Other Matters The financial statements for FY2023 were audited by another auditor who expressed a disclaimer of opinion on those financial statements on 12 July 2024 for the matters described in the Basis for Disclaimer of Opinion section above. We draw attention to Note 32 (b), on 25 March 2025, ECW’s ultimate holding corporation (the “Sponsor”) received the decision of the People’s Court of Fuyang District, Hangzhou City, Zhejiang province (the “Fuyang Court”) to conduct pre-reorganisation of the Sponsor. Pre-reorganisation is a procedure before the court officially accepts the reorganisation, and does not mean that the Sponsor has officially entered the reorganisation procedure. It is uncertain whether the outcome of the reorganisation will significantly impact the Group’s and ECW’s financial statements. We draw attention to Note 32 (d), on 14 April 2025, the Manager received a notice from the Sponsor that the High Court of the Republic of Singapore had ordered that ECW’s non-independent and non-executive director Mr Zhang Guobiao (“Mr Zhang”) be adjudged bankrupt. Mr Zhang is a controlling shareholder of the Sponsor. Accordingly, the Manager understands that there is a possibility that the bankruptcy of Mr Zhang may result in a change in control of the Sponsor, which may in turn indirectly result in a change in control in ECW, subject to applicable laws and regulations. As of the date of this report, the impact of the bankruptcy of Mr Zhang on the Group and ECW’s financial statements remains uncertain. Responsibilities of the Manager for the Financial Statements The Manager is responsible for the preparation and fair presentation of these financial statements in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to liquidate the Group or to cease the Group’s operations, or has no realistic alternative but to do so. The Manager’s responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our responsibility is to conduct an audit on the Group and ECW’s financial statements in accordance with Singapore Standards on Auditing and to issue an auditor’s report. However, because of the matters described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. The engagement partner on the audit resulting in this independent auditor’s report is Liang Hongzhou. BDO LLP Public Accountants and Chartered Accountants Singapore 15 April 2025 EC WORLD REIT 72 INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF EC WORLD REAL ESTATE INVESTMENT TRUST (CONSTITUTED UNDER A TRUST DEED IN THE REPUBLIC OF SINGAPORE)
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