Link: https://links.sgx.com/1.0.0/corporate-announcements/48SVOV82NB6L6DCJ/a02dd9595cb0b60f2c2f5cf3272c7eaf41b91bd58d7237a2b4b1b607b1670c05

Summary:

• Strong Retail Asset Performance:
  11 of 13 malls have committed occupancy above 90%, with tenant diversification—top 10 tenants contribute just 17.1% of gross rental income.

• Well-Balanced Portfolio:
  Retail (55.5%), logistics (18.7%), and business parks (25.8%) by asset value—geographically and sectorally diversified.

• Retail Repositioning in Focus:
  Ongoing tenant remixing, experiential retail strategies, and space optimization to stay competitive and relevant.

• Scalable Logistics Strategy:
  High occupancy at 95.6% with targeted cost efficiency and operational streamlining to boost returns.

• Resilient Business Parks Strategy:
  Assets positioned in innovation clusters targeting tech, green energy, and biomedical tenants.

• Disciplined Capital Management:
  71.7% of borrowings in onshore RMB; gearing at 40.1%; no major debt due in 2025; proactive interest rate management.

• Clear ESG Commitment:
  Solar panel installations across logistics parks, green certifications, and energy-saving measures being implemented.

• Forward Strategy:
  Focused on accretive acquisitions in Tier 1 and 2 cities and selective capital recycling to enhance long-term portfolio performance.