ANNUAL REPORT FOCUSED RESILIENCE 2024
Listed on 28 July 2016, EC World Real Estate Investment Trust (“ECW REIT” or “ECW”) is the first specialized and e-commerce logistics real estate investment trust listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”). ECW’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income producing real estate which is used primarily for e-commerce, supply-chain management and third-party logistics purposes, as well as real estate-related assets, with an initial geographical focus on the People’s Republic of China (“PRC”). ECW offers investors a unique exposure to the specialised logistics and e-commerce sector in the PRC. As at 31 December 2024, its portfolio consists of seven properties located within the largest e-commerce clusters of Hangzhou in the Yangtze River Delta and Wuhan, with an aggregate net lettable area of 927,157 sqm valued at approximately S$714 million. ECW is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of Forchn Holdings Group Co., Ltd., the Sponsor of EC World REIT (the “Sponsor”). Established in 1992 and headquartered in Shanghai, the Sponsor is a Shanghai-based conglomerate with businesses in supply chain, intelligent manufacturing, medical care and healthcare, finance and other sectors. Corporate Profile 01 Trust Structure 02 Financial Highlights 03 Letter to Unitholders 06 Management Review 12 Property Portfolio Overview 20 The Property Manager 29 Board of Directors 32 Management Team 36 Stakeholders Engagement and Investors Relations 38 Sustainability 39 Corporate Governance 41 Enterprise Risk Management 65 Financial Statements 67 Additional Information 126 Statistics of Unitholdings 128 CONTENTS ANNUAL REPORT 2024 01 CORPORATE PROFILE
(As Sponsor) Institutional and Public Unitholders EC World Asset Management Pte. Ltd. (As Manager) DBS Trustee Limited (As Trustee) Yuntong Property Management Co., Ltd (As Property Manager) Properties Owns 100% of the Manager Investment Investment Management Fees Management Services Trustee Fees Acts on Behalf of Unitholders Ownership of Properties Income Contribution Property Management Fees Properties Management Services Distributions 43.8%1 56.2% 1 As at 31 December 2024. Includes Units held by the Manager. EC WORLD REIT 02 TRUST STRUCTURE
1 Calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation), by the trailing 12 months interest expense and borrowingrelated fees. 2 Calculated based on original loan maturity date. 3 Exclude upfront financing fee. 4 Defined as property expenses divided by net assets. 5 For FY20, the Manager resolved to distribute 91.3% of income available for distribution to Unitholders. Based on 100% payout ratio, DPU would have been 5.869 cents Balance Sheet (S$ million) As at 31 December 2024 As at 31 December 2023 As at 31 December 2022 As at 31 December 2021 As at 31 December 2020 Total Assets 887.1 1,005.3 1,666.8 1,895.3 1,815.7 Investment Properties 713.7 805.6 1,469.8 1,673.9 1,623.7 Total Liabilities 855.0 910.4 1,059.8 1,143.5 1,100.1 Net Assets 32.1 94.9 607.0 751.8 715.5 Key Financial Indicator Gross borrowings / Total assets 56.5% 57.9% 38.8% 38.2% 38.1% Interest cover ratio (times)1 1.6 2.1 2.7 2.9 2.6 Weighted average debt maturity (years)2 0.7 1.0 0.4 0.6 1.6 Annualised all-in interest rate 8.8% 7.2% 5.8% 4.9% 5.1% Annualised all-in blended running interest rate3 8.2% 6.3% 4.9% 4.1% 4.3% Total operating expenses as percentage of net assets4 34.3% 9.0% 1.7% 1.7% 1.3% Financial Performance For the Financial Year Ended 31 December 2024 For the Financial Year Ended 31 December 2023 For the Financial Year Ended 31 December 2022 For the Financial Year Ended 31 December 2021 For the Financial Year Ended 31 December 2020 Gross Revenue (S$’000) 92,208 107,770 121,568 125,488 109,726 Net Property Income (S$’000) 81,199 99,201 110,956 113,025 100,307 Calculated Distribution to Unitholders (S$’000) 15,804 29,631 38,564 50,615 43,111 Calculated Distribution Per Unit (Singapore cents) 1.9518 3.6598 4.7627 6.2636 5.3595 Calculated Distribution yield (%) (Based on IPO price of S$0.81 per Unit) 2.4 4.5 5.9 7.7 6.6 Calculated Distribution yield (%) (Based on Unit Price of S$0.28 per Unit on 28 Aug 2023) 7.0 13.1 10.7 14.1 12.0 6 FY21 distribution includes payout of distribution previously retained in 4Q2019, 1Q2020 and 2Q2020 (partial) in 2Q2021 amounting to approximately S$2.0 million. 7 FY22 distribution includes payout of distribution previously retained in 2Q2020 (balance) and 3Q2020 (partial) in 2Q2022 amounting to approximately S$1.3 million. 8 ECW was not able to pay the distribution to unitholders with effect from 1 January 2023. The payment of the distribution will be deferred to a future date when ECW has sufficient free cash for the said distribution. Total Assets S$ (m) Gross Revenue (S$’000) Net Property Income (S$’000) 2024 2023 2022 2024 2023 2022 2024 2023 2022 887.1 92,208 81,199 1,005.3 107,770 99,201 1,666.8 121,568 110,956 ANNUAL REPORT 2024 03 FINANCIAL HIGHLIGHTS
EC WORLD REIT 04
NAVIGATING CHALLENGES, BUILDING TOMORROW Though the road is tough, we continue to chart our path forward, grounded in reality, guided by purpose. ANNUAL REPORT 2024 05
Occupancy Rate at 86.3% Portfolio valuation at RMB3,829 million EC WORLD REIT 06 LETTER TO UNITHOLDERS
