As one Chinese billionaire family builds its S-Reit empire, what does it mean for minority investors?

[SINGAPORE] When Suntec Real Estate Investment Trust (Suntec Reit) last week announced its financial results for the full year ended Dec 31, there appeared to be somewhat more interest than usual.

It was neither the fact that Suntec Reit was the first Singapore-listed real estate investment trust (S-Reit) to release its results in this earnings season, nor that it posted a 13.6 per cent increase in full-year distribution per unit on the back of lower financing costs and stronger operating performance across its Singapore portfolio.

For some market watchers, the results announcement was an opportunity to gain some colour on Suntec Reit’s new management, after property tycoon Gordon Tang in December swooped in to acquire the Reit manager from ESR Group.