What BHG Retail REIT does

BHG Retail REIT is a Singapore-listed real estate investment trust (SGX-ST stockcode BMGU) that owns and manages a portfolio of six community-oriented retail properties across five Chinese cities: Beijing (60% interest in Beijing Wanliu Mall), Chengdu, Hefei (two malls), Xining, and Dalian. The portfolio comprises 311,691 sqm of gross floor area and 179,555 sqm of net lettable area with a combined independent valuation of RMB 4,703.0 million as of 31 December 2022. Four properties are multi-tenanted malls and two (Xining Huayuan and Dalian Jinsanjiao) are master-leased to BHG Life Supermarket Co., Ltd., the anchor tenant; portfolio occupancy stood at 95.2% with 756 leases and a weighted average lease expiry of 3.4 years by gross rental income.

The REIT was constituted under a Trust Deed dated 18 November 2015 and listed on the SGX-ST in December 2015 as Singapore's first pure-play China retail REIT. It is externally managed by BHG Retail Trust Management Pte. Ltd. (an indirect wholly-owned subsidiary of Sponsor Beijing Hualian Department Store Co., Ltd., a Shenzhen-listed company, stock code 000882) and has DBS Trustee Limited as trustee. Revenue is generated almost entirely from rental income on the six retail properties (FY 2022 Gross Revenue: S$66.4 million; Net Property Income: S$37.7 million), supplemented by Manager fees (base fee up to 10% of distributable income, 25% performance fee on DPU improvement, plus acquisition and divestment fees). The REIT is required to distribute at least 90% of distributable income to unitholders; FY 2023 distributions totaled 0.43 Singapore Cents per unit (0.35 in H1, 0.08 in H2). The business targets middle-class and upper-middle-income households in high-population-density Chinese residential catchments, positioning its malls as one-stop family-oriented retail, dining, and entertainment destinations.

Name

BHG Retail REIT

Legal name

BHG Retail REIT

Website

https://bhgreit.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

BHG Retail REIT is a Singapore-listed REIT (SGX: BMGU) that owns six community retail properties across five Chinese cities, generating rental income from multi-tenanted malls and BHG Life Supermarket master leases for unitholder distributions.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income from Retail Properties: BHG Retail REIT generates revenue through rental income from its portfolio of six retail properties in China. Properties include Beijing Wanliu (60% interest), Chengdu Konggang, Hefei Mengchenglu, Hefei Changjiangxilu, Xining Huayuan, and Dalian Jinsanjiao. Revenue is derived from lease arrangements with tenants including BHG Life Supermarket as master lessee and various retail tenants.
2. Management Fees: The Manager (BHG Retail Trust Management Pte. Ltd.) earns base fee (up to 10% per annum of distributable income) and performance fee (25% of DPU improvement). Acquisition fees (0.75%-1.0%) and divestment fees (0.5%) are also earned.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

BHG Retail REIT owns and manages a portfolio of six income-producing retail properties across China, comprising four multi-tenanted community malls and two properties master-leased to BHG Life Supermarket. The REIT generates rental income from these properties and is required to distribute at least 90% of its distributable income to unitholders each financial year, with an externally appointed Manager earning base and performance fees.

Product overview

BHG Retail REIT is a Singapore-listed Real Estate Investment Trust (the primary product) that manages a diversified portfolio of six retail properties strategically located in major cities across China—Beijing, Chengdu, Hefei, Xining, and Dalian. The REIT's product portfolio consists of: (1) Beijing Wanliu Mall—a premium community mall in Haidian District (60% owned); (2) Chengdu Konggang Mall—a family-oriented destination mall in Sichuan Province; (3) Hefei Mengchenglu Mall—a multi-tenanted retail mall in Anhui Province's capital; (4) Hefei Changjiangxilu Mall—a heartland mall connected to Hefei Metro Line 2; (5) Xining Huayuan Mall—a retail hub on China's Tibetan Plateau; and (6) Dalian Jinsanjiao—a supermarket property serving Dalian's northern residential areas. Four properties are multi-tenanted malls while two are master-leased to BHG Life Supermarket. The REIT is sponsored by Beijing Hualian Department Store Co., Ltd. and managed by BHG Retail Trust Management Pte. Ltd.

