OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 57 56 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025 Baiyun Mega Health City is Perennial Holdings’ first HSR TOD in the Guangdong-Hong Kong-Macao Greater Bay Area. It is envisioned to be a medical and wellness precinct with integrated medical, wellness, research, training commercial and residential components. The healthcare city is located adjacent to Guangzhou Baiyun HSR station, Guangzhou’s largest HSR transportation hub with 11 platforms and 24 rail tracks. In 2025, average daily traffic of Baiyun HSR station is approximately 66,000 passengers. BAIYUN MEGA HEALTH CITY 白云国际医养城 CHINA HEALTHCARE BUSINESS Business Review CHINA HEALTHCARE BUSINESS Perennial Baiyun Mega Health City The first phase of the Baiyun Mega Health City will consist of an integrated medical complex featuring South China’s first wholly foreignowned Class 3 tertiary general hospital, specialist hospitals and premium medical suites. In May 2025, the Company entered into an agreement with Guangzhou Metro Group Co. Ltd to lease approximately 1.1 million sq ft of space and invest approximately RMB665 million to establish the integrated medical complex within the Southeast Tower of the existing Yuesheng Plaza. An expansion of Perennial Holdings’ asset-light strategy, retrofitting works for the medical complex has commenced and is targeted for completion and opening in early 2027. At the integrated medical complex, a shared medical facilities and services concept (“Shared Medical Platform”) will be implemented. This Singaporemodelled Shared Medical Platform will allow doctors and medical groups to operate on an asset-light basis, where they focus solely on providing medical consultations and treatments without investing in medical facilities and services. They can leverage the Shared Medical Platform, provided and managed by Perennial Holdings, for facilities such as advanced operating theatres, cutting-edge diagnostic imaging equipment and an extensive clinical laboratory. This model has been proven to offer convenience and cost efficiency to doctors and medical groups, allowing them to grow and scale their practices across Perennial Holdings’ healthcare-centric HSR TOD. The integrated medical complex forms the first phase of the Baiyun Mega Health City, which is expected to span over 1.18 sq km and conceptualised under the strategic partnership agreement signed between Perennial Holdings and the Guangzhou Baiyun District Government end-2024. To be developed at an estimated total investment cost of RMB5 billion, Perennial Holdings will work closely with the Guangzhou Baiyun District Government to jointly attract investments, high-quality local and international medical resources and institutions, and resource sharing. These will accelerate the successful operation of this landmark development. The medical component, encompassing high-end hospitals and biomedical facilities across diverse disciplines, offer advanced, world-class healthcare services for domestic and international visitors. Supported by telemedicine capabilities and smart medical devices, this comprehensive medical component is expected to offer medical treatment and care across all life stages, including preventive, acute, chronic and end-of-life care.
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