EC World Reit
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Hidden Gem of e-Commerce REIT related to Alibaba
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The manager of EC world Reit also waived the 10 mil late charges. Very fishy leh. Like helping the sponsor by waiving the late fees. So next time if late also waive, how EC world reit going to survive on when the payments are late?
From report of EC world reit....The Late Fees amount to S$10,998,556 which represents approximately 1.61% of EC World REIT&rsquo s net tangible assets as at 31 December 2020.
laksaman57 ( Date: 16-Mar-2021 09:27) Posted:
Good observation by a commenter in article
"Anonymous2 June 2020 at 09:10
The fact that Forchn has a controlling stake in EC may not be a positive. Recently EC gave out ¥23mil in rental rebates to their tenants, almost all (like 90%) of which went to Forchn. Basically, if Forchn can't pay rent, they dont even need to default. Minority holders have no say - EC just goes ahead to cut distributions and give a voluntary rebate, waiving off Forchn's rental."
cmengchan ( Date: 16-Mar-2021 08:59) Posted:
Can Forchn Holdings afford the rents to EC World REIT?
By Mr Llama (dated June 2020)
https://www.llamafinance.com/2020/06/can-forchn-holdings-pay-off-rents-to-ec.html
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Good observation by a commenter in article
"Anonymous2 June 2020 at 09:10
The fact that Forchn has a controlling stake in EC may not be a positive. Recently EC gave out ¥23mil in rental rebates to their tenants, almost all (like 90%) of which went to Forchn. Basically, if Forchn can't pay rent, they dont even need to default. Minority holders have no say - EC just goes ahead to cut distributions and give a voluntary rebate, waiving off Forchn's rental."
cmengchan ( Date: 16-Mar-2021 08:59) Posted:
Can Forchn Holdings afford the rents to EC World REIT?
By Mr Llama (dated June 2020)
https://www.llamafinance.com/2020/06/can-forchn-holdings-pay-off-rents-to-ec.html
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Agreed whole-heartedly! Hope this EC World Reit' s manager won' t be like the bo lan par CEO of First Reit and agreed to everything the sponsor throw at him.
laksaman57 ( Date: 16-Mar-2021 09:23) Posted:
Prudent 👍
Late rental is a telling sign of things to come.
Master lessees are subsidiaries of sponsor, Forchn just as siloam hospital was of sponsor, LK at First reit.
whisng ( Date: 16-Mar-2021 08:59) Posted:
| Sold another 1/3 of my holdings. Better run first and leave just a bit there. Will channel my funds to other safer options out there |
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Prudent 👍
Late rental is a telling sign of things to come.
Master lessees are subsidiaries of sponsor, Forchn just as siloam hospital was of sponsor, LK at First reit.
whisng ( Date: 16-Mar-2021 08:59) Posted:
Sold another 1/3 of my holdings. Better run first and leave just a bit there. Will channel my funds to other safer options out there.
whisng ( Date: 16-Mar-2021 08:50) Posted:
| Agreed. I had trimmed my holdings by 1/3 yesterday. Once bitten twice shy. Cause of FR, my portfolio is still in Red. But FR is in cold storage liao, so I will monitor this EC world reit more closely and not trust the manager like what I did with the bo lan par FR manager |
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Need to monitor this Reit closely. If the sponsor Forchn trims it' s holdings in EC world Reit, then that is the signal to run. Too bad I missed the signal on First Reit and now still stuck in this shitty Reit.
cmengchan ( Date: 16-Mar-2021 08:59) Posted:
Can Forchn Holdings afford the rents to EC World REIT?
By Mr Llama (dated June 2020)
https://www.llamafinance.com/2020/06/can-forchn-holdings-pay-off-rents-to-ec.html
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Can Forchn Holdings afford the rents to EC World REIT?
By Mr Llama (dated June 2020)
https://www.llamafinance.com/2020/06/can-forchn-holdings-pay-off-rents-to-ec.html
Sold another 1/3 of my holdings. Better run first and leave just a bit there. Will channel my funds to other safer options out there.
whisng ( Date: 16-Mar-2021 08:50) Posted:
Agreed. I had trimmed my holdings by 1/3 yesterday. Once bitten twice shy. Cause of FR, my portfolio is still in Red. But FR is in cold storage liao, so I will monitor this EC world reit more closely and not trust the manager like what I did with the bo lan par FR manager.
laksaman57 ( Date: 16-Mar-2021 08:47) Posted:
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Agreed. I had trimmed my holdings by 1/3 yesterday. Once bitten twice shy. Cause of FR, my portfolio is still in Red. But FR is in cold storage liao, so I will monitor this EC world reit more closely and not trust the manager like what I did with the bo lan par FR manager.
laksaman57 ( Date: 16-Mar-2021 08:47) Posted:
Avoid
prophetjul ( Date: 16-Mar-2021 08:41) Posted:
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Avoid
prophetjul ( Date: 16-Mar-2021 08:41) Posted:
Are you short?
laksaman57 ( Date: 15-Mar-2021 22:56) Posted:
| Another potential rental revision like First Reit |
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Are you short?
laksaman57 ( Date: 15-Mar-2021 22:56) Posted:
Another potential rental revision like First Reit
prophetjul ( Date: 15-Mar-2021 13:19) Posted:
Does not look good,
If Forchn cannot pay......... |
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Hope it isn't another MIDAS.
