Perennial China Retail Trust

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(21-03-2014, 03:50 PM)Boon Wrote: I post this on Forterra thread, it would be interesting to see what is the ratio for PREH's China portfolio - this would have great implications on NAV or NTA .
_______________________________________________________________________________________________________________________________________________
Interesting figures/ratios :

All 3 entities are China pure-play property counters, but the ratio of (DFL / Capital Value of properties) seems to vary a great deal among them – What are the potential explanations and implications?

SGD million
( Deferred Tax Liability / Capital Value of Properties Owned ) Ratio :
Forterra = 393.6 / 2,438 =16.1%
CRCT = 159.6 / 2,058 = 7.8%
PCRT = 41.6 / 1,501 = 2.8%

(not vested)
This is really DEEP for me. Mind explaining it in simple layman terms what this ratio means & it's implcation investment wise? Is a higher figure better or worse, why so? Huh I'm sure there are a few others scratching thier head together with me Big Grin
Reply
(22-03-2014, 12:01 AM)MINX Wrote:
(21-03-2014, 03:50 PM)Boon Wrote: I post this on Forterra thread, it would be interesting to see what is the ratio for PREH's China portfolio - this would have great implications on NAV or NTA .
_______________________________________________________________________________________________________________________________________________
Interesting figures/ratios :

All 3 entities are China pure-play property counters, but the ratio of (DFL / Capital Value of properties) seems to vary a great deal among them – What are the potential explanations and implications?

SGD million
( Deferred Tax Liability / Capital Value of Properties Owned ) Ratio :
Forterra = 393.6 / 2,438 =16.1%
CRCT = 159.6 / 2,058 = 7.8%
PCRT = 41.6 / 1,501 = 2.8%

(not vested)
This is really DEEP for me. Mind explaining it in simple layman terms what this ratio means & it's implcation investment wise? Is a higher figure better or worse, why so? Huh I'm sure there are a few others scratching thier head together with me Big Grin

I goggled but still failed to understand.Tongue
Reply
(22-03-2014, 11:33 AM)Lancelot Wrote:
(22-03-2014, 12:01 AM)MINX Wrote:
(21-03-2014, 03:50 PM)Boon Wrote: I post this on Forterra thread, it would be interesting to see what is the ratio for PREH's China portfolio - this would have great implications on NAV or NTA .
_______________________________________________________________________________________________________________________________________________
Interesting figures/ratios :

All 3 entities are China pure-play property counters, but the ratio of (DFL / Capital Value of properties) seems to vary a great deal among them – What are the potential explanations and implications?

SGD million
( Deferred Tax Liability / Capital Value of Properties Owned ) Ratio :
Forterra = 393.6 / 2,438 =16.1%
CRCT = 159.6 / 2,058 = 7.8%
PCRT = 41.6 / 1,501 = 2.8%

(not vested)
This is really DEEP for me. Mind explaining it in simple layman terms what this ratio means & it's implcation investment wise? Is a higher figure better or worse, why so? Huh I'm sure there are a few others scratching thier head together with me Big Grin

I goggled but still failed to understand.Tongue

The key word to google is "FRS 12 Singapore"

Follow Forterra Trust for further discussions
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
Reply
(19-03-2014, 11:57 AM)Nick Wrote: I am just curious - is it usual to value 'properties under development' on a 'fully completed, fully leased' basis ? Could this explain why it has historically traded below NAV ?

(Not Vested)

Hi Nick,

From my understanding, "properties under development" should be stated at fair value on "As Is" basis, under the Fair Value disclosure model.

"As Is" value is normally determined using the Residual Analysis method.

"As Is" value = "As If Complete" value - Costs (construction cost, finance cost etc) to complete - estimated profit.

(not vested)
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
Reply
Another archive for the record...

http://www.stproperty.sg/articles-proper...na/a/62794

Primed to take on big boys in China
Industry veteran to invest 70% of new firm's funds in the country
The Straits Times - April 23, 2012
By: Esther Teo

Mr Pua Seck Guan, executive chairman of Perennial Real Estate. -- -- ST PHOTO: CHEW SENG KIM
ARMED with a sizeable war chest and backed up by one of the region's wealthiest men, property veteran Pua Seck Guan now wants to play with the big boys in the Chinese property market.

