Business Review China and Singapore Healthcare Business OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX As a developer, designer, owner, manager and operator of medical care and eldercare businesses in the core markets of China and Singapore, healthcare continues to be a key focus for Perennial Holdings. CHINA As at 31 December 2025, Perennial Holdings’ healthcare business spans 17 cities in China with over 29,000 hospital and eldercare beds, of which approximately 18,000 are operational beds and over 11,000 are committed pipeline beds. These cater to the burgeoning need for quality healthcare as China moves forward to enhance life expectancy and the overall health of its people1. Perennial Holdings develops, designs, owns, manages and operates two core components of the healthcare sector. These are medical care and eldercare businesses. Perennial Holdings’ medical care business comprises Perennialbranded and co-branded general, rehabilitation, specialist and nursing hospitals, as well as medical centres. Its eldercare business comprises Perennialbranded and co-branded independent living, assisted living, skilled nursing and memory care. Perennial Holdings is also the single largest shareholder of integrated eldercare service pioneer Renshoutang Eldercare Group Co., Ltd. (“Renshoutang”), one of the largest private eldercare operators in Shanghai. The Company’s successful healthcare business is anchored by its strategy of creating, developing, managing and operating healthcare-centric transitoriented developments (“TODs”) connected to or adjacent to major HighSpeed Railway (“HSR”) stations. Positioned as “Perennial Healthcare Cities”, these integrated developments comprise hospitals and eldercare facilities, which may be complemented by commercial and hospitality components. This initiative significantly broadens access to quality medical and geriatric care, extending beyond the immediate communities to serve the surrounding provincial catchment. The Company’s first version of its healthcare-centric HSR TOD is the Perennial Healthcare City Chengdu. The development features Perennial Holdings’ first joint venture (“JV”) general hospital, specialist hospitals operated by key tenants and specialist medical centres, forming a one-stop destination adjacent to the Chengdu East HSR station. Perennial Holdings serves as a developer and landlord, thereby creating cuttingedge facilities and spaces for lease to hospitals and medical groups. Perennial Holdings’ healthcare-centric HSR TOD model has since evolved with its second-generation HSR TOD, the Perennial Healthcare City Tianjin. Perennial Holdings is now the manager and operator of all medical, eldercare and hospitality components, in addition to asset ownership. The Company has an ever-expanding network of healthcare partners and deepening experience in owning and operating healthcare institutions. Following its success in Tianjin, Perennial Holdings is replicating this strategy and model across upcoming healthcare cities in Kunming, Xi’an, Guangzhou and Chongqing. The establishment of the world’s first wholly foreign-owned private Class 3 tertiary general hospital in China, within the Perennial Healthcare City Tianjin, has also put Perennial Holdings on the world map. The Company has since had access to the opportunity to operate wholly foreign-owned private Class 3 hospitals in another four cities - Shanghai, Guangzhou, Nanjing and Hainan, cumulating to five of China's nine designated areas. Beyond developing its owned integrated healthcare assets, Perennial Holdings is also applying an asset-light strategy to scale its medical and eldercare offerings. Under this strategy, the Company retrofits near-completed buildings in strategic locations, enabling them to be quickly converted and operated as medical and eldercare facilities. Such examples are the Baiyun Mega Health City, Perennial Healthcare Cities in Sanya and Nanjing, and the Perennial Healthcare Community Guangzhou Huangpu. As such, the required initial capital investment and construction period are reduced, thereby enhancing the Company’s agility to capture market opportunities while maintaining a prudent capital investment approach. Perennial Holdings is also a growing hospitality services owner, operator and manager with close to 5,400 rooms across its 3- to 5-star multi-branded hotels within its healthcare-centric and commercial-centric HSR TOD projects. Highly accessible by HSR stations, these hotels cater to the growing medical and business tourism across the region. Building on its success in China, Perennial Holdings is adapting this integrated medical and eldercare strategy in its home ground, Singapore. SINGAPORE Singapore continues to age rapidly. In 2026, the nation will become super-aged, where 21% or more of the population will be aged 65 and older2. The government has outlined plans to