuan.
| Source: Financial Report and Official Website
| Image Credit: Official Brand Photos
| Editor: LeZhi
