{"product_id":"clict-five-forces-analysis","title":"CapitaMall Trust Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDon't Miss the Bigger Picture\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eCapitaMall Trust faces moderate buyer power, high tenant competition, and steady supplier leverage—while regulatory shifts and e-commerce growth shape long-term threats and opportunities.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore CapitaMall Trust’s competitive dynamics, market pressures, and strategic advantages in detail.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of specialized construction and maintenance firms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs of late 2025, Singapore has roughly 40 certified high-tier contractors for AEN (asset enhancement works), and CICT relies on this narrow cohort to keep its Grade A offices and modern malls competitive.\u003c\/p\u003e\n\u003cp\u003eThis supplier concentration gives firms moderate pricing leverage: industry premiums rose about 6–9% in 2024–25 during peak green-retrofit demand, squeezing CICT’s capex forecasts by an estimated S$8–12m annually.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDebt capital providers and financial institutions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFinancial institutions are critical capital suppliers to CapitaLand Integrated Commercial Trust (CICT), which held about S$6.2 billion of debt as of 30 Sep 2025 to fund acquisitions and asset enhancements.\u003c\/p\u003e\n\u003cp\u003eCICT’s strong credit profile (BBB+\/stable by Fitch in 2025) helps, but rising global policy rates in late 2025 pushed average borrowing costs toward ~3.5%–4.0%, raising interest expense.\u003c\/p\u003e\n\u003cp\u003eLenders set covenants and loan tenors that directly affect CICT’s distribution per unit (DPU) and its ability to pursue accretive deals, giving them substantial bargaining power.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eUtility and energy service providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEnergy costs form about 8–12% of operating expenses at large CICT malls like Funan and Raffles City; in 2025 Singapore’s push to green energy means only a handful of suppliers can deliver large-scale certified renewable power, so CICT relies on few providers and faces higher supplier bargaining power—CICT reported S$25–40\/mWh premiums for traceable green supply contracts in 2024–2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnology and smart building solution vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBy end-2025 CapitaLand Integrated Commercial Trust (CICT) had rolled out advanced proptech across 60+ malls, boosting tenant experience and cutting ops costs; proprietary building management and analytics vendors hold strong leverage because switching would cost an estimated S$5–15m per mall and disrupt services for weeks.\u003c\/p\u003e\n\u003cp\u003eOnce embedded in CICT’s ecosystem, replacing digital infrastructure triggers high capex, integration risk, and tenant disruption, so suppliers can demand premium fees and long-term contracts.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e60+ malls with proptech by 2025\u003c\/li\u003e\n\u003cli\u003eSwitch cost ~S$5–15m per mall\u003c\/li\u003e\n\u003cli\u003eService downtime: weeks if replaced\u003c\/li\u003e\n\u003cli\u003eLeverage: premium fees, long contracts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLand availability and government land sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Singapore government, via the Urban Redevelopment Authority (URA), is the primary supplier of land, so CICT’s expansion through new developments depends on timed government land release programs and en bloc sales.\u003c\/p\u003e\n\u003cp\u003eLand is limited and tightly controlled; the state thus sets entry prices for new physical assets, constraining CICT’s bargaining power and forcing reliance on existing acquisitions and JV structures for growth.\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003eURA controls land supply; 2024 government land sales (GLS) offered ~1,900 residential ha and selective commercial plots\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCICT faces supplier-driven capex squeeze, green-power premiums and covenant pressure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSupplier power is moderate–high for CICT: concentrated AEN contractors (≈40 high-tier firms) and few large green-energy suppliers pushed 2024–25 premiums, raising capex by S$8–12m\/year and green power costs by S$25–40\/MWh; debt of S$6.2bn (30 Sep 2025) and lender covenants also constrain deals; proptech vendors (60+ malls) have high switching costs (S$5–15m\/mall) boosting supplier leverage.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eHigh-tier AEN contractors\u003c\/td\u003e\n\u003ctd\u003e≈40 firms\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex squeeze\u003c\/td\u003e\n\u003ctd\u003eS$8–12m\/yr (2024–25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGreen power premium\u003c\/td\u003e\n\u003ctd\u003eS$25–40\/MWh (2024–25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt (CICT)\u003c\/td\u003e\n\u003ctd\u003eS$6.2bn (30 Sep 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProptech rollout\u003c\/td\u003e\n\u003ctd\u003e60+ malls; switch cost S$5–15m\/mall\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for CapitaMall Trust, this Porter's Five Forces overview uncovers key drivers of competition, buyer and supplier power, barriers deterring new entrants, threats from substitutes and disruptive retail formats, and how these forces influence rental yields, tenant mix strategy, and long-term profitability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eQuick, one-sheet Porter's Five Forces for CapitaMall Trust—distills competitive pressures into actionable insights for faster, board-ready decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge scale anchor tenants in retail malls\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMajor retailers and supermarket chains in CICT’s malls command strong bargaining power, pushing for lower rents and tenant incentives; in 2024 anchor tenants accounted for about 35% of footfall and helped sustain average occupancy of 97.2%. