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Full Annual Report A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2020 CORPORATE PROFILE Perennial Holdings Private Limited ("Perennial") is an integrated real VISION estate and healthcare company headquartered in Singapore. As a To be a leading global integrated real estate and healthcare real estate owner, developer and manager, Perennial focuses company committed to enriching the lives of those we strategically on large-scale mixed-use developments and has a serve and delivering value to all of our stakeholders. presence in China, Singapore, Malaysia, Indonesia, Myanmar and Sri Lanka with a combined portfolio spanning approximately 80 million square feet in gross floor area. MISSION Perennial is also a healthcare services owner, operator and provider in To build a sustainable business, establish strong China with three core business segments, being hospitals and lasting relationships, and create long-term growth for medical centres, integrated healthcare hubs, as well as eldercare and our shareholders. senior housing. Perennial’s integrated eldercare services include nursing care, medical care, rehabilitation care and dementia care, and it has a presence in ten Chinese cities with over 10,000 operating CORE VALUES beds and a committed pipeline of approximately 5,000 beds. TEAMWORK In China, Perennial is a dominant commercial developer with large- We value and empower our people, embrace diversity and scale mixed-use integrated developments. Five of Perennial's work in unity to achieve our corporate goals. developments, Chengdu East High Speed Railway ("HSR") INTEGRITY Integrated Development, Xi’an North HSR Integrated Development, We believe in fair business practices and uphold a high Perennial Tianjin South HSR International Healthcare and Business standard of integrity, moral conduct and governance in our City, Perennial Kunming South HSR International Healthcare and dealings with internal and external parties. Business City and Hangzhou West HSR Integrated Development, are situated adjacent to five of the country’s largest HSR stations, EXCELLENCE majority of which are regional healthcare and commercial hubs which We are passionate about our work, innovative and comprise medical, healthcare and eldercare facilities. Other notable entrepreneurial in spirit, and push the boundaries in pursuit projects in Perennial’s portfolio include Beijing Tongzhou Integrated of outstanding performance. Development and Shenyang Longemont Integrated Development. SUSTAINABILITY We are socially, environmentally and economically In Singapore, Perennial has invested in and/or manages prime iconic responsible and treat our stakeholders with respect and properties, such as Capitol Singapore, CHIJMES, AXA Tower, compassion. Chinatown Point, House of Tan Yeok Nee, Perennial Business City and Caldecott Hill site, located in the Civic District, Central Business District, Orchard Road precinct, Jurong Lake District and premium residential areas. 企业介绍 鹏瑞利集团有限公司(以下简称“鹏瑞利集团”）总部位于新加坡，是 愿景 一家集房地产和医疗健康于一体的综合性集团公司。作为集持有、 成为一家全球领先的综合性房地产和医疗健康公司，致力于丰 开发和管理于一体的房地产公司，鹏瑞利集团主要投资于大规模的 富我们服务对象的生活，并提供价值给我们所有的利益相关者。 综合性房地产开发项目，投资遍布于中国、新加坡、马来西亚、印尼、 缅甸和斯里兰卡，物业总建筑面积超过740万平方米。 使命 同时、鹏瑞利集团亦是中国地区医疗健康服务产业所有者、运营商 建立可持续发展业务，树立稳固持久的关系，并为股东创造长 和医疗健康服务提供商，旗下有三大核心业务板块，分别是医院和 期利益增长。 医疗中心、综合医疗健康中心、养老护理和老年公寓。鹏瑞利集团综 合养老朊务包括养老护理、医疗护理、康夊护理和认知症照护等，覆 核心价值 盖中国10个城市，现有床位超过10,000个，计划新增约5,000个。 团队精神 在中国，鹏瑞利是一家商业房地产开发商，拥有大型综合开发项目。 我们重视我们的员工，接受人才多样性，并以团结一心的态度 其中五个鹏瑞利项目分别毗邻中国五个高铁站，包括成都东站综合 实现我们共同的企业目标。 项目、西安北站综合项目、鹏瑞利国际健康商旅城（天津南站）、鹏瑞 利国际健康商旅城（昆明南站）、杭州西站综合项目，其中大部分项目 正直 是区域型医疗商业中心，配备了医疗健康和养老护理设施。 我们相信公平的商业惯例，在与内部和外部各方打交道时秉 承高标准的诚信、道德操守和治理。 在新加坡，鹏瑞利集团投资并/或管理位于市中心行政区、中央商业 区、乌节路核心地段、裕廊湖区和其他高级住宅地段的标志性优质 卓越 项目，包括首都新加坡、赞美广场、安盛保险大厦、唐城坊、陈旭年宅 我们秉持对工作的热忱，保持创新和进取的精神以突破界限、 第、鹏瑞利商务城和加利谷山地块。 追求卓越的表现。 可持续性 我们对社会、环境和经济负责，并以最尊敬的心对待我们的利 益相关者。 Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 01 CONTENTS OVERVIEW Corporate Profile Chairman’s Statement (English) 10 Chairman’s Statement (Chinese) 11 CEO’s Statement (English) 12 CEO’s Statement (Chinese) 16 Our Presence 20 Our Milestones 22 Our Business Model 24 Our Integrated Strategy 26 Board of Directors 28 Management Team 32 PERFORMANCE Shareholding Information 36 Business Overview 36 Business Structure 38 Financial Highlights 39 Financial Review 40 5-Year Financial Summary 43 BUSINESS REVIEW – REAL ESTATE Singapore 44 Capitol Singapore 47 CHIJMES 48 AXA Tower 49 Forett at Bukit Timah 50 Perennial Business City 51 Portfolio at a Glance 52 China 54 Chengdu East HSR Integrated Development 58 Xi’an North HSR Integrated Development 60 Perennial Tianjin South HSR International Healthcare and Business City 62 Perennial Kunming South HSR International Healthcare and Business City 64 Hangzhou West HSR