OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 65 ANNUAL REPORT 2025 Business Review China Real Estate CHINA REAL ESTATE PERENNIAL HANGZHOU CLOUD GATE CENTRE 杭州云门中心 The mall is part of an integrated development, comprising a 5-star hotel, office buildings and small offices/ home offices (“SOHO”). Perennial Qingyang Mall celebrated its 11th anniversary in 2025 and also saw the execution of effective promotional events and social media marketing on multiple platforms throughout the year. In 2025, the mall’s anchor tenant, Yonghui supermarket, boosted customers’ experiences with enhanced customer service and product displays. Perennial Qingyang Mall also welcomed Haidilao, the popular hotpot brand, on Level 3. In addition, Asset Enhancement Initiatives (“AEIs”) were undertaken on Level 1 and 2, including subdividing larger units to optimise rental income. The mall brought in more than 30 new popular brands such as VERO MODA, HONOR and Mr Wild Man Gelato, which have been well received by the community and working professionals. • Perennial Jihua Mall, Foshan Perennial Jihua Mall, Foshan, is a prime one-stop suburban mall. It is part of an integrated development with 16 high-rise residential towers. In 2025, Perennial Jihua Mall underwent a series of targeted renovations, significantly enhancing its environment and shopper experience. Concurrently, the mall optimised its tenant mix by expanding into outdoor lifestyle and nightlife segments. Key additions included the iconic Chinese brand Phoenix Bicycles, complementing the existing exclusive lineup of Trek and Giant, and the launch of Foshan’s first Minyao Xu Bar & Restaurant, enhancing the mall’s evening social scene. Another significant leasing milestone was achieved with the opening of Hebin Supermarket as a new flagship anchor tenant. Spanning nearly 97,000 sq ft, the store operates a unique hybrid wholesale-and-retail model and is the first of its kind in Nanhai District, attracting considerable customer traffic with its extensive range and valuedriven pricing. Its successful launch has significantly strengthened the mall’s appeal as a comprehensive daily-living and leisure destination. The mall also hosted the “3rd Guicheng Bay Area Electric & Auto Festival”, which helped solidify its community standing. This established event, supported by strong government and media partnerships, resonated deeply with the local community and reinforced the mall’s role as a key lifestyle hub. STRATEGIC PRIORITIES For FY2026, Perennial Holdings will prioritise asset profitability and operational excellence, through AEIs, tenant engagements and effective sales and marketing activities. In addition, the Company will continue adhering to disciplined development timelines. The key focus for Hangzhou Cloud Gate Centre is to drive sales of its residential units while maintaining construction momentum. On the retail leasing side, preliminary engagement with anchor tenants will commence, while premium hotel brands and operators will continue to be explored, in line with the development’s comprehensive and upscale positioning. Within Beijing Tongzhou Integrated Development, The SkySail aims to obtain its certificate of completion and prepare for the launch of its commercial apartments in mid-2026. Leasing has commenced for its retail component, with a focus on securing anchor tenants. The development will also work towards a grand opening at the end of 2026, while en bloc sales of the office towers will be actively pursued. Perennial Hangzhou Cloud Gate Centre is a flagship, commercial-centric HSR TOD. Encompassing GFA of over 10 million sq ft across four skyscrapers, Towers A, B, C and D; Cloud Gate, an architectural centrepiece, and two podiums, On the promise of a premier lifestyle experience, the Perennial Hangzhou Cloud Gate Center offers an integrated approach to live, work and play. Tower A, a Grade A office building, is set to redefine Hangzhou’s skyline as the city’s tallest building rising to nearly 320 metres (“m”). The tower will also feature an exploration deck at 280m, one of the highest in Hangzhou, alongside a 5-star hotel and exclusive private clubs. Tower B, equally magnificent at close to 300m, will comprise luxury apartments, 4-star hotels and Grade A offices, while Towers C and D, both over 200m, will comprise premium serviced apartments. These four iconic skyscrapers will surround Cloud Gate and the two podiums. Perennial Hangzhou Cloud Gate Centre is located about 20km from Hangzhou’s city centre, in the Yuhang Shenyang Longemont Shopping Mall, Shenyang Longemont Offices and Shenyang Super Outlet+ Mall will continue to adopt active leasing and property management strategies this year. These strategies are aimed at further improving occupancy and rental yields, as well as providing quality spaces and services for existing tenants. Within Perennial Holdings’ retail portfolio, the Perennial Qingyang Mall in Chengdu will continue AEI initiatives, optimising unit layouts and spaces for targeted lifestyle, food and beverage and specialist sectors. These areas will undergo renovations, upgrades and other enhancements to strengthen the mall’s appeal and competitiveness in the dynamic retail market. Perennial Jihua Mall will deepen its commitment to servicing the family market. The strategy involves further optimising the tenant mix by attracting prominent brands in outdoor recreation and the children’s enrichment segment. The mall will continue to roll out engaging family-oriented events and meaningful community initiatives. These efforts are designed to foster family connectivity, demonstrate social commitment and solidify the mall’s positioning as Foshan’s premier family-friendly shopping and lifestyle destination. To support capital recycling, beyond the strata sales of commercial apartments across its TOD portfolio, the Company will actively explore monetisation strategies for its mature and stabilising assets. Key opportunities under consideration include listed Real Estate Investment Trusts (“REITs”) and pre-REIT listing, aimed at value creation and capital recycling. Concurrently, Perennial Holdings remains focused on growth, seeking high-quality real estate and healthcare investments through strategic acquisitions and partnerships. 64 PERENNIAL HOLDINGS PRIVATE LIMITED
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