Business Review China OVERVIEW China is a core market for Perennial Holdings in the real estate, healthcare and hospitality sectors. On the real estate front, Perennial Holdings is an established owner, developer and manager who strategically focuses on large-scale integrated projects that are seamlessly connected to or in close proximity to transportation hubs. Its portfolio comprises eight transit oriented developments (“TODs”), of which five are connected to major High-Speed Railway (“HSR”) Stations in the country. Four of the five HSR TODs are healthcarecentric, which comprise eldercare, medical care and hospitality components, namely Chengdu East HSR Integrated Development (“Chengdu HSR TOD”), Perennial Tianjin South HSR Integrated Healthcare and Business City (“Tianjin HSR TOD”), Perennial Kunming South HSR International Healthcare and Business City (“Kunming HSR TOD”), as well as Perennial Xi’an North HSR Integrated Healthcare and Business City (“Xi’an HSR TOD”). The fifth is commercialcentric Hangzhou West HSR Integrated Development (“Hangzhou HSR TOD”), comprising retail, office, apartment and hospitality components. The remaining three TODs are Beijing Tongzhou Integrated Development (“Beijing Tongzhou TOD”), Shenyang Longemont Integrated Development, and Perennial International Healthcare and Commercial Hub Foshan. In addition, Perennial Holdings’ portfolio includes Perennial Alzheimer’s Care Village in Xi’an (“PACVX”), China’s first Alzheimer’s care-focused integrated development comprising the country’s largest dementia care home and two retail malls, namely Perennial Qingyang Mall in Chengdu and Perennial Jihua Mall in Foshan, which are close to Metro stations. These developments represent a total gross floor area (“GFA”) of approximately 63 million square feet (“sq ft”). As at 31 December 2023, the total asset value of these properties was over RMB53.4 billion. On the healthcare front, Perennial Holdings is a recognised healthcare services owner, manager and operator focusing on three core business segments, which are Hospitals and Medical Centres, Healthcare Hubs, as well as Eldercare and Senior Housing. As at 31 December 2023, Perennial Holdings’ healthcare business spans 13 cities with about 22,000 eldercare and hospital beds, comprising over 13,000 operational beds and a pipeline of about 9,000 beds. The Company’s healthcare portfolio includes Perennial-branded and Perennial co-branded general hospitals, rehabilitation hospitals, specialist hospitals and nursing hospitals, as well as Perennial-branded eldercare homes and assisted living apartments. The hospital facilities provide integrated support to the eldercare facilities, which offer a holistic band of services, including nursing, medical, rehabilitation and dementia care. In addition, Perennial Holdings’ healthcare portfolio includes Renshoutang Eldercare Group Co., Ltd (“Renshoutang”), a pioneer in providing integrated eldercare services in China and one of the largest private eldercare operators in Shanghai. Perennial Holdings is the single largest shareholder of Renshoutang with close to a 50% stake. Finally, on the hospitality front, Perennial Holdings is a growing hospitality services owner, operator and manager with a portfolio of 3 to 5-star multi-branded hotels under its belt. The close interconnection and mutually beneficial relationships among its three core businesses of real estate, healthcare, and hospitality, propel the growth of Perennial Holdings. THREE CORE BUSINESS SEGMENTS HEALTHCARE BUSINESS Partnerships with established international and local healthcare and physician groups: Eber Perennial Brain Hospital Tianjin SuperiorMed Perennial Hospital Chengdu Wholly Owned/Partnerships with medical centres: Perennial International Specialist Medical Centre Chengdu Perennial International Healthcare and Medical Hub Tianjin Perennial International Healthcare and Medical Hub Kunming Perennial International Healthcare and Commercial Hub Foshan Wholly Owned/ Partnerships with provider of clinical and shared services: Diagnostic imaging, clinical laboratory, pharmacy and operating theatres Hospitals & Medical Centres 1 Healthcare Hubs 2 Eldercare and Senior Housing 3 Provide professional management services for healthcare hubs, such as Perennial International Healthcare and Medical/Commercial Hubs in Chengdu and Foshan Independent Living Assisted Living Skilled Nursing Dementia Care 54 PERENNIAL HOLDINGS PRIVATE LIMITED
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