About 70 per cent of his new real estate investment vehicle's funds will be invested in China, with the other 30 per cent to be focused on Singapore, Mr Pua, 48, told The Straits Times.

Perennial Real Estate Holdings, as the firm is called, has a target capital size of $500 million.

The firm, which counts Wilmar chief executive and chairman Kuok Khoon Hong among its key investors, will target mixed-use projects near transport links in 'good second-tier cities and potentially some first-tier cities'.

Each project is likely to cost a few hundred million dollars.

The developments are likely to have office or retail space as the major component and those with residential units will be considered, but with some caution.

Mr Pua, who left CapitaLand to set up his own firm in November 2009, declined to reveal what types of projects he will be looking at here, only stating that any project has to be something that 'creates value'.

The firm's rate of return is expected to be more than 15 per cent for projects in China, while those in Singapore are expected to get returns of 12 per cent to 15 per cent.

The company is already primed for the big league.

Its investor base is impressive, led by Mr Kuok, 62. The palm oil tycoon is the nephew of 'sugar king' Robert Kuok. Forbes magazine estimates that his net worth was $3.5 billion last year.

About $400 million of the new firm's capital is cash that it can spend. Mr Pua notes that this gives it 'firepower and, with leverage, we can do a fair bit'.

He also dismisses concerns that China might face a hard landing, but noted that the softening market and tighter capital controls provide opportunities to acquire projects at 'attractive prices that would not be available in a very good market'.

'Why would I bother whether the market goes down 10 or 20 per cent? That is irrelevant to me. You worry only if you are buying at market prices, but we are buying our projects at very attractive prices,' he added in an interview last Friday.

He has had much experience roping in big-time investors to back his plans. Osim International founder Ron Sim joined in when Mr Pua acquired Chijmes.

His other projects here include Chinatown Point and the historic Capitol site.

But he is not overstretched, the former chief executive of CapitaLand Retail said, pointing out that he used to do a lot more.

His staff strength mirrors the rapid expansion of his business - Perennial Real Estate has grown from six staff members at the start to more than 50 now.

This time, he has set his sights farther afield, and in Mr Kuok, he seems to have found the ideal partner.

He said he first met Mr Kuok about two years ago at a casual dinner with a mutual friend. They met again in a meeting set up by bankers last June to discuss business opportunities and both found they were bullish on China.

'I shared with him what we are doing and he understands the market. He knows that commercial properties (in China) are very underpriced, mainly because few people know how to and want to do it,' added Mr Pua.

Mr Kuok has built up many contacts and relationships with government officials and business partners in China over the years, which can be tapped in areas like obtaining planning approvals or financing, Mr Pua said.

'I pride myself in knowing how to do business in China, but he is a real master. He likes China and he enjoys dealing with the Chinese and very importantly... knows how to leverage on their strengths,' he added.

Both businessmen meet every few weeks but Mr Pua said that the relationship is a long-term partnership based on trust.

'He leaves it to me as to which project I want to pursue... I asked him if he wanted to second some of his people to me since he is investing a large sum of money, but he said no,' he added.

Mr Kuok will hold a 49.5 per cent stake in the joint venture vehicle while Mr Pua will take 20 per cent. The rest will be held by other investors.

The joint venture vehicle will take a 49 per cent interest in Mr Pua's company, Perennial Real Estate, while Mr Pua will keep 51 per cent.

Perennial Real Estate also has a 78 per cent interest in the trustee manager of mainboard-listed Perennial China Retail Trust (PCRT), a business trust holding shopping malls in China.

Mr Pua, who is executive chairman of Perennial Real Estate, said the deal also benefits the unit holders of PCRT as the newly established firm can also embark on joint ventures with the trust or pass a pipeline of malls to it.
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Another old archive but helps explain why the newco have plans to fold PCRT into the enlarged platform due to historical baggages...

http://seekingalpha.com/instablog/678370...ust-update

Shenyang And Perennial China Retail Trust Update 0 comments
May 22, 2012 2:00 AM
(click to enlarge)

As reported in the April 25th edition of Retail Traffic, "Shenyang, China was the most active market for new development [in the world] in 2011 with 10.76 million sq. ft. [1 million square meters] of new retail space completed." CBRE ranked Shenyang as second in the world in retail construction last year, with 2.18 million more square meters still under construction in 18 separate projects.