Dear Unitholders, FY2024 was a year marked by deep operational and financial difficulties for EC World REIT. A combination of unresolved sponsor-related issues, unauthorised mortgage matters, and weak leasing conditions in our key markets significantly affected our portfolio and income performance. While the situation remains profoundly demanding, the Board and management remain dedicated to taking measured and transparent actions to stabilise the REIT and protect the long-term interests of our stakeholders. Gross revenue declined 14.4% year-on-year to S$92.2 million, while net property income fell 18.1% to S$81.2 million. This was primarily due to the expiry and novation of master leases and related party leases, along with the weak leasing environment in China. The discontinuation of anchor tenant leases at Hengde Logistics further affected income. On a more positive note, occupancy improved to 86.3% as at 31 December 2024, supported by active leasing at Hengde Logistics and Wuhan Meiluote. As at 31 December 2024, the REIT’s portfolio valuation declined by 11.7% in RMB terms compared to the previous year, because of the deteriorating market conditions in China, oversupply of warehouse space and weaker economic sentiment both globally and in China locally. Although the novation of underlying leases and termination of master leases contributed to the valuation adjustments for all, however it was a crucial action to secure positive cashflow and replace nonperforming arrangements. The REIT’s capital structure continues to face significant pressure. As at 31 December 2024, aggregate leverage was maintained slightly lower at 56.5% after fully repayment of revolving loans in FY2024, compared to 57.9% a year earlier. Net asset value declined to S$0.04 per unit, reflecting the continued impact of portfolio revaluation and financing constraints. The Manager is actively exploring options to address these challenges. Distributions remain suspended for 2024 and it is highly likely that no distribution for the financial year 2025 will be declared either, in light of the financial challenges present and ahead. Meeting the Challenges Ahead Looking ahead, the Manager remains focused on addressing the structural and financial challenges facing the REIT through actively evaluating strategic options to strengthen the REIT’s capital position, refinancing and rigorously undertaking the asset divestments plan. KPMG has been appointed as financial adviser to assess viable restructuring pathways and reporting to lenders, while Savills and Cushman & Wakefield are supporting efforts to market selected assets for sale. The Pre-enforcement Notice issued by the offshore lenders provides the REIT with time until 31 May 2025 to divest a sufficient quantum of assets to fully repay the Offshore Facility. Concurrently, the Singapore Exchange has granted an extension for the REIT to submit its resumption proposal within the same timeframe. At this juncture, it is uncertain whether all lender-imposed milestones can be achieved within the current timeframe, and an extension may be required if circumstances necessitate. Notwithstanding these challenges, the Manager is making every reasonable effort to improve the REIT’s financial and operational position and remains fully committed to acting in the best interests of unitholders. Governance and Board Updates As part of Board renewal and succession planning, Mr Zhang Guobiao stepped down as Chairman of the Board on 2 August 2024 and resigned from Board on 14 April 2025. I was appointed Acting Chairman to ensure leadership continuity. Mr Chia Yew Boon replaced Dr David Wong See Hong as Chairman of the Audit and Risk Committee on 13 November 2024 while Dr. Wong remains as an Independent Non-Executive Director. In December 2024, unitholders approved the appointment of BDO LLP as the REIT’s external auditor at the Extraordinary General Meeting 2024. As the nine year term of appointment of the independent directors will terminate on 20 June 2025, we have been interviewing prospective independent directors for the approval by the Monetary Authority of Singapore. Future Outlook China’s economy grew by 5.0% in 2024, meeting official targets, but the recovery remains uneven1. Consumer demand has yet to show broadbased strength, property investment declined by 10.6% year-on-year, and business confidence remains fragile1. The World Bank projects China’s GDP to moderate to 4.5% in 2025, reflecting structural challenges in real estate and a cautious external environment2. The impact of the new trade policies of various countries has not been fully assessed at the current point of time but more adverse economic condition must be anticipated. ANNUAL REPORT 2024 07 LETTER TO UNITHOLDERS
In 2025, China’s macroeconomic policy stance has shifted more decisively toward supporting growth with measures aim to stimulate domestic demand, improve credit access, and support struggling businesses. Within China’s warehouse and logistics market, fundamentals remain intact over the long term, underpinned by the continued growth of e-commerce and domestic consumption. However, warehousing supply remains high in regions like Hangzhou and Wuhan, and rental recovery is expected to remain slow and uneven3. Against this backdrop, EC World REIT’s near-term priorities are focused on stabilising occupancy, managing operational costs, and most critically, executing asset divestment as part of its broader restructuring. At the same time, the Manager continues to monitor market conditions closely and will adapt its strategy where necessary to preserve value and support long-term recovery. Sustainability In 2024, our properties completed several environmental initiatives, including the installation of solar panels. The Manager also conducted qualitative assessments of climaterelated transition and physical risks for all properties, with findings disclosed under different climate scenarios in our latest sustainability report. These actions reflect our ongoing efforts and commitment to integrating sustainability into our operations. In preparation for mandatory climaterelated reporting under the IFRS Sustainability Disclosure Standards from FY2026, the REIT will provide a transition plan in its FY2025 sustainability report, while continuing to disclose other key sustainability components on a comply or explain basis, in accordance with existing SGX requirements. Acknowledgments FY2024 was an extraordinarily challenging year for EC World REIT. On behalf of the Board, I would like to express my sincere appreciation to our unitholders for your continued patience and support during this challenging period. I also thank my fellow Board members, for their service and wise counsel, and the management team for their unwavering effort to navigate the uncertainty. The REIT remains in a vulnerable position, but we are taking proactive and steps to stabilise its financial standing. The Board and the Manager remain committed to acting in the best interests of unitholders as we work through this critical phase. Chan Heng Wing Acting Chairman Independent Non-Executive Director and Lead Independent Director Amid a challenging year and complex market conditions, we remain committed to strengthening our operations, optimizing resource allocation, and securing the long-term stability and growth of the REIT. 1 https://www.reuters.com/world/china/ chinas-property-investment-drops-106-2024sales-slump-129-2025-01-17 2 https://www.worldbank.org/en/publication/ global-economic-prospects 3 https://www.reuters.com/world/china/ china-vice-premier-pledges-more-policysupport-says-economy-started-2025well-2025-03-27/ EC WORLD REIT 08 LETTER TO UNITHOLDERS
