OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 41 ANNUAL REPORT 2024 ‘LIVING MINYOUN’. The official opening ceremony, which also marked the completion of the medical cluster construction, comprising a 500-bed tertiary general hospital, 200-bed secondary rehabilitation hospital and 300-bed tertiary neurology hospital. The opening event was graced by key government officials, including Mr Desmond Lee, Singapore’s Minister for National Development and Minister-in-Charge of Social Services Integration, and senior government representatives from Tianjin City and Xiqing District. In December 2024, the general hospital at Perennial Tianjin, the Perennial General Hospital (“Perennial General Hospital Tianjin”), became the first private tertiary general hospital to be wholly foreign-owned after it obtained its medical institution practice licence. This comes after China’s government announced in September 2024 that fully foreignowned hospitals will be allowed to operate in several key cities, including Beijing and Tianjin. Designed by an award-winning global architectural design firm and built in strict compliance with national standards, Perennial General Hospital Tianjin features a unique asset-light co-medical space concept for doctors and medical groups, where they focus solely on providing medical consultations and treatments without investing in medical facilities and services. Doctors and medical groups can rely on the shared medical facilities and services provided and managed by Perennial Holdings, including advanced operating theatres, cutting-edge diagnostic imaging equipment and an extensive clinical laboratory. The introduction of a Singapore-modelled Shared Medical Platform concept at Perennial General Hospital Tianjin, offers convenience and cost efficiency to doctors and medical groups, allowing them to grow and scale their practices. Through Perennial Tianjin, Perennial Holdings offers various models of partnership with doctors and other medical specialists, This enables Perennial General Hospital Tianjin to attract a diverse range of medical professionals, offering a comprehensive suite of medical disciplines, including orthopaedics, ophthalmology, otolaryngology, nephrology and immunology, cardiology, oncology and others. In addition, its International Clinic offers individualised medical care, including health maintenance and chronic disease management. The medical cluster, comprising the general hospital, rehabilitation hospital and neurology hospital, was opened in February 2025, witnessed by Mr Peter Tan, Singapore's Ambassador to the People's Republic of China, and government officials from Tianjin. Perennial Holdings plans to replicate this version 2.0 of its healthcarecentric HSR TOD model, incorporating medical care, eldercare and hospitality components, at Kunming HSR TOD and Xi’an HSR TOD. • Perennial International Healthcare and Medical Hub Chengdu During the year, Perennial International Healthcare and Medical Hub Chengdu (“PIHMH Chengdu”), Perennial Holdings’ first healthcare business venture and the first generation of its healthcarecentric HSR TOD in China, achieved notable progress. Its anchor tenant SuperiorMed Perennial Hospital, a 350-bed general hospital and a 40-60 JV between Perennial Holdings and Yingkang Medical, a subsidiary of Haier Group, achieved profitability in under two years since opening. This reflects the demand for quality medical services driven by experienced management. Building on the success of SuperiorMed Perennial Hospital, the Company is also repurposing a 25,500 sq ft space within the hub to operate a medical gym. This new facility will cater to health-conscious individuals and sports enthusiasts, and offer specialised exercise programmes. The Company continues to review the tenant mix to optimise the hub’s overall performance. Perennial Holdings also operates the Perennial International Specialist Medical Centre Chengdu (“PISMC”) within PIHMH Chengdu. Widely known as one of the pioneering specialist clinic concepts in China, it continues to register strong interest with close-to-full occupancy. Further enhancing its on-site medical offerings is the licensed ‘Online Platform Hospital’, which presently has 10 hospitals and medical groups delivering integrated online and offline medical services. Perennial Eldercare Community, Tianjin
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