CMC REIT (01503): The average occupancy rate of the office portfolio in the fourth quarter was 77%.

CMC REIT (01503) released the operating data for the three months ending December 31, 2025. In the fourth quarter, the average occupancy rate of CMC REIT's office portfolio was 77%; the average property occupancy rate was 80.8%. In the fourth quarter, the Shenzhen office leasing market as a whole continued to be in a period of adjustment with high supply and pressure on rents, with structural differentiation in demand and ongoing selling pressure. Although there is expansion demand from the new economy and technology-related industries in some specific areas, tenants still have a high sensitivity to lease terms. New Era Square, a Grade A office building, signed contracts with several high-quality tenants during the quarter, driving the overall occupancy rate up by 9.2 percentage points to 66.1%, with current rents rising from RMB 139.2 yuan/square meter to RMB 141.9 yuan/square meter. China Merchants Hanhua Tech Trade Center continued to see the effectiveness of its strategy to prioritize increasing occupancy rates, pushing the occupancy rate up to 93.8% through more competitive leasing solutions, while current rents fell back to RMB 196.4 yuan/square meter. Tech Tower saw a 6.6 percentage point decline in overall occupancy rate this quarter due to the expiration of leases for large tenants. As a longstanding important customer, this tenant may continue to make leasing strategy adjustments in the future due to scaling back their innovation business, and we as the REIT manager will continue to closely monitor this. The second phase of Tech Tower and Digital Tower also saw declines in occupancy rates by 10.3 and 6.4 percentage points respectively as some tenants' leases expired at the end of the year. The REIT manager will formulate selling strategies for these properties to drive occupancy rates back up. The Garden City Shopping Center continued its steady performance throughout the quarter, with strong performance during the holiday season driving foot traffic and sales, maintaining high occupancy rates. Looking ahead, with the warming of consumer spending during the Chinese New Year and the continued influx of passengers from Metro Line 12, the project's operations and competitiveness will remain stable and improving.