Integrated Development 66 Beijing Tongzhou Integrated Development 68 Perennial Qingyang Mall, Chengdu 69 Perennial Jihua Mall, Foshan 69 Portfolio at a Glance 70 Other Markets 74 The Light City, Penang, Malaysia 75 The Sanctuary Collection, Greater Jakarta, Indonesia 75 Portfolio at a Glance 76 A GRAND VISION, BUSINESS REVIEW – HEALTHCARE BUSINESS OUR BLOSSOMING OPPORTUNITIES China 78 Perennial International Specialist Medical Centre, Chengdu 82 Renshoutang 83 Portfolio at a Glance 84 SUSTAINABILITY Sustainability Report 86 Corporate Governance 119 Risk Management 127 FINANCIALS Statutory Accounts 133 APPENDIX Supplemental Information 212 Corporate Information 02 PERENNIAL HOLDINGS PRIVATE LIMITED Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES FY2020 ushered in a significant chapter in Perennial’s growth story, as it embarked on its journey as a private company. Its strengthened consortium of shareholders bring with them deep insights, extensive networks and business experience in various markets. Their leadership opens windows of opportunities for Perennial to drive and accelerate growth, bringing it closer to realising its vision of becoming a leading global integrated real estate and healthcare company. Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 03 A NEW BEGINNING, EXPANDING OUR HORIZONS Perennial’s pursuit for growth led it to new horizons on numerous fronts. It made its first foray into new asset classes, introduced a new core healthcare business segment and expanded its presence by bolstering its China real estate portfolio. Leveraging on its strong fundamentals and track record as well as disciplined investment strategy, Perennial is well-positioned to explore untapped opportunities for long-term growth. 04 PERENNIAL HOLDINGS PRIVATE LIMITED Annual Report 2020 Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 05 A FOCUSED STRATEGY, ENERGISING OUR PORTFOLIO Perennial remains steadfast in its integrated real estate and healthcare strategy, and completed several acquisitions and consolidations in the year to align and strengthen its portfolio. On the healthcare front, Perennial grew its footprint in China by opening new facilities while its real estate portfolio was strengthened by the acquisition of transit-oriented developments, further augmenting its strategy of owning, developing and managing large-scale integrated developments in close proximity or seamlessly connected to key transportation hubs. 06 PERENNIAL HOLDINGS PRIVATE LIMITED Annual Report 2020 Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 07 08 PERENNIAL HOLDINGS PRIVATE LIMITED Annual Report 2020 A LONG-TERM COMMITMENT, FRAMING OUR FUTURE Sustainability has been, and will continue to be, an integral pillar of Perennial’s growth strategy. Perennial remains committed to the sound stewardship of our businesses through responsible practices and sustainability efforts, as it strives to make a positive, long-term impact on its employees, communities and the environment. Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 09 CHAIRMAN’S STATEMENT FY2020 proved to be an anomalous year and with the addition of another eldercare property a true test of resilience for businesses, as the in China to provide stakeholders with a impact of the COVID-19 pandemic was felt We remained steadfast in the broader perspective of Perennial’s business globally. Even as we entered FY2021 with interactions with the community at large. major economies showing signs of a pursuit of our integrated real cautious recovery, the aftermath of the LOOKING AHEAD pandemic continued to reverberate as new estate and healthcare business The remaining year looks fraught with variants and outbreaks posed challenges to strategy, which helped us to uncertainty as the world continues its battle full reopening efforts for many countries. with COVID-19. However, the past year has weather the uncertainty and, shown that mutual support is key to In spite of the turbulent environment, our helping one another navigate this crisis. resilient portfolio of assets observed an over and above all, achieve We will keep pledging our support for our encouraging recovery as the year what we had set out to tenants, business partners and employees, progressed. We remained steadfast in the who have generously reciprocated in kind. pursuit of our integrated real estate and accomplish for the year. With a new road lying ahead for Perennial, healthcare business strategy, which helped we will seize every suitable opportunity and us to weather the uncertainty and, over and work towards our vision of becoming a above all, achieve what we had set out to COMMITMENT TO SUSTAINABILITY leading global integrated real estate and accomplish for the year.
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