ANNUAL REPORT 2024 09 LETTER TO UNITHOLDERS
致单位持有人： 2024财政年对运通网城房地产信托⽽ ⾔，是充满严峻运营与财务挑战的一 年，由于发起人相关问题仍未解决，未 经授权的抵押事项，以及我们的主要市 场租赁环境疲弱的影响。严重影响了本 信托的资产组合表现和收⼊。尽管当前 局势依然严峻，董事会与管理层仍然致 力于采取审慎且透明的措施，以稳定本 信托的运营，并维护单位持有人的长期 利益。 2024年度，集团的总收入同比下降 14.4%至9,220万新元，物业净收入下 降18.1%至8,120万新元，主要由于主 要租户及关联方租赁协议到期与转让 所致，同时受到中国整体租赁市场承压 的持续影响。恒德物流主要租户退租也 对收入造成冲击。值得一提的是，在恒 德物流及武汉美罗特的积极租赁推动 下，截至2024年12月31日，整体资产组 合的出租率改善至 86.3%。 截至2024年12月31日，本信托的资产 组合估值按人民币计同比下降11.7%。 主要原因包括中国市场环境持续恶化、 中国仓储空间供应过剩，以及全球与本 地经济情绪疲弱。尽管租赁协议的转让 及主要租赁终止对组合的估值造成影 响，但此举是为了确保正向现金流取代 无效租赁，是必要且关键的举措。 资本结构方面，截至2024年末，资产负 债比率从一年前的57.9%小幅下降至 56.5%，主要因循环贷款已于2024年全 数偿还。每单位资产净值下降至0.04新 元，反映出资产组合重新估值与融资受 限所带来的持续影响。管理人正积极评 估多项方案，以应对当前挑战。 鉴于本信托持续面临重大财务压 力，2024财年度未派发股息，预计2025 财年度亦不会进行分派股息。 应对未来挑战 展望未来，管理人将继续专注于解决结 构性与财务上的问题。积极评估并强化 资本结构策略，推进再融资及资产出售 计划。本信托已委任毕马威会计师事务 所为财务顾问，协助制定可行的重组计 划并向贷方汇报，第一太平戴维斯（上 海）与高纬物业（香港）则协助相关资产 出售的推进。 离岸贷款机构已发出预执行通知，要求 本信托直至2025年5月31日前出售资 产，以偿还全部的离岸贷款。同时，新加 坡交易所亦批准将恢复交易方案的提 交书期限延长至同一日期。 目前尚无法确认能否在现有时间内完 成所有贷款方设定的关键条件，若有需 要，管理人可能申请进一步延期。尽管 前路艰难，管理人仍将继续采取一切合 理的努力，改善本信托的财务和营运状 况，并一如既往的以单位持有人的整体 利益为先。 董事会与公司治理更新 作为董事会更新与接班计划的一部分， 张国标先⽣已于2024年8⽉2⽇卸任董 事会主席⼀职，并于2025年4⽉14⽇辞 去董事会职务。本人随后被委任为代理 主席，确保董事会领导层的持续性。谢 有文先生于2024年11月13日接替王仕 雄博士，出任审计与风险委员会主席一 职，王博士则继续担任非执行董事。此 外，单位持有人在2024年12月召开的 特别大会上批准，通过立信会计师事务 所为本信托的外部审计机构。随着独⽴ 董事的九年任期将于2025年6⽉20⽇ 届满，董事会已启动继任规划，正⾯试 合适⼈选，并将根据新加坡⾦融管理局 的要求提请相关审批程序。 前景展望 2024年，中国实现了5.0%的年度增长， 达到官方目标，但复苏步伐仍不均衡。 消费需求尚未全面恢复，房地产投资同 比下降10.6%，企业信心依然低迷。世 界银行预计中国2025年经济增速将放 缓至4.5%，反映出房地产结构性问题 和外部环境的持续不确定性。当前，各 国新贸易政策所带来的影响尚未完全 显现，但必须为更加不利的经济形势做 好准备。 2025年，中国宏观经济政策将更加积 极，提振内需，改善融资环境，并扶持受 困企业。尽管杭州、武汉等区域的仓储 供应压力仍高，租金回升缓慢，电商与 内需增长将继续支撑仓储物流市场的 长期基本面。 在当前形势下，本信托当前的首要任务 是稳定出租率、控制营运成本，并加快 落实资产出售计划，以推动整体重组策 略。管理人将密切关注市场动态，并根 据情况灵活调整策略，以维持资产价 值，并实现复苏目标。 可持续发展 2024年，我们完成了多项环境相关举 措，包括太阳能面板的安装。管理人亦 针对所有资产进行了气候转型风险与 物理风险的定性评估，并在最新一期可 持续发展报告中披露不同情境下的相 关影响。这些举措展现了我们对可持续 发展承诺的延续。 为配合2026财政年度起实施的国际 可持续披露准则（IFRSSustainability Disclosure Standards）强制气候信息 披露做准备，本信托将在2025年度可持 续发展报告中提供过渡计划，并将继续 根据新交所现行规定，遵循遵守或解释 原则披露其他关键可持续发展信息。 EC WORLD REIT 10 致单位持有人
致谢 2024财政年度对运通网城房地产信托 而言是极其艰难的一年。本人谨代表董 事会，向各位单位持有人在此不稳定的 时期给与的包容与支持。致以诚挚的感 谢。同时，我也要感谢董事会成员的付 出和专业指导，以及管理团队在逆境中 所展现出的不懈努力。 尽管本信托仍然处于严峻的阶段，但我 们正在采取积极的措施，以恢复财务状 况的稳定。董事会与管理人将持续秉持 诚信、审慎的态度，全力以赴，坚定的推 动重组进程，维护单位持有人的最大利 益。 陈庆荣 代理董事长 独立非执行董事兼首席独立董事 ANNUAL REPORT 2024 11
EC WORLD REIT 12 MANAGEMENT REVIEW
In 2024, EC World REIT went through strategic realignment of the lease structure. The novation of the underlying leases from the Sponsor group was completed. Majority of the master leases were discontinued pursuant to broader organizational restructuring activities. As at 31 December 2024, EC World REIT’s portfolio achieved the overall occupancy rate of 86.3%1. As at 31 December 2024 Assets Type of Lease Committed Occupancy Rate Chongxian Port Investment Multi Tenanted 92.2% Fu Heng Warehouse Multi Tenanted 74.5% Hengde Logistics Multi Tenanted 91.1% Wuhan Meiluote Multi Tenanted 77.4% Fuzhou E-commerce Multi Tenanted 72.3% Stage 1 Properties of Bei Gang Logistics2 Master leased 100% Chongxian Port Logistics Multi Tenanted 95.9% Total Occupancy Rate 86.3% Challenging Market Conditions As a result of the significant structural change due to the prolonged financial difficulties of the Sponsor Group, rental assumptions used in the cash flow projections were revised to reflect current market conditions which are significantly below the historical contracted rates under the master leases. In 2024, China’s total online retail sales reached RMB15.52 trillion, representing a 7.2 percent year-on-year increase. Physical goods sold online accounted for 26.8% of the country’s total retail sales, underscoring the continued importance of e-commerce in China’s consumption landscape3. Despite this growth, the overall consumption recovery remained modest, and offline retail performance continued to lag amid ongoing economic 1 Underlying occupancy rate weighted by NLA. 2 As at 31 December 2024. MLA: Master Leased Agreement; Negotiation on Master Settlement Agreement with the Sponsor Group is pending 3 https://www.stats.gov.cn/sj/zxfb/202502/ t20250228_1958817.html. uncertainties. As a result, logistics and warehousing expansion plans by e-commerce platforms and merchants became more cautious. This has affected the REIT’s ability to secure replacement tenants, particularly in regions where market rents are stagnant and warehouse supply remains high. Overdue Rent Receivables and Financial Impact As of 31 December 2024, the accrued overdue rent receivables owed to the EC World REIT by the Sponsor Group amounted to approximately RMB629.9 million (S$117.4 million). This includes RMB547.4 million (S$102.0 million) arising from rent payable under the former master leases, and RMB82.5 million (S$15.4 million) from other related party lease arrangements. ANNUAL REPORT 2024 13 MANAGEMENT REVIEW