Shenyang is a city of 5.7 million residents and ranks as the 11th most populous "urban area" in China ("urban area" being the term most analogous to the western concept of "city".)

What this means is that Shenyang has increased retail space at a more rapid pace than most other large Chinese cities, which are themselves no slackers in building malls. Yet GDP per capita (the predominantly used statistic since household incomes are not measured) is less than half that of Shanghai. I have not heard the story yet on why Shenyang should have significantly higher hopes than other Chinese cities.

I have visited and focused previously on Shenyang because of it contains the only operating assets in the portfolio of Perennial China Retail Trust. Shenyang seems particularly at risk of retail overdevelopment, particularly the Dadong district containing the Shenyang Longemont Asia Pacific City development. The 2011 Market Study indicated a quadrupling of shopping center space in this area.

The PCRT share price began sinking in February, possibly as a result of unfavorable news of a 39% decline in occupancy at the Red Star Macalline Global Home Furniture Life Mall as of December 11 (which had opened at 91.8% occupancy but was down to 56% as of December). The report to shareholders acknowledges that Chinese government initiatives to cool down the housing market have had an adverse impact on the sale of home furnishings, thereby hurting the tenants of Red Star Macalline Mall.

One surprising claim, though, was that the slow leasing performance of the new Longemont Mall was due to a 3-month delay in the opening of the mall until October due to fire department regulations. My visit occurred in September and was instigated by the news that the mall had opened on July 1st. Furthermore, DBS (one of the IPO underwriters) published a favorable report on PCRT on November 14, 2011, with the title "Perennial China Retail Trust - Execution on Track", also informing the readers that the mall had opened in July. They set a 12-month price target of 83 cents. I noticed that their cameras carefully avoided photographing any vacant space.

Last month, the share price popped from 49.5 cents to 52 cents on news of Kuok Khoon Hong, the founder of Wilmar, a palm oil company, raising his stake in PCRT to 16.9%, seen as a vote of confidence. This purchase was at a price of 44.6 cents per share by a consortium with Wilmar as a 49.5% partner and CEO Pua Seck Guan as a 20% partner. There is no buy that happens without a sell, however, and it is most concerning that the seller was Shanghai Summit, the local partner and lead developer in the Shenyang PCRT properties, effectively reducing their ownership stake from 14.9% to 0.

Should it not concern investors that the shareholder with the most local knowledge, Shanghai Summit, liquidated at 44.6 cents per share? Were they not in charge of the whole Shenyang Longemont project?

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Themes: China retail, Pua Seck Guan, N9LU, china mall, shenyang mall, perennial china retail trust
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An even older archive... but shows why so many high profile companies and individuals have tied up with him in the many projects that he is taking a leading role...

https://groups.yahoo.com/neo/groups/Real...pics/16991

New kid on the block with a big reputation
Year-old firm set up by ex-CapitaLand man has already scored a coup

