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Portfolio FY 20161 Actual2 Forecast3 Change (%)
Gross revenue (RMB'000) 317,334 315,210 0.77
Net property income (RMB'000) 202,168 193,967 4.27,8
Gross revenue (SGD'000) 66,234 68,524 (3.3)7,9
Net property income (SGD'000) 42,197 42,167 0.17,8,9
Amount available for distribution (SGD'000) 19,038 18,507 2.9
Distribution per Unit (DPU) (cents) 5.45 5.32 2.4
Annualised Distribution Yield (%)
– Based on IPO price4 6.44 6.296 2.4
– Based on closing price5 7.87 7.686 2.5


  1. For the financial period from 18 November 2015 (Date of Constitution) to 31 December 2016 ("FY 2016").
  2. The actual results were translated using the average SGD: CNY rate of 1: 4.791.
  3. The forcast results were translated using the average SGD: CNY rate of 1: 4.60.
  4. Based on IPO price of S$0.80 as at 11 December 2015.
  5. Based on Closing price of S$0.655 as at 31 December 2016.
  6. The forecast 2016 annualised distribution yield for FY 2016 were prorated based on forecast 2015 of 5.7% and projection 2016 of 6.3% as shown in the Prospectus.
  7. With effect from 1 May 2016, China implemented a nation-wide VAT reform.
  8. With effect from 1 July 2016, the Beijing State Government aligned its tax policy with the national practice of charging Property Tax based on rental income. This resulted in higher property-related tax expenses for Beijing Wanliu Mall. The change in Beijing's Property Tax is in-line with current property tax for the other 4 properties in the portfolio. The change has resulted in an additional 3.3% in operating expenses for FY 2016.
  9. Weaker RMB against SGD.

Selected Statement Of Financial Position

As at 31 December 2016

  S$'000
Investment properties1 810,692
Total assets 871,627
Loans and borrowings 230,462
Total liabilities 290,241
Net assets attributable to Unitholders 421,177

Key Financial Indicators

  2016
Annualised distribution yield (%)
– Based on IPO price2 6.44
– Based on closing price3 7.87
Net asset value per unit (cents) 0.85
Gearing ratio4 (%) 31.0
Average cost of debt (%) 3.75
Weighted average term to maturity for debt (years) 2.0
Basic earnings per unit (cents) 11.86
Distribution per unit (cents) 5.45
Interest cover (times) 14.1
Ratio of expenses to average net asset value5 (%) 0.70


  1. Based on independent valuation from Knight Frank Petty Limited as at 31 December 2016.
  2. Based on IPO price of S$0.80 as at 11 December 2015.
  3. Based on closing price of S$0.655 as at 30 December 2016.
  4. Based on total loans and borrowings principal attributable to Unitholders divided by total assets attributable to Unitholders.
  5. The expenses used in the computation relate to expenses at the Group level, excluding property related expenses and borrowing costs but including performance component of Manager's management fees.

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