Secret_Squirrel ( Date: 15-Mar-2021 21:35) Posted:
Cashflow problem?
laksaman57 ( Date: 15-Mar-2021 14:19) Posted:
| Late rental payment mean trouble. |
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Another potential rental revision like First Reit
prophetjul ( Date: 15-Mar-2021 13:19) Posted:
Does not look good,
If Forchn cannot pay..........
laksaman57 ( Date: 15-Mar-2021 12:47) Posted:
https://ecwreit.listedcompany.com/news.html/id/824111
"EC World REIT Asset Management Pte Ltd, as the manager (the ?Manager?) of EC World Real Estate
Investment Trust (the ?EC World REIT?), wishes to announce that the late rental payment penalty (the ?Late Fees?) incurred by the master lessees (the ?Master Lessees?) of Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce (the ?Properties?) (all of which are wholly-owned subsidiaries of Forchn Holdings Group Co., Ltd., the sponsor of EC World REIT) under the terms of the respective master lease agreements in the financial year ended 31 December 2020 shall be waived.
The Late Fees amount to S$10,998,556 which represents approximately 1.61% of EC World REIT?s net tangible assets as at 31 December 2020. "
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Cashflow problem?
laksaman57 ( Date: 15-Mar-2021 14:19) Posted:
| Late rental payment mean trouble. |
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Not surprised there will be many doomsayer and kan cheong spiders who will sell to me at cheap prices, like last year when these people similarly created panics when one of the directors was called up for investigation related to other matters. Profited 10k from these people and still sitting on 20k profit, Please continue to spread panic. Dyodd
Prudent not to ignore sign of financial trouble aka late rental payment, from especially not one but few master lessees. Dyodd.
Company looks solid and have long term vision. Able to absorb and share small losses with stakeholders without affecting NTA and at the same time with long term vision of partnership for mutual benefits. How many companies can do this?
Will definitely buy more at current price
Late rental payment mean trouble.
Does not look good,
If Forchn cannot pay..........
laksaman57 ( Date: 15-Mar-2021 12:47) Posted:
https://ecwreit.listedcompany.com/news.html/id/824111
"EC World REIT Asset Management Pte Ltd, as the manager (the ?Manager?) of EC World Real Estate
Investment Trust (the ?EC World REIT?), wishes to announce that the late rental payment penalty (the ?Late Fees?) incurred by the master lessees (the ?Master Lessees?) of Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce (the ?Properties?) (all of which are wholly-owned subsidiaries of Forchn Holdings Group Co., Ltd., the sponsor of EC World REIT) under the terms of the respective master lease agreements in the financial year ended 31 December 2020 shall be waived.
The Late Fees amount to S$10,998,556 which represents approximately 1.61% of EC World REIT?s net tangible assets as at 31 December 2020. "
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https://ecwreit.listedcompany.com/news.html/id/824111
"EC World REIT Asset Management Pte Ltd, as the manager (the ?Manager?) of EC World Real Estate
Investment Trust (the ?EC World REIT?), wishes to announce that the late rental payment penalty (the ?Late Fees?) incurred by the master lessees (the ?Master Lessees?) of Chongxian Port Investment, Stage 1 Properties of Bei Gang Logistics, Fu Heng Warehouse and Fuzhou E-Commerce (the ?Properties?) (all of which are wholly-owned subsidiaries of Forchn Holdings Group Co., Ltd., the sponsor of EC World REIT) under the terms of the respective master lease agreements in the financial year ended 31 December 2020 shall be waived.
The Late Fees amount to S$10,998,556 which represents approximately 1.61% of EC World REIT?s net tangible assets as at 31 December 2020. "
Another thing I like about EC World Reit was that Forchn Holdings, the sponsor of EC World Reit owns about 43% of the Reit and thus there were not much stocks in the market for shortists to attack. Furthermore if a sponsor is so heavily invested in the Reit, most likely he won' t be sabo-ing it. I had one reit where the sponsor sabo it' s own reit by selling it' s stake to it' s manager and subsidary and then ask for super low rent. The sponsor only owned less than 10 percent and thus there is no interest in the reit. It is a heathcare reit and most of the hospitals were in Indonesia. I don' t say you all also know which shitty reit this is. Thus a sponsor who is heavily invested in the reit, the reit will be much better to grow and also the manager also must be strong to be aligned with unitholders interest.
