Business Review China Real Estate 1 Global Times, Jan 2026 (https://www.globaltimes.cn/page/202601/1353658.shtml) 2 People’s Daily Online, Feb 2026. (https://en.people.cn/n3/2026/0213/c90000-20426095.html) 3 CBRE, Jul 2025 (https://www.cbre.com.sg/insights/reports/2025-china-investment-market-outlook-mid-year-review) 4 Channel News Asia, Feb 2026 (https://www.channelnewsasia.com/east-asia/china-new-home-prices-rise-government-signals-support-property-5898791) 5 Global Times, Dec 2025 (https://www.globaltimes.cn/page/202512/1351591.shtml) 6 Global Times, Dec 2025 (https://www.globaltimes.cn/page/202512/1351591.shtml) 7 CNR, Jan 2026 (https://baijiahao.baidu.com/s?id=1853347915131817504&wfr=spider&for=pc) 8 Travel Daily Media, Dec 2025 (https://www.traveldailymedia.com/wttc-lauds-chinas-drive-to-boost-travel-and-tourism/) OVERVIEW Perennial Holdings is an established owner, developer and manager in China, strategically focused on largescale integrated projects. These are commercial-centric TODs comprising high-quality office, retail, hospitality and residential components, connected to or in close proximity to major HSR or metro stations. Under its commercial integrated development portfolio are the iconic Hangzhou Cloud Gate Centre, Beijing Tongzhou Integrated Development and Shenyang Longement Integrated Development. Its retail portfolio includes Perennial Qingyang Mall in Chengdu and Perennial Jihua Mall in Foshan. Together, they make up a total gross floor area (“GFA”) of 30.2 million square feet (“sq ft”). MARKET OUTLOOK In 2025, China, the world’s second-largest economy, reached RMB140.19 trillion in gross domestic product (“GDP”) with a 5.0% year-on-year (“YoY”) expansion1. Underpinned by strongerthan-anticipated stimulus measures, a moderately loose monetary stance and resilient domestic consumption, this growth trajectory affirms the country’s macro-economic stability, which continues to outpace many major economies. China's National Bureau of Statistics reported year-on-year price declines in the real estate sector. The government has reiterated its policy support and is pursuing a new development model to respond to shifting supply-demand dynamics. Among its efforts, there will be support for developers' financing needs, while also addressing residents' demands for better housing solutions2. In the first half of 2025, the volume of commercial real estate investment increased 19% compared to the year before3. Prices of new homes across an average of 100 cities grew 0.18% month from December 2025 to January 2026, with the launch of premium upgraded housing projects in Shanghai, Hangzhou and Chengdu4. By the end of 2025, China's HSR network had reached 50,000 kilometres (“km”), establishing it as the world’s largest and most advanced system5. This expansion has significantly reduced travel times, allowing same-day round trips of about 2,000 km6. Notable new lines include the Guangzhou– Zhanjiang HSR line that connects western Guangdong to the Greater Bay Area in under two hours, the Xi’an-Yan’an HSR line that reduces travelling time between the two cities to approximately an hour, ChongqingChangsha HSR line that connects Chongqing East to Changsha within four hours7. As a result, the HSR expansion is broadening the catchment areas for Perennial Holdings’ TODs. Perennial Holdings’ integrated developments will also benefit from China’s tourism and meetings, incentives, conferences and exhibitions (“MICE”) momentum. Global travel and tourism contributed US$1.9 trillion to China, while inbound visitor spending and domestic spending are projected to reach US$144.1 billion and nearly US$968 billion, respectively8. China’s MICE market is expected to reach US$139.7 billion in 2030, up from US$81.1 billion in 2024, with meetings remaining the most revenueAs an integrated healthcare and real estate company, Perennial Holdings is committed to developing new aspects and ecosystems of care through integrating medical care, eldercare, hospitality and lifestyle expertise, enabled by its real estate development and platforms. The Company’s core strategy centres on strategically positioned, large-scale Transit-Oriented Developments (“TODs”) and integrated projects located near major transportation nodes, such as HighSpeed Railway (“HSR”) stations and metro hubs. This approach underpins the Company’s healthcare-centric TODs, which feature a synergistic mix of healthcare, office, retail and hospitality components, and commercial-centric TODs, which focus on a mix of office, retail and hospitality components. Perennial Holdings leverages its deep real estate expertise to generate crossportfolio synergies and increase asset value through combining enhanced development capabilities with a proactive, hands-on