MR KELVIN CHOW CHUNG YIP, FCCA AND MBA
Chairman of the Board; Independent Non-Executive Director
Board of the manager of EC World REITThe business, the people and the ownership behind EC World Reit.
Business overview
EC World REIT invests in income-producing properties used for e-commerce, supply chain management and logistics, with a focus on China.
Listed security
Board & management
Chairman of the Board; Independent Non-Executive Director
Board of the manager of EC World REITChairman of Nomination and Remuneration; Independent Non-Executive Director
Board of the manager of EC World REITChairman of Audit and Risk Committee; Independent Non-Executive Director
Board of the manager of EC World REITNon-Independent Non-Executive Director
Board of the manager of EC World REITExecutive Director; Chief Executive Officer
Board of the manager of EC World REITRoles listed in ANNUAL REPORT 2025; current appointments are not independently verified.
Holdings
Registered/depository holdings are distinct from substantial holders’ direct and deemed interests; overlapping deemed interests are not added. The source prints 87.77% as the top-20 total, which sums individually printed percentages. Dividing the same 710,676,749 units by 809,838,247 issued units rounds to 87.76%; the original reported figures are retained. Substantial/registered holdings are as at 18 March 2026; manager director holdings are as at 21 January 2026.
Direct interest: 322,957,200 units; deemed interest: –
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 322,957,200 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 322,957,200 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 25,732,615 units; deemed interest: 328,920,525 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 354,653,140 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 354,653,140 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 354,653,140 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 25,020,700 units; deemed interest: 128,998,815 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 73,966,000 units; deemed interest: –
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 73,966,000 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 81,526,700 units; deemed interest: –
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 81,526,700 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 81,526,700 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 81,526,700 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 81,526,700 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 81,526,700 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 43,546,300 units; deemed interest: –
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 43,546,300 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 58,000,000 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: –; deemed interest: 34,000,000 units
Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18Direct interest: 1,052,675 units; deemed interest: –
Manager director unitholdings As reported at 2026-01-21Direct interest: 200,000 units; deemed interest: –
Manager director unitholdings As reported at 2026-01-21Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.
Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-18 · PDF p. 143
| Registered holder | Interest | Shares / units | Source |
|---|---|---|---|
| ICBC (SINGAPORE) NOMINEES PRIVATE LIMITED | 169,161,480 units; 20.89% | PDF p. 1432026-03-18 | |
| RAFFLES NOMINEES (PTE.) LIMITED | 161,493,900 units; 19.94% | PDF p. 1432026-03-18 | |
| ABN AMRO CLEARING BANK N.V. | 125,363,377 units; 15.48% | PDF p. 1432026-03-18 | |
| CITIBANK NOMINEES SINGAPORE PTE LTD | 88,274,500 units; 10.90% | PDF p. 1432026-03-18 | |
| DB NOMINEES (SINGAPORE) PTE LTD | 40,517,620 units; 5.00% | PDF p. 1432026-03-18 | |
| DBS NOMINEES (PRIVATE) LIMITED | 34,028,095 units; 4.20% | PDF p. 1432026-03-18 | |
| FORCHN INTERNATIONAL PTE LTD | 25,732,615 units; 3.18% | PDF p. 1432026-03-18 | |
| SNG KAY BOON TERENCE | 14,962,100 units; 1.85% | PDF p. 1432026-03-18 | |
| PHILLIP SECURITIES PTE LTD | 7,344,157 units; 0.91% | PDF p. 1432026-03-18 | |
| MAYBANK SECURITIES PTE. LTD. | 6,299,790 units; 0.78% | PDF p. 1432026-03-18 | |
