Perennial China Retail Trust

[kayhian]

PRCT closed at 61.0 cents with 91.3 million shares traded. This is a 9 cents discount to its IPO price of 70.0 cents which represents a 12.9% loss. Considering the sharp discount TCT trades to its NAV, I won't be surprised if the market rates PRCT in the same way.

(Not Vested)

Disclaimer: Not a buy/sell call. Do your own research.

After 1.5 years, PRCT is trading arount 61.0 cents once again. Interesting.

[kayhian]

Perennial Forms Consortium To Develop Beijing Mixed-Use Project
Singapore property developer Perennial Real Estate Holdings announced that it has formed a second consortium to develop the second phase of the $2.6 billion Beijing Tongzhou Integrated Development. The newly formed consortium for the $1.4 billion second phase project brings together members of the first consortium that worked on the first phase of the mixed-use development, as well as Perennial China Retail and Bright Assets Enterprises – an entity controlled by Boustead Singapore’s chairman and chief executive officer Wong Fong Fui. Phase 2 is expected to comprise retail, office and residence components. The three plots of land involve in the second phase measure a total of 104,000 square metres (sqm). The total development cost is expected to be Rmb16,000 ($3,200) per sqm of its gross developmental floor area of 426,000 sqm (excluding car park), which works out to $1.35 billion. The project is expected to be completed in 2016.

Significance: Singapore-listed Perennial China Retail Trust’s (PCRT) future recurring income is likely to have a boost as its parent and sponsor Perennial Real Estate Holdings has secured the right to acquire the block retail components in both phases for the trust. PCRT shares rose $0.005 on 16 April 2013 to close at $0.605.

[kayhian]

Perennial China Retail Trust on Tuesday announced a first-quarter distribution per unit (DPU) of 0.95 Singapore cents, nearly unchanged from 0.94 cents a year ago.

Amount available for distribution to unitholders for the quarter was S$10.9 million, marginally higher than S$10.6 million a year ago.

The amount came mainly from a S$10.9 million drawdown under the new RMB226.5 million (S$44.9 million) earn-out deed.

The deed allows the trust to draw down on funds to pay unitholders, should the net property income of certain properties held by Shenyang Summit, an entity jointly controlled by the trust and Tong Jingquan, fall below a certain amount for the period, as set out in the deed.

[MINX]

Perennial China Retail Trust on Tuesday announced a first-quarter distribution per unit (DPU) of 0.95 Singapore cents, nearly unchanged from 0.94 cents a year ago.

Amount available for distribution to unitholders for the quarter was S$10.9 million, marginally higher than S$10.6 million a year ago.

The amount came mainly from a S$10.9 million drawdown under the new RMB226.5 million (S$44.9 million) earn-out deed.

The deed allows the trust to draw down on funds to pay unitholders, should the net property income of certain properties held by Shenyang Summit, an entity jointly controlled by the trust and Tong Jingquan, fall below a certain amount for the period, as set out in the deed.

Perennial is dropping quite alot recently, can anyone shed any light on this?

[xprobe]

i walked away at 0.56 yesterday after i read that BJ is making life more difficult for developers regardless whether they are residential or commercial.

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general direction of 2nd tier city focus along train lines is no brainer. but,

1. only happening gradually
2. earn out is basically taking your money and giving bits back to you
3. corporate tax is very high in china
4. uncertainty about rules of profit repatriation back from china

comfort in:

1. management team - ex-capita so they know their ways in china

I will come back when their tier 2 malls are up and running, except for the tongzhou prime project

[MINX]

i walked away at 0.56 yesterday after i read that BJ is making life more difficult for developers regardless whether they are residential or commercial.

---

general direction of 2nd tier city focus along train lines is no brainer. but,

1. only happening gradually
2. earn out is basically taking your money and giving bits back to you
3. corporate tax is very high in china
4. uncertainty about rules of profit repatriation back from china

comfort in:

1. management team - ex-capita so they know their ways in china

I will come back when their tier 2 malls are up and running, except for the tongzhou prime project

I think this one need strong dose of patience for the flowers to open slowly and a strong stomach to withstand the volatilities.

[kayhian]

gone case .... become $0.70 and no more dividend

[MINX]

gone case .... become $0.70 and no more dividend

In this case, can PCRT's minority shareholders vote against the take over by ST James?
Why did Pua Sek Guan agree to it, seems like a bad deal for PCRT shareholders?

[cfa]

gone case .... become $0.70 and no more dividend

In this case, can PCRT's minority shareholders vote against the take over by ST James?
Why did Pua Sek Guan agree to it, seems like a bad deal for PCRT shareholders?

It is at a premium because last traded price was 0.545 , so why bad deal for minority of PCRT ?

[CY09]

Hi all,

Please take note this is not a offer with cash dangling. It is a swap for your PCRT shares for St James holding. Things are much more complicated