OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 47 ANNUAL REPORT 2025 Business Review China and Singapore Healthcare Business PERENNIAL HEALTHCARE CITY TIANJIN 天津鹏瑞利健康城 Perennial Healthcare City Tianjin is the world’s first HSR TOD of its kind, integrating medical care, eldercare and hospitality components, adjacent to Tianjin South HSR station. Spanning 3.5 million sq ft, the healthcare city serves the Beijing-Tianjin-Hebei North China megalopolis. Perennial Healthcare City Tianjin’s medical cluster spans three hospitals, a Class 3 tertiary general hospital, secondary rehabilitation hospital and a tertiary specialist hospital, totalling 1,000 beds. The Perennial General Hospital Tianjin made its mark on the global stage as China’s first wholly foreign-owned private tertiary general hospital. The 500-bed hospital features comprehensive medical disciplines and a unique asset-light co-medical space concept for doctors and medical groups, enabling them to focus solely on providing medical consultations and treatments without heavy investing in medical facilities and services. Doctors and medical groups can instead utilise shared medical facilities and services provided and managed by Perennial Holdings, including advanced operating theatres, diagnostic imaging equipment and an extensive clinical laboratory. CHINA HEALTHCARE BUSINESS 46 PERENNIAL HOLDINGS PRIVATE LIMITED restaurant and a children’s play centre, are also scheduled to open progressively in 2026. Facade and M&E works for Plot 4 will commence following the structural top-up of all towers within Perennial Healthcare City Xi’an. The development aims to secure a pre-sale permit for commercial apartments, with sales set to launch in 2026. Construction for Plot 3 is also expected to begin once the respective construction permits are obtained. The entire project is anticipated to be completed progressively from 2028 onwards. Perennial Healthcare City Chongqing is focused on on-site construction progress, with ground zero targeted for 3Q 2026. In the meantime, the medical team will refine the medical component’s operational design and plan, while initiating the search for potential quality medical partners. Perennial Holdings will focus on completing on-site construction of Baiyun Mega Health City and securing key medical partnerships for its opening scheduled by early 2027. Construction of the building site for Perennial Healthcare City Sanya, is expected to complete in 2026 and will be taken over by Perennial Holdings for interior fit-out. Meanwhile, the detailed design of the healthcare city’s rehabilitation hospital is to be completed ahead of the planned fit-out. With regards to Perennial Healthcare City Nanjing, retrofitting works are expected to start at the existing building which will be converted into the rehabilitation and nursing hospitals. Renshoutang is set to expand its eldercare operation in Shanghai’s Hongkou District, supported by a strong pipeline of committed projects and beds, following the successful operation of its first eldercare institute in 2025. Through a commitment to continuous service excellence, Renshoutang is dedicated to becoming the leading eldercare provider in the Yangtze River Delta region. In 2026, PACVX will remain focused on increasing occupancy and advancing its specialised Alzheimer’s care offerings. A multidisciplinary team is currently creating a real-time feedback system to gain deeper insights into the needs of resident seniors and adapt care services promptly. As public awareness of Alzheimer’s care grows, Perennial Holdings strives to establish PACVX as an industry standard by emphasising superior service, intelligent care programmes and high customer satisfaction. PACVX will continue to expand partnerships with insurance companies, Grade A tertiary hospitals and partners within the industry value chain, enhance its industry reputation, broaden its customer base and provide professional memory care to a wider targeted group. Perennial Jingxin Senior Care Home will strive towards its targeted eldercare occupancy in 2026. It also aims to be enrolled in the National Medical Insurance Scheme within the year to secure full support for its medical care services. Meanwhile, Perennial Healthcare Community Guangzhou Huangpu will complete on-site retrofitting works and concurrently prepare for operational commencement targeted by end-2026. In Singapore, the Company is working towards Perennial Living’s targeted opening date of 1H 2026 and will continue to raise awareness and boost marketing outreach for Perennial Wellness (Jervois Road). Perennial Holdings will continue to implement proactive management strategies to enhance the performance of its operational projects and ensure steady progress in construction across all developments. To capitalise on China’s demographic trends and government initiatives, the Company will adopt both asset-heavy and asset-light approaches, building a balanced portfolio across its core businesses in healthcare, eldercare and hospitality. Perennial Holdings remains committed to service excellence, sustainable growth and delivering value for all stakeholders. Perennial Healthcare City Kunming
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