Lease Expiry Profile By NLA By Gross Rental Income 2024 2025 2026 2027 & beyond 9.4% 7.2% 60.7% 59.2% 24.3% 24.9% 7.9% 6.5% The Manager has been in ongoing negotiations with the Sponsor to finalise a Master Offset Agreement, which seeks to net off EC World REIT’s receivables from the Sponsor Group against EC World REIT’s payables to the Sponsor Group. This includes the cash security deposits provided by the master lessees and a portion of the advance payments received from the Purchasers in relation to the proposed divestment transactions. As these negotiations are still ongoing, no impairment allowance has been made at this stage. In light of persistent financial challenges, no distribution has been declared for FY2024 and it remains unlikely that any distribution will be made in FY2025 until operating and financial conditions improve materially. Asset Values Sustained Downward Trajectory The independent valuations of our properties as of 31 December 2024 have shown a decline, with the overall portfolio value dropped by 11.7% from RMB 4,336 million to RMB 3,829 million year-on-year. The valuation decline was primarily driven by intensified rental competition due to an oversupply of warehouse space in Hangzhou and Wuhan coupled by the shortening of remaining land tenure. This led to weaker market rents, higher vacancy rates, and more competitive leasing conditions across the logistics sector. Corresponding to the continuous softening market condition, the Manager implemented a leasing strategy focused on preserving occupancy and cash flow. Active Lease Management New Property Managers and Port Operator have been engaged with effective from 1 January 2025, providing EC World REIT with operational continuity and enhanced flexibility as the REIT proceeds with its ongoing asset divestment programme. The Manager works closely with the Property Managers to optimize the occupancy rates of the properties. Existing and prospective tenants are engaged well in advance of lease expiry dates to mitigate the risk of non-renewals and vacancies. As at 31 December 2024, the portfolio WALE was 1.6 years by net lettable area and 1.2 years by gross revenue. The expiry profile of leases that were committed as at 31 December 2024 is shown in the chart below: As a result of proactive leasing strategy, the team managed to secure a total of 17 new leases for Hengde Logistics Phase 1. The new leases took up 87.1% of the occupancy rate in Hengde Logistics Phase 1. The majority of the tenants occupying Hengde Logistics Phase 1 are pharmaceutical logistics tenants which align with the market strategy to transform Hengde Logistics Phase 1 into a pharmaceutical logistics hub in Hangzhou. Among those new leases, there is a key tenant, ATM Cloud that has taken up 42.2% of the leased area in Hengde Logistics. EC WORLD REIT 14 MANAGEMENT REVIEW
The duration and rental escalation of the leases are shown in the table below: Property Lease Terms (As at 31 December 2024) Rental Escalation E-COMMERCE LOGISTICS Fu Heng Warehouse Multiple tenancies Leases come with rent escalation up to 5% Stage 1 Properties of Bei Gang Logistics Master leased Current lease has no escalation Wuhan Meiluote Multiple tenancies 1 lease comes with rent escalation up to 5% Fuzhou E-commerce Multiple tenancies Leases come with rent escalation up to 5% SPECIALISED LOGISTICS Hengde Logistics Multiple tenancies Leases come with rent escalation up to 5% PORT LOGISTICS Chongxian Port Investment Multiple tenancies Current leases have no escalation Chongxian Port Logistics Multiple tenancies Leases come with rent escalation up to 2% During 2024, the gross revenue of the portfolio was S$92.2 million and the Calculated DPU for the full year was 1.951 Singapore cents. The projected revenue derived from market rent would have been S$50.7 million and there will be no distributable DPU. As compared to the projected market rent⁴, the master lease gross rents for Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce are approximately RMB102.1 million, RMB44.7 million, RMB21.3 million and RMB33.6 million respectively. The total difference of RMB 201.7 million is 40.6% of the portfolio gross rent in 2024. Property 2024 Gross Rent (RMB’000) Chongxian Port Investment 176,694 Fu Heng Warehouse 30,978 Fuzhou E-Commerce 54,836 Stage 1 Properties of Bei Gang Logistics 78,074 Total 340,582 4 Projected market rents for Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce are based on the market rental rate adopted in the year-end valuation conducted by Savills on 31 Dec 2024. ANNUAL REPORT 2024 15 MANAGEMENT REVIEW
Tenants Operate Across Diverse Industries The tenants of the properties operate across diverse industries. The chart below shows the breakdown of tenancy according to trade sector, weighted on gross revenue contribution in 2024. Breakdown of tenancy according to trade sector, by gross revenue contribution 25.6% Delivery, logistics and distribution 24.9% Ecommerce services 14.4% Industrial 35.1% Others Diversified Tenancy As at 31 December 2024, there were a total of 81 multiple tenants across the portfolio and the contribution to gross rental income, based on lock-in rental, by the top 10 tenants is stated below: Tenants % of Contribution 1. 富春控股集团有限公司 (Forchn Holdings Group Co., Ltd.)5 19.3% 2. 浙江中烟工业有限责任公司 (China Tobacco Zhejiang Industrial Co., Ltd.) 9.7% 3. 阿童木云仓（杭州）人工智能科技有限公司 (ATM Cloud (Hangzhou) Artificial Intelligence Technology Co., Ltd.) 8.8% 4. 杭州富春康复医院管理有限公司 (Hangzhou Forchn Rehabilitation Hospital Management Co., Ltd.) 7.6% 5. 杭州富阳宇通速递有限公司 (Hangzhou Fuyang Yutong Express Co., Ltd.) 4.8% 6. 浙江京鸿供应链管理有限公司 (Zhejiang Jinghong Supply Chain Management Co., Ltd.) 4.1% 7. 杭州大冷供应链有限公司 (Hangzhou Daleng Supply Chain Co., Ltd.) 2.8% 8. 杭州四港物流有限公司 (Hangzhou Sigang Logistics Co., Ltd.) 2.7% 9. 张小泉股份有限公司 (Zhang Xiaoquan Co., Ltd.) 2.6% 10. 杭州远顺贸易有限公司 (Hangzhou Yuanshun Trading Co., Ltd.) 2.3% 5 Relating to the Master Lease of Stage 1 Properties of Bei Gang Logistics. EC WORLD REIT 16 MANAGEMENT REVIEW
ANNUAL REPORT 2024 17
EC WORLD REIT 18
EMBRACING CHANGE, ADAPTING FOR GROWTH Embracing change enabled us to navigate challenges, seize opportunities, and drive growth through fresh perspectives and agility. ANNUAL REPORT 2024 19
EC WORLD REIT 20 PROPERTY PORTFOLIO OVERVIEW