By Esther Teo
IT WAS the property world's own David and Goliath story - a tiny property firm takes on the biggest guns in real estate and pulls off an improbable victory.
The David in this tale is Perennial Real Estate, founded by Mr Pua Seck Guan in November 2009. Mr Pua roped in two larger players, who then managed to clinch a $250 million tender to redevelop an iconic stretch of colonial buildings in Stamford Road.
The Goliaths? They don't get any bigger than Wing Tai Group, Far East Organization and CapitaLand.
With the heavy hitters dispatched, Perennial - staff size about 30 - will oversee the site's transformation into a retail, hotel, residential and arts precinct, and all under the watchful eyes of Singa-poreans who love the old buildings there.
A 15-storey development with shops, eateries and apartments will rise above those conservation heritage buildings - Stamford House, Capitol Building and Capitol Theatre - under a $700 million makeover, while Capitol Centre will be demolished.
Mr Pua, 46, has had little time to savour the real estate coup he and his consortium partners, Pontiac Land co-owner Kwee Liong Seen and Top Global, have pulled off.
He told The Straits Times in his 25th-floor office in Suntec Tower 4: 'When I started the project, I wasn't sure I'd win, but I told myself, 'Never mind, I'll spend a few hundred thousand dollars so my team can have something to work on, to perfect our skill and to be in the market so people can see how good we are.''
Like an underdog making the FA Cup final, Perennial has suddenly found itself on a huge stage with high expectations that it will perform and, in this case, 'do the site justice'.
The consortium wants to create a striking landmark, providing a 'compelling lifestyle' that could rival the experience at London's Canary Wharf or Rockefeller Centre in New York.
'A tourist doesn't just want to go to another shopping mall,' said Mr Pua.
'These buildings have the culture and the historical background and, more interestingly, it has the Capitol, which can create the entertainment part of it.'
It will all be about putting together the right mix: retail, food and beverage, entertainment, and a good use of the theatre to provide a multi-sensory setting on a site with a history comparable to that of Raffles Hotel, he added.
His memories of Capitol Theatre in its glory days as a vibrant cultural epicentre also shaped his winning concept for the site. Capitol, Singapore's first cinema, screened its last movie in 1998.
'When I was a kid, this theatre was where I watched all the blockbusters: James Bond and Star Wars; where you had to buy tickets three days in advance. There were many hawker stalls and we must bring some of this history back, but in a modern way,' said the father of four.
He is aware that some people fear the area's historical character may be overshadowed by the modern twist he has envisaged.
But he stressed that the development had been designed 'sensitively, carefully and with respect' to make sure its modern elements do not kill its historical richness.
Mr Pua visited the Stamford location more than six times and at different times of the day, visualising viable concepts for both day and night use - a process he undertakes before bidding on any site.
'I must say I like conceptualising, and when I take on a project, without a lot of people knowing, I actually go to the place by myself many times and I conceptualise it and keep on thinking and thinking what to do with it,' he said.
While the Stamford Road deal is the firm's most high-profile win, it also secured the Katong Mall site and a large portion of Chinatown Point, both for about $250 million each.
Mr Pua is quick to credit his team for the year-old company's dramatic impact on a highly competitive market.
'I'm an individual; I don't have capital to compete with all the big organisations. What we have is our thinking, our skills, and the challenge is to make sure we have capital on our side to secure opportunities,' he said.
He is also thoroughly enjoying life as his own boss more than two years after he took a huge leap and left CapitaLand.
Mr Pua uses the phrase yin shui si yuan to describe his relationship with his CapitaLand former colleagues, a Chinese idiom meaning one should not forget the source of one's success.
He believes in establishing strong relationships, and says he has always left previous appointments on a good note.
'As we are all working in the real estate industry and for different corporations, it is sometimes inevitable that we can't be seen to be too friendly with a competitor. However, as long as we remain professional, it is not an issue,' he added.
His humble background - his father owned a small provision shop and his mother was a washerwoman - also influenced his decision to strike out on his own.
He lived in a one-bedroom HDB rented flat near Old Airport Road until he was 25, and made it through school with the help of bursaries and scholarships.
After his father died when he was 13, he and his two siblings gave tuition to help support the family.
After a high-flying career at CapitaLand - and after watching colleagues start their own firms - he felt he was ready to 'take a chance and seize the opportunity'.
'I had been a corporate soldier at CapitaLand and I told myself there's nothing for me to lose. If it doesn't happen after five years, I can still go back to corporate life and I've seen so much opportunity in countries like China, so I told myself, 'Let's try.''
His business philosophy is simple: If you have good skill sets, you will find projects to create value; and with good projects, capital will follow.
'Ours is a management company. I don't have the equity to match others so we must be transparent in our dealings, have very good governance, be disciplined in our approach, thorough in our financial calculations, and deliver the returns they are looking for,' he said.
'We think something might work, but we can't just think. I can't just tell an investor to trust me. You must use your technical skill sets to undo constraints. If you can undo constraints, you'll create value.'
Those skills came to the fore when the firm secured Katong Mall, its first site.
The building had been on the market for almost three years without a buyer before Mr Pua went to have a look at the urging of a friend.
'I went there, shook hands with the guy and closed the deal in a little over two weeks. After I closed the deal and put in my money, then I went to find the money. I'm glad I have bankers that are willing to support me,' he said.
It was his proven track record and contacts built up over the years in the industry that smoothed the process.
The mall is now more than 60 per cent leased and Mr Pua is confident he will 'deliver the financial performance promised to investors and a product that will wow the market'.
'This business involves a lot of human capital, so we must make sure we uphold the quality,' he said. 'We can't just keep wanting to do more if we don't have the right skill set to do a good job, because then we'll be looking for trouble.'
He is now looking ahead, with a special focus on China.
Perennial is involved in managing more than a million sq m of retail space in over 30 shopping malls in China, a country that the firm believes has huge potential.
'There are still opportunities in Singapore although they are more abundant in China. It's the same all over the world; there are not many retail operators and that's where we feel we have a niche. But we have to be very focused,' he said.
Perennial is also reported to be planning an initial public offering of a business trust here - consisting mainly of Chinese assets - to raise $1 billion. The firm has declined to comment.
Mr Pua's driving force is not to let down the investors and colleagues - most are former CapitaLanders - who have supported him.
'Without all my colleagues who have given me their support, I would not be what I am today. They supported me over the years, even when I had zero, nothing, no business but just an idea.
'The challenge now is to deliver.'
esthert@...
http://www.straitstimes.com/STI/STIMEDIA..._ETPUA.jpg
Mr Pua Seck Guan, 46, with staff of Perennial Real Estate, which he founded in November 2009. The tiny firm, with the help of two larger players, beat out industry giants to clinch the $250 million tender to redevelop an iconic set of Stamford Road buildings. -- ST PHOTO: CHEW SENG KIM
His resignation shook the market