| OCBC SECURITIES PRIVATE LIMITED | 5,988,100 units; 0.74% | PDF p. 1432026-03-18 | |
| EC WORLD ASSET MANAGEMENT PTE LTD | 5,963,325 units; 0.74% | PDF p. 1432026-03-18 | |
| IFAST FINANCIAL PTE. LTD. | 5,157,900 units; 0.64% | PDF p. 1432026-03-18 | |
| UOB KAY HIAN PRIVATE LIMITED | 4,085,400 units; 0.50% | PDF p. 1432026-03-18 | |
| HSBC (SINGAPORE) NOMINEES PTE LTD | 3,963,600 units; 0.49% | PDF p. 1432026-03-18 | |
| OCBC NOMINEES SINGAPORE PRIVATE LIMITED | 3,612,890 units; 0.45% | PDF p. 1432026-03-18 | |
| UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED | 3,354,700 units; 0.41% | PDF p. 1432026-03-18 | |
| CGS INTERNATIONAL SECURITIES SINGAPORE PTE. LTD. | 2,003,100 units; 0.25% | PDF p. 1432026-03-18 | |
| DBS VICKERS SECURITIES (SINGAPORE) PTE LTD | 1,778,900 units; 0.22% | PDF p. 1432026-03-18 | |
| HUANG JIAN | 1,591,200 units; 0.20% | PDF p. 1432026-03-18 | |
Group structure
| Company | Market | Ownership interest |
|---|---|---|
| Fullwealth Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Richwin Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Prorich Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Richport Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Magnasset Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| JY Logistics Investment Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| ECW Treasure Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| ECW Treasure 1 Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Flutric Investments LimitedColumns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; British Virgin Islands; parent-held ordinary shares: 100% / 100%; Group-held ordinary shares: 100% / 100%. | |
| Realtime Assets Global Pte. Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Investment holding; Singapore; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Hangzhou Chongxian Port Investment Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Port logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Hangzhou Chongxian Port Logistics Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 108 | Port logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Hangzhou Fu Zhuo Industrial Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | Port logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Hangzhou Bei Gang Logistics Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | E-commerce logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Hangzhou Fu Heng Warehouse Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | E-commerce logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Zhejiang Hengde Sangpu Logistics Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | Specialised logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Wuhan Fute Logistics Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | Investment holding; People’s Republic of China, Wuhan; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Wuqiao Zhonggong Merlot (Hubei) Logistics Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | E-commerce logistics; People’s Republic of China, Wuhan; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Jiayaoyingkai (Shanghai) Supply Chain Management Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | Supply chain management; People’s Republic of China, Shanghai; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
| Zhejiang Fuzhou E-Commerce Co., Ltd.Columns 2025 and 2024; direct parent and Group ordinary sharesPDF p. 109 | E-commerce logistics; People’s Republic of China, Hangzhou; parent-held ordinary shares: – / – ; Group-held ordinary shares: 100% / 100%. | |
Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.
Senior executives
| Item | Value | Period / scope | Source |
|---|---|---|---|
| MR GOH TOH SIM | Executive Director and Chief Executive Officer | PDF p. 37 | |
| MR WANG FENG (FCCA, CA, CIA) | Chief Financial Officer | PDF p. 37 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Related parties, people & properties
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Manager’s base fees | (3,000) S$'000 | EC World Asset Management Pte Ltd (Manager of the REIT); aggregate value of all interested person transactions FY2025, excl. transactions <S$100,000 and Rule 920 mandate | PDF p. 141 |