32.7 Average Remaining Tenure (Years) as at 31 December 2024 E-COMMERCE LOGISTICS Fu Heng Warehouse Land Tenure (Expiry): 3 May 59 Remaining Tenure (Years): 34.4 Fuzhou E-Commerce Land Tenure (Expiry): 3 May 59 Remaining Tenure (Years): 34.4 Stage 1 Properties of Bei Gang Logistics Land Tenure (Expiry): 14 Mar 52 Remaining Tenure (Years): 27.2 Wuhan Meiluote Land Tenure (Expiry): 29 Jun 65 Remaining Tenure (Years): 40.5 PORT LOGISTICS Chongxian Port Investment Land Tenure (Expiry): 30 Dec 55 Remaining Tenure (Years): 31.0 Chongxian Port Logistics Land Tenure (Expiry): 30 Dec 55 Remaining Tenure (Years): 31.0 SPECIALISED LOGISTICS Hengde Logistics - complex 1 Land Tenure (Expiry): 9 Jul 59 Remaining Tenure (Years): 34.5 Hengde Logistics - complex 2 Land Tenure (Expiry): 28 Jul 53 Remaining Tenure (Years): 28.6 ANNUAL REPORT 2024 21 PROPERTY PORTFOLIO OVERVIEW
EC World REIT’s e-commerce logistics assets houses tenants mainly from the 3PL industry and e-commerce platforms. To suit the demands of the e-commerce logistics, the warehouses are typically fitted with wide column spacing, spacious and modern loading docks as well as enhanced safety systems and the integration with inventory and warehouse management technology as well as other value-added features. Fu Heng Warehouse Located in Dongzhou Industrial Park, Fuyang District, Hangzhou, Fu Heng Warehouse serves as a full capability e-commerce centre with its integrated and highly developed system of storage and warehousing, inventory control, pick-and-pack services and express delivery capabilities. Fu Heng Warehouse comprises two four-storey buildings housing e-commerce merchant offices, online-to-offline (“O2O”) businesses, retail outlets, and warehouse space. E-COMMERCE LOGISTICS Property Information (As at 31 December 2024) Net Lettable Area (sqm) 95,076* Land Use Expiry 3 May 2059 Purchase Consideration (RMB million) 444.2 Valuation (RMB Million) 285.0 Committed Occupancy 74.5% Key Tenant Hangzhou Fuyang Yutong Express Co., Ltd. WALE (by NLA) 0.7 WALE (by Gross Rental Revenue) 0.5 * includes covered outdoor space and underground space. EC WORLD REIT 22 PROPERTY PORTFOLIO OVERVIEW
Fuzhou E-Commerce Fuzhou E-Commerce was acquired on 8 August 2019. Strategically located on the western side of Mingxing Road, Fuyang District, Hangzhou, this e-commerce logistics property is in close proximity to the Changshen Highway and Hangzhou city centre and enjoys convenient water transportation provided by the Fuchun River. Fuzhou E-Commerce is adjacent to Fu Heng Warehouse, which is also focused on e-commerce related fulfilment activities. Together with Fu Heng Warehouse, these two properties form a combined 303,400 sqm logistics hub, well supported by industry participants such as online market places, brand manufacturers, last mile delivery companies as well as office space and other auxiliary facilities. Property Information (As at 31 December 2024) Net Lettable Area (sqm) 208,324 Land Use Expiry 3 May 2059 Purchase Consideration (RMB million) 1,112.5 Valuation (RMB Million) 689.0 Committed Occupancy 72.3% Key Tenant Zhejiang Jinghong Supply Chain Management Co., Ltd. WALE (by NLA) 1.3 WALE (by Gross Rental Revenue) 1.3 E-COMMERCE LOGISTICS ANNUAL REPORT 2024 23 PROPERTY PORTFOLIO OVERVIEW
Wuhan Meiluote Located in Caidian District in Wuhan, China, Wuhan Meiluote comprises three two-storey warehouses, one five-storey multi-purpose building and one six-storey building. The property is mainly used for warehousing purposes with ancillary building for dormitory usage. The Wuhan Property is leased to reputable logistics and e-commerce tenants. E-COMMERCE LOGISTICS Property Information (As at 31 December 2024) Net Lettable Area (sqm) 48,695 Land Use Expiry 29 Jun 2065 Purchase Consideration (RMB million) 145.0 Valuation (RMB Million) 105.0 Committed Occupancy 77.4% Key Tenant Jimei Packaging Printing Technology (Xiamen) Co., Ltd. WALE (by NLA) 1.4 WALE (by Gross Rental Revenue) 1.3 EC WORLD REIT 24 PROPERTY PORTFOLIO OVERVIEW
Stage 1 Bei Gang Logistics Stage 1 Bei Gang Logistics comprise eight buildings (Buildings No. 1 to No. 8) of which, Building No. 1 is a 15-storey building, Building No. 2 is a four-storey building, and Buildings No. 3 to No. 8 are five-storey buildings. The properties serve as a logistics hub to enhance the e-commerce ecosystem in Zhejiang province and could offer huge potential for retail space and other commercial businesses. The National Development and Reform Commission (the “NDRC”) has granted accreditation to Hangzhou Beigang Logistics Co., Ltd. Under the National Key Logistics Project 2015. Property Information (As at 31 December 2024) Net Lettable Area (sqm) 120,449* Land Use Expiry 14 March 2052 Purchase Consideration (RMB million) 1,039.7 Valuation (RMB Million) 594.0 Committed Occupancy 100% Key Tenant Master leased to Forchn Holdings Group Co., Ltd WALE (by NLA) 0.6 WALE (by Gross Rental Revenue) 0.6 * includes underground carpark space E-COMMERCE LOGISTICS ANNUAL REPORT 2024 25 PROPERTY PORTFOLIO OVERVIEW
Hengde Logistics Hengde Logistics is located in Dongzhou Industrial Park, Hangzhou City. It comprises two clusters of high-specification warehouses with the capability to store temperature and humidity sensitive goods and products, such as tobacco, wines, cosmetics and perishables. The first complex of the Property comprises six five-storey blocks and a six-storey block, while the second complex comprises two five-storey blocks and one three-storey block. The buildings are equipped with a dedicated onsite power generator with an isolated power grid to reduce any risks of electrical blackouts which may affect the operations of the building. In addition, the availability of containment areas and docking bays facilitates efficient and effective loading and unloading of goods for transportation. SPECIALISED LOGISTICS Property Information (As at 31 December 2024) Net Lettable Area (sqm) 238,032 Land Use Expiry Phase 1: 9 July 2059 Phase 2: 28 July 2053 Purchase Consideration (RMB million) 1,173.9 Valuation (RMB Million) 737.0 Committed Occupancy 91.1% Key Tenant ATM Cloud (Hangzhou) Artificial Intelligence Technology Co., Ltd.; China Tobacco Zhejiang Industrial Co., Ltd. WALE (by NLA) 3.2 WALE (by Gross Rental Revenue) 2.3 EC WORLD REIT 26 PROPERTY PORTFOLIO OVERVIEW
