FRASERS Property is placing a greater emphasis on capital efficiency as the group aims to lower its gearing to a more manageable level.

During the annual general meeting (AGM) held on Thursday (Jan 16), group chief executive officer Panote Sirivadhanabhakdi responded to several inquiries from shareholders by stating that the group has been aware of the need to decrease its total debt burden since the onset of the Covid-19 pandemic.

However, he acknowledged that the real estate industry was “lumpy” and the group “never expected interest rates to rise significantly in a short period of time”.