enhance health promotion and improve longer-term health outcomes for Singapore, including active ageing and building senior-friendly living environments3. Equipped with extensive experience in medical care, eldercare and real estate development in China, Perennial Holdings aims to redefine the standards of private eldercare in Singapore by treating seniors with dignity, enabling them to age with good health and vitality. In 2025, Perennial Holdings unveiled Perennial Living, a new model of private assisted living that blends luxury residences, 5-star hospitality services and comprehensive East-meets-West care. It is also operating Perennial Wellness, a premier medical clinic, integrated rehabilitation facility and Traditional Chinese Medicine (“TCM”) centre, on Jervois Road. Separately, there will be a Perennial Wellness centre in Perennial Living on Parry Avenue, providing care for residents at their doorsteps. MARKET OUTLOOK Likewise, China's demographic shift presents a substantial long-term opportunity. By the end of 2024, the population aged 60 and above surpassed 310 million, representing 22% of the total, with those aged 65 and above reaching 220 million, or 16% of the population. The population aged 60 and above is projected to grow by over 10 million annually, with the elderly population expected to exceed 400 million by 20354, driving a “silver economy” forecast to reach US$3 trillion by 20305. The incoming generation of seniors, notably the better-educated and more affluent cohort born in the 1960s, will be pursuing health, wellness, a better quality of life and shared interests6. Healthcare remains a strategic national priority. The “Healthy China 2030” blueprint continues to guide industry development, encourages the development of professional hospital management groups and boosts participation from foreign investors7. In 2025, the National Health Commission’s policies to promote the integration of medical and elderly care are adding to such growth. Key measures include encouraging the co-location of medical and eldercare facilities, enhancing medical insurance support for home and community-based services, and fostering the use of information technology to create smart TCM models and integrate TCM’s preventive health benefits into senior care8. Perennial Holdings’ healthcare-centric HSR TOD model continues to ride on the expansion of China’s HSR network. In 2025, key milestones in the HSR network expansion included the official opening of the Chongqing East HSR station9, significant progress on the Chongqing-Kunming HSR line10 and the expanded Fuxing smart bullet train services to Yunnan11. Furthermore, major metropolitan hubs saw substantial upgrades; for instance, Tianjin advanced as a critical nexus for the BeijingTianjin-Hebei region12, while Xi’an and Chengdu strengthened their positions as pivotal western hubs with new intercity lines13. This continued network densification reinforces the strategic advantage of Perennial Holdings’ HSR TOD projects. Perennial Holdings is well-positioned for sustained growth in this multi-trilliondollar market through its integrated business model, which aligns with China’s national priorities, market needs and 1 Xinhua, Oct 2025 (https://english.news.cn/20251024/ee7532b40cfa471caa4476df083f35f9/c.html) 2 The StraitsTimes, Sep 2025 (https://www.straitstimes.com/singapore/number-of-singaporeans-aged-80-and-older-jumped-60-per-cent-in-the-past-decade) 3 Ministry of Health, Mar 2025 (https://www.moh.gov.sg/newsroom/supporting-health-and-well-being-across-every-life-stage/) 4 Ministry of Ecology and Environment of the People’s Republic of China, Apr 2025 (https://www.mee.gov.cn/zcwj/zclcfh/202504/t20250404_1106525.shtml) 5 International Trade Administration, Feb 2022 (https://www.trade.gov/market-intelligence/china-senior-care-market) 6 Ministry of Ecology and Environment of the People’s Republic of China, Apr 2025 (https://www.mee.gov.cn/zcwj/zclcfh/202504/t20250404_1106525. shtml) 7 The State Council of the People’s Republic of China, Oct 2016 (https://www.gov.cn/zhengce/2016-10/25/content_5124174.htm) 8 The State Council of the People’s Republic of China, Oct 2025 (https://www.gov.cn/zhengce/zhengceku/202510/content_7046353.htm) 9 CCTV, Jun 2025 (https://tv.cctv.com/2025/06/27/VIDEeV2eITvuQyAW3x2v22jE250627.shtml?spm=C45404.PlcSaTuIQb0E.ENSvHePEGND5.58) 10 Global Times, Dec 2025 (https://www.globaltimes.cn/page/202512/1350247.shtml) 11 Yunnan Daily, May 2025 (https://baijiahao.baidu.com/s?id=1830989055897837092&wfr=baike) 12 China Railway, Dec 2025 (http://www.china-railway.com.cn/xwzx/ywsl/202512/t20251229_151120.html) 13 Shaanxi Daily, Jun 2025 (https://esb.sxdaily.com.cn/pc/content/202506/19/content_910076.html) 38 PERENNIAL HOLDINGS PRIVATE LIMITED 39 ANNUAL REPORT 2025 Perennial Nursing Hospital, Kunming
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