Healthcare Business Review China and Singapore 38 PERENNIAL HOLDINGS PRIVATE LIMITED Healthcare is a growing business for Perennial Holdings as an owner, manager and operator of medical care and eldercare businesses in its core markets China and Singapore. CHINA As at 31 December 2024, Perennial Holdings’ healthcare business spans 14 cities in China with over 25,000 eldercare and hospital beds, of which approximately 16,000 are operational beds and over 9,000 are committed pipeline beds. Together, these serve the growing needs and demand for quality care amid a rapidly ageing population and growing middle class. Perennial Holdings’ medical care business comprises Perennial-branded and co-branded general, rehabilitation, specialist and nursing hospitals, as well as medical centres. Its eldercare business comprises Perennial-branded and co-branded eldercare homes, assisted living apartments, nursing homes, rehabilitation care, nursing care, dementia care and home care. In addition, Perennial Holdings’ eldercare 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. Perennial Holdings' healthcare business is complemented by its real estate strategy to drive growth, particularly in China, where it continues to focus on transit-oriented development (“TODs”) connected to High-Speed Railway (“HSR”) stations (“HSR TODs”). By integrating various medical and eldercare services within a development near transport hubs, accessibility and convenience are enhanced for patients, seniors, and their families. This design allows healthcare-focused HSR TODs to serve not only local communities but also medical tourists from the wider region. The first version of the Company's healthcare-centric HSR TOD was established beside the Chengdu East HSR station. Named Perennial International Healthcare and Medical Hub Chengdu (“PIHMH Chengdu”), it features Perennial Holdings’ first joint venture (“JV”) general hospital, specialist hospitals operated by key tenants and specialist medical centres in a one-stop destination. Building on Perennial Holdings’ experience in owning and operating PIHMH Chengdu, the Company further ventured into its own hospital management and operations, through the Perennial Tianjin South HSR International Healthcare and Business City (“Perennial Tianjin”). Here, Perennial Holdings is no longer just an asset owner but also manager and operator of all medical care, eldercare and hospitality businesses within this second generation HSR TOD. Perennial Tianjin’s general, rehabilitation, specialist and nursing hospital facilities provide integrated support to the eldercare community within this precinct connected to the Tianjin South HSR station. The hospitality components within these healthcare-centric HSR TODs cater to growing medical and business tourism across the region, and together with the medical care and eldercare clusters, create a holistic ecosystem. Perennial Holdings is a growing hospitality services owner, operator and manager with close to 6,600 rooms across its 3- to 5-star multi-branded hotels within its healthcare-centric and commercial-centric HSR TOD projects. Perennial Holdings is replicating its successful integrated medical care and eldercare approach from China to Singapore, its home ground. SINGAPORE To meet the increasing demand for eldercare, Singapore's government has been implementing various policies and infrastructure initiatives. Leveraging its key integrated healthcare and real estate strengths, Perennial Holdings aims to deliver high-quality, innovative and person-centred care to address the pressing needs of Singapore’s ageing population. In 2023, Perennial Holdings won the tender for a site at Parry Avenue, launched by the Urban Redevelopment Authority in collaboration with the Ministry of Health, to develop Singapore’s first private assisted living integrated development (“Parry Assisted Living Care”). In 2025, Perennial Holdings secured the tender for a state property at 106 Jervois Road to establish, Singapore’s first-of-its-kind private Medical care component of Perennial Tianjin South HSR International Healthcare and Business City
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