NOT many bosses send the stock market reeling when they step down, but real estate veteran Pua Seck Guan managed it.
The jolt came in September 2008 when Mr Pua, 46, announced that he would be stepping down as chief executive of the firm that manages CapitaMall Trust.
The news, in the midst of a tumultuous week for the stock market, helped wipe $300 million off the shopping mall giant's value.
Although part of the slide can be attributed to the financial crisis - his resignation came in the same month as the Lehman Brothers collapse - it also reflected the market's high regard for the man credited with spearheading CapitaLand's rise to become Asia's largest mall owner.
He has spent more than 20 years in real estate, and previously headed CapitaLand Retail and CapitaMall Trust Management. He kick-started the real estate investment trust (Reit) market here with the creation of Singapore's first and still largest Reit, the $8.1 billion CapitaMall Trust.
As head of CapitaLand Retail, he was responsible for sizeable retail investments, including Ion Orchard, Raffles City, Bugis Junction and the integrated lifestyle hub at one-north.
Since 2002, he has acquired, developed and managed more than 70 malls in over 45 cities in China.
He also sits on the board of trustees to the International Council of Shopping Centres and is the chairman of its Asia-Pacific Advisory Committee.
Perennial now manages the Katong and Chinatown Point malls and recently won the tender of the prime Capitol mixed-use site.
Mr Pua says he is focusing on Singapore, China and India while looking towards creating a Perennial-sponsored vehicle, either private or listed, for each market.
He holds a bachelor's degree in building from the National University of Singapore and a master's in civil engineering from the Massachusetts Institute of Technology.
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But Mr Tong will continue to be a key business partner in China, Perennial Real Estate Pte Ltd executive chairman Pua Seck Guan said. Mr Tong's Shanghai Summit has also agreed to an additional "earn-out" amount of 342 million yuan (S$67.9 million) from July 2013 to end-2014. That money can be drawn down to ensure that Perennial can pay a minimum dividend of 19.4 yuan cents per unit during the relevant period.

http://sreit.reitdata.com/category/pcrt/page/5/

PCRT – BT
20 April 2012Comments Off
Perennial jumps 7.1% after investments

SHARES of Perennial China Retail Trust shot up yesterday following substantial investments from the co-founders of Wilmar International.

Perennial's mainboard-listed stock closed at 53 cents yesterday, up by 7.1 per cent or 3.5 cents.

"I think the market is hungry for any kind of good news," one trader said.

The Singapore-headquartered business trust with a focus on retail real estate in China announced late on Wednesday that Wilmar chairman and chief executive Kuok Khoon Hong bought about $60 million worth of shares in an off-market transaction to raise his deemed stake in Perennial to 16.94 per cent from 5.02 per cent. The shares were bought at about 44.625 cents apiece on average.

