Home International News CapitaLand sees encouraging signs of recovery in China

CapitaLand sees encouraging signs of recovery in China


Following the nationwide shutdown mandated by the Chinese government in early February in a bid to contain the COVID-19 outbreak, CapitaLand sales offices across China have reopened progressively in March.

CapitaLand sees encouraging signs of recovery in China

CapitaLand’s other business segments in China have also seen a recovery in operations. As at end March 2020, about 80 percent of the stores in CapitaLand malls in China are in operation. In another milestone, the Group’s four malls in Wuhan, which have been shut since end January 2020, reopened on April 2, 2020 after receiving the necessary clearance from local authorities.

On the commercial front, about 95 percent of CapitaLand’s office tenants have resumed operations and more than 65 percent of their employees have returned to office. About 80 percent of the tenants in CapitaLand’s business parks have also resumed operations.

Lee Chee Koon, Group CEO, CapitaLand Group, said: “When economic activities came to a standstill during the height of China’s COVID-19 outbreak, our team fought alongside the community and made taking care of our customers, guests and tenants our top priority. Now that China is restarting its economy, we stand ready to resume business operations and support the country’s recovery. Let’s hope this improvement continues and that green shoots will similarly spring up around the world, soon.”

Lucas Loh, President, China, CapitaLand Group, said: “As China gets back to work, CapitaLand will play its part to support the return of customers and tenants to our shopping malls, office buildings and business parks. We will remain vigilant in adopting the necessary precautionary measures to ensure public health and hygiene. We will also continue to contribute towards the recovery of affected communities through our philanthropic efforts.”