What Dasin Retail Trust does

Dasin Retail Trust is a Singapore-domiciled, SGX-ST Mainboard-listed real estate investment trust (REIT) constituted in 2016 and listed in January 2017 under ticker DASINRT (ISIN SG1DE2000000), with sponsor Zhongshan Dasin Holdings Co., Ltd. and trustee-manager Dasin Retail Trust Management Pte Ltd. Its stated positioning is Singapore's first and only China-focused retail property trust providing direct exposure to the Guangdong-Hong Kong-Macau Greater Bay Area, with a portfolio of seven metro mall properties - Shiqi, Xiaolan, Ocean, Dasin E-Colour, Doumen, Shunde, and Tanbei - acquired progressively between 2017 and 2020 for a cumulative property value exceeding S$1.0 billion.

The trust generates substantially all of its revenue from rental income on those seven retail malls, with FY2022 9M revenue of S$70.7M and distribution yields ranging from 8.53% (FY2019) to 14.1% (FY2021 annualised). Distribution to unitholders is the principal value-delivery mechanism, alongside capital appreciation of units traded on SGX-ST. Customer segments are twofold: (i) retail tenants (shop operators and brands) leasing space across the seven malls, and (ii) institutional and retail investors accessing PRC retail property via a Singapore-listed instrument. Capital raising has historically been executed through SGX issuance, with DBS Bank, Bank of China Singapore, and Haitong International as IPO bookrunners, and ARA Asset Management and Sino-Ocean Capital brought in as growth partners in 2021.

The trust is currently in severe operational and financial distress. Trading on SGX-ST has been suspended since 21 July 2025. The trustee-manager has disclosed unauthorized actions by PRC subsidiaries including unauthorized repayment of onshore loans in breach of the IPO Inter-Creditor Deed, ongoing PRC legal proceedings, SGX RegCo queries on the 3Q FY2023 financial statements, letters of demand issued to Mr. Zhang Zhencheng and Bounty Way Investments Limited (January 2025), and a Section 64 Insolvency, Restructuring and Dissolution Act application (May 2025). Judicial Management applications were filed on 16 January 2026, an Interim Judicial Manager was appointed on 10 February 2026, and a Judicial Manager was appointed on 10 March 2026. Three directors (Zhang Zhong Ming, Tan Huay Lim, Kong Weipeng) have resigned between April 2025 and March 2026.

Name

Dasin Retail Trust

Legal name

Dasin Retail Trust

Website

https://dasintrust.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

Dasin Retail Trust is a Singapore-listed REIT (SGX: DASINRT) holding seven metro malls across China's Guangdong-Hong Kong-Macau Greater Bay Area, generating rental income from retail tenants. It serves investors seeking exposure to Chinese retail property and is currently under Judicial Management with trading suspended since July 2025.

Ownership category

akta.pro rank

Product category

Retail REIT / Commercial Real Estate

NAICS

Department Stores (4551), Department Stores (45511)

SIC

Retail-Department Stores (5311)

akta.pro primary industry

Mid-Tier Department Stores (Family Value / Budget-Conscious) (CRAGACAE)

Keywords

• Retail property trust
• Real estate investment trust
• Metro mall leasing
• China retail property
• Greater Bay Area retail

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Rental Income from Retail Properties: Primary revenue from leasing retail mall spaces to tenants. Properties include metro malls in Guangdong-Hong Kong-Macau Greater Bay Area.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Dasin Retail Trust is a Singapore-listed real estate investment trust that owns and leases a portfolio of seven metro mall retail properties located in China's Guangdong-Hong Kong-Macau Greater Bay Area, generating rental income from retail tenants. The trust distributes substantially all of its distributable income to unitholders and is managed by Dasin Retail Trust Management Pte Ltd as trustee-manager.

Product overview

Dasin Retail Trust operates as a single-asset-class retail property trust structured as a REIT, offering investors exposure to a portfolio of metro mall retail properties across the Guangdong-Hong Kong-Macau Greater Bay Area in China. The trust's portfolio comprises seven metro mall properties: Shiqi Metro Mall, Xiaolan Metro Mall, Ocean Metro Mall, Dasin E-Colour, Doumen Metro Mall, Shunde Metro Mall, and Tanbei Metro Mall. These properties are positioned as retail destinations serving transit-oriented catchment areas. The trust distributes returns to unitholders through rental income generated from these properties, with WeChat as a communication channel for investor relations.

Differentiator

Problem solved

Functional benefit

Products and services

• Shiqi Metro Mall A metro-connected retail mall property located in Shiqi, China, serving as part of the trust's portfolio of retail properties in the Guangdong-Hong Kong-Macau Greater Bay Area.
• Xiaolan Metro Mall A metro-connected retail mall property located in Xiaolan, China, included in the trust's Greater Bay Area retail portfolio.
• Ocean Metro Mall A metro-connected retail mall property in the trust's portfolio providing exposure to the Guangdong-Hong Kong-Macau Greater Bay Area consumer market.
• Dasin E-Colour A retail property within the trust's portfolio, representing one of the metro mall assets in the Greater Bay Area.
• Doumen Metro Mall A metro-connected retail mall property in Doumen that forms part of the trust's portfolio of retail properties in the Guangdong-Hong Kong-Macau Greater Bay Area.
• Shunde Metro Mall A metro-connected retail mall property in Shunde, acquired by Dasin Retail Trust along with Tanbei Metro Mall for an agreed property value of S$375 million (RMB1,946 million) in July 2020.
• Tanbei Metro Mall A metro-connected retail mall property in Tanbei, acquired by Dasin Retail Trust along with Shunde Metro Mall for an agreed property value of S$375 million (RMB1,946 million) in July 2020.

Quantifiable outcome

• Distribution yields ranging from 8.53% to 14.1% annualised
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• ARAcoreStrategic or Co-development Partner · 29 April 2021ARA Asset Management partnered with Dasin Retail Trust for new growth chapter, bringing additional asset management expertise and resources to the trust.

Scale indicators8 records

Recent moves8 records

Expansion highlights4 records

Market position

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Dasin Retail Trust