Strategically located at the side of the National Highway No. 320 and the Jiaxing-Huzhou Expressway, EC World REIT’s port logistics assets are coveted assets with prime access to the Beijing-Hangzhou Grand Canal which has been zoned UNESCO Heritage Site. The UNESCO Heritage Site zoning hinders any construction of new ports along the canal, intensifying demand for such quality port operations. Chongxian Port Investment Strategically located in north of Hangzhou, on the east bank of the Beijing-Hangzhou Grand Canal, Chongxian Port Investment is one of the key inland port operations in the China. It is one of the largest inland ports in Hangzhou in terms of the total number of berth and the scale of annual throughput, contributing income to the portfolio. It is a large and comprehensive logistics complex that integrates, inter alia, port operation, storage processing and logistics distribution for steel products and is currently leased to the port operator, a subsidiary of the Sponsor. PORT LOGISTICS Property Information (As at 31 December 2024) Net Lettable Area (sqm) 102,560 Land Use Expiry 30 December 2055 Purchase Consideration (RMB million) 1,682.1 Valuation (RMB Million) 951.0 Committed Occupancy 92.2% Key Tenant Hangzhou Shunjie Warehousing Co., Ltd. WALE (by NLA) 0.9 WALE (by Gross Rental Revenue) 1.0 ANNUAL REPORT 2024 27 PROPERTY PORTFOLIO OVERVIEW
Chongxian Port Logistics Chongxian Port Logistics is strategically located in the west of Chongxian New City, north of Hangzhou, on the east bank of the Beijing-Hangzhou Grand Canal, and next to the National Highway No. 320 and Jiaxing-Huzhou Expressway. It is an integrated complex with warehouses and office buildings which support the operations of Chongxian Port Investment, and is one of the largest metal warehouse and logistics developments in the Yangtze River Delta. PORT LOGISTICS Property Information (As at 31 December 2024) Net Lettable Area (sqm) 114,021 Land Use Expiry 30 December 2055 Purchase Consideration (RMB million) 685.5 Valuation (RMB Million) 468.0 Committed Occupancy 95.9% Key Tenant Hangzhou Fuchun Rehabilitation Hospital Management Co., Ltd.; Hangzhou Sigang Logistics Co., Ltd. WALE (by NLA) 0.9 WALE (by Gross Rental Revenue) 0.7 EC WORLD REIT 28 PROPERTY PORTFOLIO OVERVIEW
With effect from 1 January 2025, the management of EC World REIT’s portfolio of properties is undertaken by Hangzhou Wangcheng Property Service Co., Ltd. (杭州 ⽹城物业服务有限公司) (“Wangcheng”) and Hangzhou Chonghang Port Property Management Co., Ltd. （杭州 崇航港物业管理有限公司）, a wholly-owned subsidiary of Hangzhou Chonghang Port Supply Chain Co., Ltd. (“Chonghang”). Both Wangcheng and Chonghang are independent third-party service providers unrelated to EC World REIT and its Sponsor. Wangcheng manages the property and lease operations for Fuzhou E-Commerce, Fuheng Warehouse, Hengde Logistics, Wuhan Meiluote, and Beigang Logistics Stage 1. Chonghang manages Chongxian Port Investment and Chongxian Port Logistics and also serves as the port operator, providing integrated services tailored to the specific operational requirements of these assets. The Property Managers provide the following main services to the properties: • Property and Lease Management Services: Manage rental leases, ensuring a high standard of tenant satisfaction and efficient administration of property operations. • Marketing Services: Market available space within Fuzhou E-Commerce EC World REIT’s portfolio, enhancing the properties’ market positioning and attractiveness to maximize returns to Unitholders. • Property Maintenance and Repair Services: Maintain and repair properties, ensuring they remain in optimal condition. • Project Management Services: Oversee construction and development projects within the properties, managing costs and schedules effectively. Wangcheng and Chonghang have teams of experienced professionals skilled in managing prominent real estate assets in China. The Property Managers’ capabilities and rigorous internal controls support EC World REIT’s commitment to operational excellence and Unitholder value. ANNUAL REPORT 2024 29 THE PROPERTY MANAGER
EC WORLD REIT 30
RESTORING STABILITY, BUILDING FOR THE FUTURE We’re focused on restoring stability, strengthening foundations, and ensuring sustainable growth as we prepare for the future. ANNUAL REPORT 2024 31
MR CHAN HENG WING Acting Chairman, Independent Non-Executive Director and Lead Independent Director Mr Chan was appointed as Non-Executive Director and Lead Independent Director on 21 June 2016 and is currently serving as Acting Chairman. He is also a member of the Nominating and Remuneration Committee. Mr Chan currently serves as the Non-Resident Ambassador of Singapore to the Republic of Austria. Mr Chan is an Independent Non-Executive Director of Fraser and Neave Limited in Singapore and One Bangkok Holdings in Thailand. In November 2022, Mr Chan was appointed Strategic Advisor of the Optima Integration Group from Shenzhen, China. Mr Chan was appointed to the Executive Board of the Singapore China Cultural Centre in 2020. Mr Chan was previously the Ambassador to Thailand and Consul-General to Hong Kong and Shanghai. He also held the position of Singapore Non-Resident High Commissioner to the People’s Republic of Bangladesh. He later joined Temasek Holdings (Private) Limited as Chief Representative in China and Managing Director for International Relations in Temasek International (Singapore) Pte. Ltd. Mr Chan was awarded the Public Administration Medal (Silver) in 1980 by the Singapore Government. He holds a Master of Science from the Columbia Graduate School of Journalism and a Bachelor of Arts (Honours) and a Master of Arts from the University of Singapore. MR CHIA YEW BOON Independent Non-Executive Director Mr Chia was appointed as Independent Non-Executive Director on 21 June 2016. He is also the Chairman of the Audit and Risk Committee, and a member of Nominating and Remuneration Committee. Mr Chia has more than 30 years of experience working in various fields such as investments, business consultancy and corporate finance. He is the founding Managing Director of Catalyst Advisors Private Ltd. and Catalyst Advisors International Private Limited, which are both private equity investment and venture capital