Wilmar chief operating officer Martua Sitorus also raised his deemed stake to 5.66 per cent from 3.17 per cent previously.

Mr Kuok bought his shares from China businessman Tong Jinquan, whose wholly owned Shanghai Summit (Group) Co is a strategic partner of Perennial. Mr Tong, who previously held a 14.9 per cent stake, no longer owns Perennial shares.

But Mr Tong will continue to be a key business partner in China, Perennial Real Estate Pte Ltd executive chairman Pua Seck Guan said. Mr Tong's Shanghai Summit has also agreed to an additional "earn-out" amount of 342 million yuan (S$67.9 million) from July 2013 to end-2014. That money can be drawn down to ensure that Perennial can pay a minimum dividend of 19.4 yuan cents per unit during the relevant period.

"This new agreement could lift 'guaranteed' dividend yields to 8-8.5 per cent till FY14," CIMB analysts Donald Chua and Lee Syn Yi wrote in a note. "While management has not indicated any target distributions for FY13 and FY14, this ample buffer provides greater certainty of [dividend per unit] growth over the next three years and potentially more than 8 per cent dividend yields till 2014."

Mr Pua also entered into a deal with Mr Kuok and Mr Sitorus to establish Perennial Real Estate Holdings Pte Ltd, an investment vehicle with a target capital size of $500 million. The vehicle will eventually hold 49 per cent of Perennial Real Estate Pte Ltd, which controls 78 per cent of the trustee-manager of the listed entity.

Mr Pua told BT that Mr Tong's sale was a solution to onerous and hampering interested-party transaction rules that resulted from Mr Tong's role as a business partner in China.

Mr Tong's ability to act as a major sponsor, like in a rights issue, was also limited because of China's capital controls.

"He can't subscribe! And then people will think something is wrong," Mr Pua said.

Mr Kuok was a valuable shareholder with the depth of his pockets and his experience in China, Mr Pua added.

"He said, 'Seck Guan, you remind me of what I was 20 years ago trying to build my business'," Mr Pua recalled. "If we combine our strengths we could actually capitalise on a lot of opportunities in the marketplace today."
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High-Speed Railway to Boost China's Retail Sector

http://video.cnbc.com/gallery/?video=1962442584

Very interesting interview by Pua at the launch of PCRT IPO back in 2011. Key question now remains - has the outlook and his assumptions changed much (to the adverse) since the IPO 3 years ago that necessitates the recent restructuring?
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(21-03-2014, 03:50 PM)Boon Wrote: I post this on Forterra thread, it would be interesting to see what is the ratio for PREH's China portfolio - this would have great implications on NAV or NTA .
_______________________________________________________________________________________________________________________________________________
Interesting figures/ratios :

All 3 entities are China pure-play property counters, but the ratio of (DFL / Capital Value of properties) seems to vary a great deal among them – What are the potential explanations and implications?

SGD million
( Deferred Tax Liability / Capital Value of Properties Owned ) Ratio :
Forterra = 393.6 / 2,438 =16.1%
CRCT = 159.6 / 2,058 = 7.8%
PCRT = 41.6 / 1,501 = 2.8%

(not vested)

From PCRT : AR2012 Page 165

2.5 Change in accounting policy
On 1 January 2012, the Group adopted the amendments to FRS 12 income taxes ("FRS 12").

Amendments to FRS 12 Income taxes

Under FRS 12, deferred tax is required to be measured with reference to the tax consequences that would follow from the manner in which the entity expects to recover the carrying amount of the asset(s) in question. In this regard, the amendments to FRS 12 introduced a rebuttable presumption that the carrying amount of investment property carried at fair value under FRS 40 Investment property, will be recovered through sale. This presumption is rebutted on a property-by-property basis if the investment property in question is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale.

The Group had determined that each of its properties in the PRC held through its subsidiaries and jointly controlled entity are held within a business model whose business objective is to consume substantially all of the economic benefits embodied in the investment property over time and consequently the presumption in the amended FRS 12 is rebutted for these properties. As a result, the Group continues to measure the deferred tax relating to these properties using the tax rate that would apply as a result of recovering their value through use. There is no impact on the Group’s financial statements on adoption of the amendments
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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