Differentiator

Problem solved

Functional benefit

Products and services

• BHG Retail REIT Units Investable units in Singapore's first pure-play China retail REIT, listed on SGX-ST under stockcode BMGU, providing investors with regular SGD distributions and exposure to a diversified portfolio of six China retail properties. Targeted at institutional and retail investors seeking yield-generating China retail real estate exposure.
• Beijing Wanliu Mall (北京万柳购物中心) Premium community mall in Beijing's Haidian District near Peking University, Tsinghua University, and the Zhongguancun technology hub, targeting high-income residential catchments. BHG Retail REIT holds 60% interest. Tenants include BHG Life Supermarket as master lessee and other retail tenants.
• Chengdu Konggang Mall (成都空港购物中心)

Quantifiable outcome

• Portfolio occupancy rate of 95.2%
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and supporting.

• Beijing Hualian Department Store Co., Ltd. (Sponsor)coreStrategic or Co-development Partner · 2 December 2015Sponsor is the parent company of the Manager (BHG Retail Trust Management Pte. Ltd.) and an established PRC home-grown retail property operator. The Sponsor provides the REIT with a pipeline of quality income-producing retail properties through Right of First Refusal (ROFR) arrangements and extensive retail operating experience spanning more than 30 years in China's retail market.
• DBS Trustee LimitedcoreOthersActs as trustee of BHG Retail REIT, holding the assets of the REIT on behalf of unitholders. Provides fiduciary oversight and ensures compliance with trust deed obligations.
• KPMG LLPcoreOthersAppointed as external auditor for BHG Retail REIT. Partner-in-charge is Mr Yap Wee Kee since FY2021.
• PricewaterhouseCoopers Risk Services Pte. Ltd.supportingImplementation/ SI/ Consulting PartnerEngaged in 2022 to address potential risks from climate change and ensure ERM Framework remains in accordance with current regulatory practices.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Lippo Malls Indonesia Retail Trust: Singapore-listed REIT focused on retail malls in Indonesia. Comparable as a Singapore-listed retail REIT in an Asian emerging market, useful for cross-market comparison of community mall economics.
• Mapletree Pan Asia Commercial Trust: Large Singapore-listed REIT with diversified retail and office assets across Asia including China. Comparable as a Singapore-listed REIT with China retail exposure, though substantially larger and more diversified.
• OUE Commercial REIT: Singapore-listed REIT with commercial and retail assets in Singapore and Shanghai. Comparable for Singapore-listed REIT structure with selective China retail exposure, though with broader commercial property mix.
• Starhill Global REIT: Singapore-listed REIT investing in retail and office properties primarily in Asia-Pacific including China. Comparable as a Singapore-listed REIT with China retail exposure, though more diversified across geographies and asset types.

Direct peers

• Sasseur REIT: Singapore-listed REIT investing primarily in outlet malls across China. Highly comparable given the same Singapore listing, China retail property focus, and sponsor-driven ROFR model targeting middle-class consumers.
• EC World REIT: Singapore-listed REIT focused on logistics and integrated development assets in China. Comparable as a small-cap, Singapore-listed, China-only REIT with similar scale and exposure to Chinese economic conditions.
• Fortune REIT: Dual primary-listed (Hong Kong and Singapore) REIT owning retail malls in Hong Kong and PRC Tier 1/2 cities. Comparable retail mall mandate, tenant mix, and geographic exposure to PRC community retail.
• CapitaLand China Trust: Singapore-listed REIT focused on retail and commercial properties in China. Directly comparable in terms of Singapore listing, China-only asset exposure, and retail mall product type, though at a larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BHG Retail REIT