Dasin Retail Trust

Offering in respect of 151,768,900 units at the offering price of S$0.80 per unit comprising :
1. An international placement of 149,768,900 units to investors, including institutional and other investors in Singapore; and
2. An offering of 2,000,000 units to the public in Singapore
subject to the Over-Allotment Option of up to 9,343,300 units.

Initial portfolio will comprise 3 malls in Zhongshan City, Guangdong province, China :
1. Xiaolan Metro Mall
2. Ocean Metro Mall 
3. Dasin E-Colour 

Admission of 549,606,331 units to the Mainboard of the SGX-ST
1. Trading in the units will commence at 2.00 p.m., Friday, 20 January 2017. 
2. The short name and abbreviated name are "Dasin Retail Tr" and "DASINRT". The ISIN Code is SG1DE2000000. 

Sponsored by Zhongshan Dasin Holdings Co., Ltd.

Gotta be joking right, Lol there is overcapacity of retail malls and many department stores closing left and right, at least for next few years, who will dare to invest.

http://english.cctv.com/2016/09/29/VIDEi...0929.shtml

Sent from my MotoG3 using Tapatalk

Very enthusiastic.

As at the close of the Public Offer at 12.00 p.m on 18 January 2017, there were 734 valid applications for 15,268,100 units. It was 7.67 times subscribed.

Leasehold land tenure of the 3 malls expiring on : 
01 Apr 2043 ( < 27 years )
28 Jul 2045  ( < 29 years )
21 Feb 2046 ( < 30 years )
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There are new suckers borned everyday . China '' over-mall '' in almost every city .

(20-01-2017, 12:01 AM)tonylim Wrote: There are new suckers borned everyday . China '' over-mall '' in almost every city .

Somehow we're still in an environment where everyone is dying for yield.
yield yield yield
Prob this phenomenon will only die down after the Fed hikes up the rates a few more times

A desire for yield without due consideration for the risks will always lead to trouble.......

These guys are overdue by a year and half now, and further extended by another half year. The old adage of "Extend, amend and pretend"?

And the reason give for 3 month extension on 20th Dec 2021 doesn't pass the smell test. How would minority lenders matter (or have big concerns) if the presumably majority lenders do not have? Wouldn't the majority lenders just take over from the minority lenders if the return/risk was favorable enough?

STATUS UPDATE OF REFINANCING EXERCISE, 20 JUNE 2022

The Board of Directors (the “Board”) of Dasin Retail Trust Management Pte. Ltd. (the “TrusteeManager”), as the trustee-manager of Dasin Retail Trust (the “Trust”) refers to (1) Extension of Offshore and Onshore Facilities announcement dated 20 July 2021 wherein it was announced that the tenure of both Onshore and Offshore Facilities were further extended to 19 December 2021.

The Trustee-Manager wishes to update that the lenders of both the Onshore Facilities and Offshore Facilities (the “Lenders”) pertaining to Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour (the “Initial Portfolio”) and Shiqi Metro Mall with outstanding loans amounting to S$499,520,000 as at 31 December 2021, have granted an extension of approximately six months from 19 June 2022 to 31 December 2022.

https://links.sgx.com/FileOpen/DASINRT-S...eID=721283

Original expiry (Jan2021): https://links.sgx.com/FileOpen/DASINRT-E...eID=645581

STATUS UPDATE OF REFINANCING EXERCISE (20th Dec 2021)

The Trustee-Manager wishes to update that the lenders of both the Onshore and Offshore Facilities have granted an extension of 3 months from 20 December 2021 to allow lenders more time to discuss new requests made by minority lenders.

https://links.sgx.com/FileOpen/DASINRT-S...eID=695072

The trust is still in the green as it is only able to pay off its interest expenses. However, most of its properties are leaseholds and eventually will be zero.

If the loans become amortizing by nature (Principal+ interest) of 953 million on 30 years period, Dasin is able to finance it by not giving unitholders a distribution (annual distribution is 32.4mil) for the next 30 years. Its properties have a remaining lease of 16-35 years, with all except one expiring in the next 30 years. Two of its high value properties are expiring within in 21 years time

If banks do agree to a long term financing, they will probably be forced to take this route or risk the loans never being able to fully repaid within a shorter timeframe unless the trust does a cash raising exercise.

This is probably why the banks are pondering over the options. They could recall the loan early but Dasin is probably asking them not to as the cash raising pain is tremendous. The best case will be banks to structure it as an amortizing loan of 5 year blocks with a long term view that it is amortized down to zero in 30 years time.

The trust is likely zero value to unitholders with its annual distribution the only tangible returns they will ever see. Because once the leases all expire, the trust will have to pay for a lease top up when they do not have the cash for it

The trust has paused dividends. Occupancy rate has fallen. In addition, it has obtained a further 6 months extension for some loans.

Given that a large proportion of Dasin's borrowings are offshore floating rate in SGD at 1.31-1.82% as of end 2021. However, in the latest report as of end June 2022, it has risen to 1.53-2.53% indicating a 75-100 basis points increase. (see page 21 and 22). I can confidently say that at present moment as the loan is pegged to a floating rate, it should be running up another 75-100 basis points. This means higher interest expense and hence cutting dividends to conserve cash. They will not switch to a china loan as China's interest rates is still two times higher than Singapore's

This is likely the end of the trust dividends and it has to start using all its cash to repay debts. Good luck to those invested. It is now a $0 stock

https://links.sgx.com/FileOpen/DASINRT-U...eID=728594