Link: https://links.sgx.com/1.0.0/corporate-announcements/DP1UXA1VAMB7FJ1H/1b0fccfe6cc13b70f052b5f97500ac55c7c1b1295993e267f1dc4853feeb95b0

Summary:

• 3Q2025 gross revenue dropped 56.9% year-on-year to S$10.8 million, while net property income plunged 60.5% to S$9.0 million. For 9M2025, revenue and NPI fell 56% each, mainly due to loss of key master leases, weaker leasing, and RMB depreciation.

• No distributions to unitholders for 3Q2025 or 9M2025; unlikely to be declared for full year 2025 given ongoing liquidity challenges.

• Overdue rent receivables from the Sponsor Group have ballooned to RMB 338 million (S$61.2 million); negotiations pending for a master offset agreement to net out payables and receivables.

• Sponsor Reorganisation in progress, with EC World submitting RMB 1.14 billion in claims; uncertainties remain regarding outcome and possible change of control.

• Current liabilities exceed current assets by S$573.6 million (mainly S$466 million in bank loans repayable on demand); group leverage stands at an elevated 71.1%.

• Ongoing legal challenges: group seeking to discharge an unauthorised mortgage over key property, with potential risk exposure of RMB 269 million (S$48.7 million).

• Portfolio occupancy at 84.3%, WALE at 0.9 years by rental income. Unlocking value through asset divestment and facility restructuring is a key focus amid ongoing risk to operations and trading suspension.

• Manager reiterates suspension of unit trading and distributions until financial stabilization is achieved; macro uncertainty and China real estate sector weakness continue to hamper prospects.