management style. Guided by a commitment to purposeful innovation and a proven track record of transformation, Perennial Holdings remains highly adaptive to shifting market dynamics and policies, ensuring its environments remain valuable assets for the communities they serve. Perennial Holdings has a presence in China, Singapore, Malaysia and Indonesia. In China, its commercialTOD hubs anchor local and surrounding communities, while in Singapore, the Company is recognised for revitalising heritage assets into modern integrated landmarks. Its portfolio also includes signature integrated skyscrapers in China and Singapore, an integrated landmark in Malaysia, and an expansive landed residential development in Indonesia. generating segment9. Perennial Holdings’ integrated developments in Beijing, Chongqing, Chengdu, Hangzhou, Kunming and Xi’an are located in top-tier host cities for international congresses and incentive tours, and are well positioned to meet the evolving needs of business and leisure travellers. China continues to be a key focus for Perennial Holdings, given its vibrant market environment. The Company is well-positioned to capture opportunities within this landscape through our transitoriented mixed-use business model. MARKET REVIEW In 2025, Perennial Holdings attained significant progress on its landmark commercial-centric TODs. • Perennial Hangzhou Cloud Gate Centre Perennial Hangzhou Cloud Gate Centre10 is a commercial-centric HSR TOD that features four skyscrapers – Towers A, B, C and D – alongside the architectural centrepiece, Cloud Gate, and two podiums. These elements collectively accommodate a diverse mix of high-quality residential, hospitality, office and retail components. Construction is progressing well, with another two out of its four skyscraper towers reaching structural toppingout in 2025. These towers, Tower A and B, house offices, hotels and residential units. Façade works for all towers are currently underway, with residential Towers C and D nearly completed. The residential component of the development saw the completion of the show suite and accompanying clubhouse facilities by mid-2025. Additionally, the show suite for the retail components was also completed and opened to the public. Following this, a pre-sale permit for the residential component was successfully obtained, allowing soft launch sales to commence in October 2025. • Beijing Tongzhou Integrated Development The Beijing Tongzhou Integrated Development includes office, residential and retail spaces and will be developed over two phases. Phase 1, known as The SkySail, comprises Plots 13, 14-1, 14-2, while Phase 2 comprises Plots 10, 11, 12. Both phases will entail a retail podium, offices and residences. Under Phase 1, all three plots of The SkySail have reached structural topping-out. Facade works for Plot 13, designated for residential and retail use, have been completed, while facade works for Plot 14-1 and Plot 14-2, designated for office and retail use, are well underway. • Shenyang Longement Integrated Development Shenyang Longemont Integrated Development is a commercialcentric TOD comprising retail and office components, namely the Shenyang Longemont Shopping Mall, Shenyang Super Outlet+ Mall and Shenyang Longemont Offices. Through active leasing and tenant management, Shenyang Longement Integrated Development’s retail mall secured tenants such as Beauty Supermarket, and welcomed children’s education brand TAL and New Oriental, further catering to families. In 2026, the retail mall will also welcome the local multi-brand sports store Juyouhui and a flagship Super MINISO outlet, strategically targeting younger shoppers. Shenyang Longemont Offices successfully renewed anchor tenants, including Taiping Life, Taikang Life, Shenyang Zhihuigu and Beijing Yinghe (Shenyang) Law Firm. The Perennial Office Building lobby has been refurbished, and four standard floors have been upgraded. Shenyang Super Outlet+ Mall, which features international brands Coach, Nike, Armani Exchange and Versace, and Michelangelo Ice Cream Museum. Multiple experiential tenants within the development have also since opened, enriching its commercial offerings. Retail Developments • Perennial Qingyang Mall, Chengdu Perennial Qingyang Mall, is a prime one-stop suburban mall that serves the sizeable population catchment in the western part of Chengdu. 9 Grand View Research (https://www.grandviewresearch.com/horizon/outlook/mice-market/china) 10 Previously known as the Hangzhou West HSR Integrated Development 63 ANNUAL REPORT 2025 62 PERENNIAL HOLDINGS PRIVATE LIMITED OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Perennial Hangzhou Cloud Gate Centre
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