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Portfolio 1Q 20172 1Q 20161,2 Change (%)
Gross revenue (RMB'000)
75,348
74,620
1.04
Net property income (RMB'000)
50,441
47,125
7.04,5
Gross revenue (SGD'000)
15,492
16,039
(3.4)4,6
Net property income (SGD'000)
10,371
10,139
2.34,5,6
Amount available for distribution (SGD'000)
5,056
4,743
6.6
Distribution per Unit (DPU) (cents) 1.39 1.37
1.5
Annualised Distribution Yield (%)
– Based on closing price3 7.62 6.87
10.9


  1. The comparative figures were for the quarter from 1 January 2016 to 31 March 2016. These figures were extracted from BHG Retail REIT’s inaugural results for the period from 18 November 2015 (Date of Constitution) to 31 March 2016. There were no operating activities for the period prior to 11 December 2015 (Listing Date).
  2. The actual results of the Group’s foreign subsidiaries were translated using the average SGD: CNY rate of 1:4.864 and 1:4.643 for 1Q 2017 and 1Q 2016, respectively.
  3. Based on Closing price of S$0.74 and S$0.80 as at 31 March 2017 and 31 March 2016, respectively.
  4. Prior to 1 May 2016, Business Tax was reflected under property operating expenses. With effect from 1 May 2016, Value Added Tax (“VAT”) replaced Business Tax in China and it is net off the revenue instead of reflecting in the property operating expenses.
  5. 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.
  6. Weaker RMB against SGD.

Selected Statement Of Financial Position

As at 31 March 2017

  S$'000
Total assets 865,280
Total liabilities 296,709
Net assets attributable to Unitholders 408,357

Key Financial Indicators

As at 31 March 2017

Net asset value per unit (cents) 0.82
Gearing ratio1 (%) 32.5
Average cost of debt (%) 3.63
Weighted average term to maturity for debt (years) 1.7


  1. Based on total loans and borrowings principal attributable to Unitholders divided by total assets attributable to Unitholders.

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