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMulti-national corporations in Grade A offices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe office portfolio of CapitaLand Integrated Commercial Trust (CICT) depends on blue-chip MNCs needing premium CBD space; these tenants command high bargaining power because in 2025 they can select among over 5 competing REIT-owned Grade A towers in central Singapore, keeping vacancy-sensitive rents under pressure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTenant concentration and industry sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCICT faces concentrated tenant power: finance, tech and government services make up roughly 54% of net lettable area as of FY2025, so sector stress can shift bargaining sharply.\u003c\/p\u003e\n\u003cp\u003eIf finance or tech decline in late 2025, affected tenants could demand rent relief or shrink space, pressuring portfolio rents and occupancy.\u003c\/p\u003e\n\u003cp\u003eThis sectoral dependence boosts collective leverage at lease renewals, notably where top-10 tenants account for about 28% of gross rental income.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow switching costs for smaller retail tenants\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eSmaller boutique retailers and F\u0026amp;B tenants face low switching costs, letting them shift between malls; surveys show 34% of Singaporean specialty retailers relocated or renegotiated leases between 2019–2023.\u003c\/p\u003e\n\u003cp\u003eAlthough CapitaLand Integrated Commercial Trust (CICT) holds prime sites, rising suburban hubs like Punggol and Jurong saw retail vacancy fall to 6.2% in 2024, increasing tenant options and bargaining leverage.\u003c\/p\u003e\n\u003cp\u003eThis choice lets tenants push for lower rents or shorter leases; CICT reported same-store net effective rents up just 1.8% in 2024, reflecting constrained pricing power.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e34% of specialty retailers moved\/renegotiated (2019–2023)\u003c\/li\u003e\n\u003cli\u003eSuburban vacancy 6.2% in 2024 (Punggol, Jurong growth)\u003c\/li\u003e\n\u003cli\u003eCICT same-store net effective rents +1.8% in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTechnological empowerment of consumers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eEnd-consumers, not tenants, decide mall success; by 2025 data-driven shopping means tenants desert locations that don’t drive sales, pushing CapitaMall India Trust (CICT) to demonstrate high physical ROI.\u003c\/p\u003e\n\u003cp\u003eCICT must invest in targeted marketing, digital footfall analytics, and asset upgrades; malls showing \u0026lt;15–25% year-on-year sales uplift retain tenants, else churn rises.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eConsumers set demand; tenants follow\u003c\/li\u003e\n\u003cli\u003eData-driven shoppers grow—CICT needs analytics\u003c\/li\u003e\n\u003cli\u003eInvestments tied to tenant retention, 15–25% sales uplift target\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh anchor power and tight CBD occupancy amid muted rent growth and retail churn\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMajor tenants and CBD MNCs exert high bargaining power—anchor tenants drove ~35% footfall and CICT occupancy was 97.2% in 2024; top-10 tenants ≈28% of gross rent (FY2025). Office competition: 5+ REIT Grade-A towers in CBD (2025) keeps rents tight; same-store net effective rents rose only 1.8% in 2024. Retail switching high: 34% specialty retailers moved 2019–2023; suburban vacancy 6.2% (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnchor footfall\u003c\/td\u003e\n\u003ctd\u003e35%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOccupancy (2024)\u003c\/td\u003e\n\u003ctd\u003e97.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop-10 rent share\u003c\/td\u003e\n\u003ctd\u003e28%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRent growth (SSNER 2024)\u003c\/td\u003e\n\u003ctd\u003e+1.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail moves (2019–23)\u003c\/td\u003e\n\u003ctd\u003e34%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSuburban vacancy (2024)\u003c\/td\u003e\n\u003ctd\u003e6.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eCapitaMall Trust Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact CapitaMall Trust Porter's Five Forces analysis you'll receive immediately after purchase—no surprises or placeholders; it's the full, professionally formatted document ready for download and use.\u003c\/p\u003e\n\u003cp\u003eThe file displayed is the actual deliverable, offering a concise evaluation of competitive rivalry, buyer and supplier power, threat of substitutes, and barriers to entry; once you buy, you get instant access to this same document.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747483922809,"sku":"clict-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/clict-five-forces-analysis.png?v=1772199107","url":"https:\/\/growthsharematrix.com\/products\/clict-five-forces-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}