During FY2023, more than 80% of the REIT’s revenue came from rental income pursuant to related party leases with its sponsor. As at Dec 31, 2023, the overdue rent receivables owing to the EC World Group by the sponsor group has exceeded RMB289.1 million ($53.7 million).
EC World REIT is suspending its distribution for 2HFY2023 due to insufficient funds following overdue rent receivables under the relevant master leases.
The REIT has previously deferred its distribution of 2.053 cents for 1HFY2023, which was supposed to have been made on Sept 28, 2023.