business consultancy firms. In September 2011, Mr Chia was appointed as an Independent Non-Executive Director of Technovator International Limited, a leading company in energy management systems, solutions and services; it is part of the Tsinghua Tongfang group of companies. He is also a Board Director of Hydrecyc, a waste-to-energy technology engineering company, and an Advisor to Rosemoor Capital, a firm investing in blockchain infrastructure companies. From July 2005 to June 2007, Mr Chia was the Director of Business Development at SGX-listed Boustead Singapore Limited, and concurrently the Chief Executive Officer of a Boustead subsidiary, ASX-listed EasyCall International Ltd. Prior to that, from January 1999 to June 2005, Mr Chia served as Senior Vice President of GIC Special Investments Pte Ltd. (“GIC SI”), the venture capital and private equity arm of GIC, the sovereign wealth fund of Singapore. Mr Chia holds a Diplôme d’Ingénieur (equivalent to a Master’s Degree in Engineering) from L’École Nationale Supérieure de Chimie de Strasbourg, France. EC WORLD REIT 32 BOARD OF DIRECTORS
DR DAVID WONG SEE HONG Independent Non-Executive Director Dr Wong was appointed as Independent Non-Executive Director on 21 June 2016. He is also a member of the Audit and Risk Committee. Dr Wong has over 30 years of experience in the banking sector and has extensive knowledge and experience in treasury and financial products. He is a Finance Management Committee Member of the Hong Kong Management Association, Hong Kong. He also serves as the Independent Non-Executive Director of China Merchant Bank Co., Limited, Frasers Hospitality Asset Management Pte. Ltd. (the Manager of Frasers Hospitality Real Estate Investment Trust) and Frasers Hospitality Trust Management Pte. Ltd. (the trustee-manager of Frasers Hospitality Business Trust). Dr Wong was the Deputy Chief Executive of the Bank of China (Hong Kong) Group from 2008 to 2013, with overall responsibility for the financial market businesses which include Global Markets, Global Transaction Banking, Investment Management, Insurance, Asset Management and other capital market-related businesses. He was also a Director of BOC Group Life Assurance Company Limited from 2008 to 2013 and concurrently the Chairman of BOC International Prudential Trustee Limited. From 2010 to 2012, he was the Chairman of BOCHK Asset Management Limited. Prior to joining the Bank of China (Hong Kong) Group, Dr Wong was the Corporate Executive Vice President and Country Executive of ABN AMRO Bank (“ABN”) and was responsible for ABN’s operations in South East Asia. He joined ABN in 1995 and had held various senior positions within ABN, including Regional Head of Financial Markets, Country Executive in Singapore, and Managing Director of the Hong Kong Branch. Dr Wong has spent over 30 years in the banking sector and has extensive knowledge and experience in treasury and financial products. Dr Wong served as a board member of Energy Market Authority until March 2009 and was a Board Member of the Civil Service College in Singapore from March 2007 to October 2013. Dr Wong graduated from the University of Singapore with a Bachelor’s Degree in Business Administration and was awarded a Master’s Degree in Science in Investment Management by the Hong Kong University of Science and Technology, and a Doctorate degree in Transformation Leadership from the Bethel Bible Seminary. He is also a Financial Industry Certified Professional with the Institute of Banking and Finance, Singapore. MR LI GUOSHENG Independent Non-Executive Director Mr Li was appointed as Independent Non-Executive Director on 21 June 2016. He is also the Chairman of the Nominating and Remuneration Committee and a member of the Audit and Risk Committee. Mr Li is the Managing Director of Horizonline Pte Ltd, a company involved in the import and wholesale of security products and systems, since December 2006 and a non-executive director of Horizonline Capital Pte Ltd since May 2019. He is also the Managing Director of Ningbo Horizonline Technologies Co. Ltd., a PRC manufacturing company, since December 2009. Mr Li currently serves as a Director of Linear Furnishings Pte Ltd. From June 2004 to December 2006, he was a technical manager with China Enersave Limited (now known as Charisma Energy Services Ltd), a company that operates in the renewable energy industry, where he was responsible for the evaluation of the waste energy power plants. Mr Li began his career in 1988 as an electrical engineer with Beilungang Thermal Power Plant Engineering Co. Ltd., a PRC company which constructed thermal power plants. Mr Li has been the President of the Zhejiang (S) Entrepreneurs Association, a non-profit association for people with links to the Zhejiang Province, since 2013. Mr Li holds a Bachelor Degree in Automation of Electrical Power System from Shanghai Jiaotong University, Shanghai, PRC, and a Master of Business Administration from the National University of Singapore. ANNUAL REPORT 2024 33 BOARD OF DIRECTORS
Born in 1960 in Zheijang Province, China, Mr Zhang Guobiao is the Chairman of Forchn Holding Group. He is the first runner-up for the National Science and Technology Progress Award, winner of the Science and Technology Progress Award of the People’s Liberation Army, and was awarded the “Outstanding Zhejiang Businessman Award” and the “Global Zheijiang Businessman Award” at the third and fifth Zhejiang Businessman Conference respectively. In addition, he has been accredited for the development of socialism with Chinese Characteristics in Zhejiang and has received several accolades including the Zhejiang Province Native Model Developer award, Outstanding Social Entrepreneur of Zhejiang and has been credited with his efforts towards the fight against the COVID-19 epidemic. He is also included in the National Veteran list in the 2021 Veteran Entrepreneurship Hall of Fame. His achievements were cited in various literature and magazines. In 1992, Mr Zhang founded Forchn Trading. Under his leadership and over 30 years of dedication, the small construction materials firm grew