"The growth rates in these non-tier-1 cities may be quite high as their markets are less saturated. Our mall in Hohhot, Inner Mongolia, CapitaMall Nuohemule, for instance, has been performing very well." The right tenants, treated right Aligning the tenant mix with changing consumer preferences is key to driving footfall and spending. In response to the Chinese government's stimulus efforts—such as the issuance of consumption vouchers aimed at boosting domestic spending—CLCT observed a notable uptick in IT product purchases, which are eligible under the voucher scheme. "There's a wide variety of IT products, and unlike bigger-ticket white goods such as refrigerators, consumers frequently upgrade items such as mobile phones." Leveraging its Sponsor's (CapitaLand Investment) strong tenant base, CLCT continuously monitors retail trends to proactively refresh its tenant mix and optimise asset performance.