into a conglomerate with diversified businesses in supply chain management, manufacturing, healthcare and finance. Since 2003, following the Zhejiang Provincial Government’s campaign for successful Zhejiang businessmen residing outside Zhejiang to return and invest in the province, Mr Zhang led the acquisition and modernisation of one of the key inland ports in the PRC, namely Chongxian Port in Hangzhou. He spearheaded the acquisition and restructuring of a provincial state-owned enterprise, Zhang Xiao Quan Group Co., Ltd. and other investments in hospitality such as the Grand Century Hotel, Fuyang and integrated projects such as China Wood Sculpture Museum. Forchn Group was one of the founders for Cainiao Network in 2013. At the same time, Ruyicang, an e-commerce omni channel warehousing and distribution platform is a key business in the Forchn Group to support the online and offline integration and development of e-commerce businesses. In 2017, Forchn Group collaborated with Zhejiang Industrial Integration Fund to set up “Hangzhou Unilogix” to build a leading domestic intelligent supply chain platform. Mr Zhang led the expansion of the Forchn Group in 2016 into the hospitality sector with the acquisition of Fuchun Resort. Located in Hangzhou, Fuchun Resort is a premier integrated holiday resort with elements of health and fitness, medical, leisure, entertainment, culture as well as sports, providing a highly customized and personalized wellness for its customers. In 2019, it entered a strategic cooperation with Zhejiang University and the first hospital of Zhejiang University to jointly develop a rehabilitation centre incorporating the latest in technological advancement to enhance the services that Fuchun Resort can provide and to better cater to the health and wellness sector in Zhejiang, Hangzhou and also the rest of China. In 2022, Forchn Health & Wellness Group was formally established encompassing the Group’s various initiatives in this sector. At the same time, he responded to the national “One Belt and One Road” initiative and set up an overseas investment expansion platform, Forchn International, with Hong Kong and Singapore as the dual headquarters. He actively promoted the company to enter overseas markets by sponsoring EC World Real Estate Investment Trust on its listing on the mainboard of the Singapore Stock Exchange in July 2016. The REIT’s successful listing on the Singapore Mainboard has created a precedent for the listing of Chinese e-commerce logistics assets in the Singapore capital market. In September 2021, Mr Zhang successfully listed “Zhang Xiao Quan” on the Shenzhen Stock Exchange which became China’s first ever A share listed scissors maker. In recent years, Mr Zhang led the company to deepen its roots in Zhejiang Province to better serve the country. He also mooted the expansion into Southeast Asia market and is committed to build Forchn Holding Group into a comprehensive service platform industry with social responsibility at the heart of its operations. MR ZHANG GUOBIAO (Resigned on 14 April 2025) Non-Independent and Non-Executive Director EC WORLD REIT 34 BOARD OF DIRECTORS
MR GOH TOH SIM Executive Director and Chief Executive Officer Refer to management profile on the following page. ANNUAL REPORT 2024 35 BOARD OF DIRECTORS
MR GOH TOH SIM Executive Director and Chief Executive Officer Mr Goh has over 26 years of experience in the management of industrial parks, real estate development and business management in China. Prior to joining the Manager, he was the Chief Representative in China for Keppel Corporation Limited where he was responsible for government relations and business development. Prior to that, Mr Goh was the Chief Executive Officer of SGX-listed Evergro Properties Limited, a real estate developer in Tianjin, Jiangyin and Changzhou. Mr Goh also served as the Chief Executive Officer of Ascendas (China) Pte Ltd from January 2004 to June 2006, where he was responsible for developing and managing Ascendas’ businesses in China. He was the Deputy Chief Executive Officer of China-Singapore Suzhou Industrial Park Development Co., Ltd. from January 2000 to December 2003 where he was responsible for infrastructure development, finance and government relations. Mr Goh holds a Diplôme d’ Ingénieur (French engineering degree which is equivalent to a Master’s degree) in Telecommunications from the Ecole Nationale Supérieure des Télécommunications, Paris, France, and a Master of Business Administration from INSEAD, Fontainebleau, France. MR WANG FENG (FCCA, CA, CIA) Chief Financial Officer Mr Wang is responsible for the overall finance, accounting, tax, treasury and risk management function for ECW REIT as well as overseeing compliance matters and the implementation of EC World REIT’s short and medium-term business plans, and REIT management activities. Prior to his current appointment, he was heading the compliance and risk management functions of the Manager where he was responsible for internal audit, risk management and compliance with requirements under the Securities and Futures Act and the Code on Collective Investment Schemes for ECW and the Manager. Prior to joining the Manager, Mr Wang was an Audit Manager with KPMG Singapore. He spent over five years at KPMG providing audit and review services to many multinational corporations listed in Singapore and overseas exchanges. Mr Wang has in-depth knowledge on key corporate reporting issues such as valuation, lease and revenue recognition in construction, shipping and freight forwarders, offshore oil and gas segment, health and aviation industry. In addition, Mr Wang had more than 12 years’ experience as a project manager in real estate development industry before joining KPMG. Mr Wang is currently a Fellow member (FCCA) of Association of Chartered Certified Accountants in United Kingdom, a Chartered Accountant (CA) with Institute of Singapore Chartered Accountants and a Certified Internal Auditor (CIA) accredited by the Institute of Internal Auditors. EC WORLD REIT 36 MANAGEMENT TEAM
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