| Rental income | (919) S$'000 | Forchn Holdings Group Co. Ltd. and its subsidiaries (Sponsor of the REIT); FY2025 aggregate | PDF p. 141 |
| Late payment fee income | (2,379) S$'000 | Forchn Holdings Group Co. Ltd. and its subsidiaries (Sponsor of the REIT); FY2025 aggregate | PDF p. 141 |
| Trustee’s fees | 156 S$'000 | DBS Trustee Limited (Trustee of the REIT); FY2025 aggregate | PDF p. 141 |
| Manager’s base fees paid/payable | (3,000) S$’000 | Group, 31 December 2025 (comparative 2024 restated: (1,616)) | PDF p. 134 |
| Trustee’s fees paid/payable | (156) S$’000 | Group, 31 December 2025 (comparative 2024: (184)) | PDF p. 134 |
| Late payment interest received/receivable from the ultimate holding corporation and fellow subsidiaries | 2,379 S$’000 | Group, 31 December 2025 (comparative 2024: 7,661) | PDF p. 134 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Unauthorised mortgages and guarantees – maximum liability | RMB286,000,000 (S$52,538,000) | Group, as at 31 December 2025 · As at 2025-12-31 | PDF p. 122 |
| Unauthorised mortgages and guarantees – lawsuits | In November 2025, third party financial institutes have initiated lawsuits against the three PRC subsidiaries. | Group, FY2025 | PDF p. 121 |
| Unauthorised use of Relevant Seals and Stamps | other unidentified cases of unauthorised use of Relevant Seals and Stamps, if any, may result have a material impact to the Group’s financial statements | Group, FY2025 | PDF p. 122 |
| Contingent liabilities arising from Stage 1 properties of Bei Gang Logistics | it is unable to determine the potential associated liabilities, if any, as of the date of the financial statements | Group, FY2025 | PDF p. 122 |
| Potential liabilities arising from the basis of preparation | the Manager is unable to determine the impact of potential liabilities, if any, as of the date of the financial statements | Group and ECW, FY2025 | PDF p. 122 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Chan Heng Wing1 | 65,501 S$ | Director fees FY2025 (FY2024: 119,000) | PDF p. 55 |
| Wong See Hong1 | 28,274 S$ | Director fees FY2025 (FY2024: 82,500) | PDF p. 55 |
| Li Guosheng1 | 35,342 S$ | Director fees FY2025 (FY2024: 75,000) | PDF p. 55 |
| Chia Yew Boon2 | 88,849 S$ | Director fees FY2025 (FY2024: 77,500) | PDF p. 55 |
| Kelvin Chow Chung Yip3 | 46,110 S$ | Director fees FY2025 (FY2024: –) | PDF p. 55 |
| Douglas Koh Kew Siong4 | 43,973 S$ | Director fees FY2025 (FY2024: –) | PDF p. 55 |
| Irene Ho Yoke Foong5 | 39,178 S$ | Director fees FY2025 (FY2024: –) | PDF p. 55 |
| Zhang Guobiao6 | – S$ | Director fees FY2025 (FY2024: 40,000) | PDF p. 55 |
| Goh Toh Sim | $470,180 | CEO/Executive Director FY2025; Basic Salary 97%, Bonus 1%, Other Benefits 2% | PDF p. 55 |
| Wang Feng | S$250,000 to S$500,000 | Only KMP other than Directors and CEO, FY2025 | PDF p. 56 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Employees | ECW is externally managed by the Manager and accordingly has no personnel of its own. | EC World REIT | PDF p. 53 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Chongxian Port Investment | No. 5 Yunhe Road Yuhang District, | Investment property; remaining term of underlying land 30.0 years; acquired 25 August 2015 · As at 2025-12-31 | PDF p. 83 |
| Chongxian Port Logistics | No. 5-2, Yunhe Road, Yuhang District, | Investment property; remaining term of underlying land 30.0 years; acquired 25 August 2015 · As at 2025-12-31 | PDF p. 83 |
| Fu Heng Warehouse – Building 1 and 2 | 11 Mingxing Road Dongzhou Industrial | Investment property; remaining term of underlying land 33.4 years; acquired 9 September 2015 · As at 2025-12-31 | PDF p. 83 |
| Hengde Logistics – Phase 1 | No 21 Sanhao Road Dongzhou | Investment property; remaining term of underlying land 33.5 years; acquired 6 November 2015 · As at 2025-12-31 | PDF p. 83 |
| Hengde Logistics – Phase 2 | No 2-2 Dongqiao Road Dongzhou | Investment property; remaining term of underlying land 27.6 years; acquired 6 November 2015 · As at 2025-12-31 | PDF p. 83 |
| Wuhan Meiluote | Yinyan Village, Nanwan Village, Daji | Investment property; remaining term of underlying land 39.5 years; acquired 16 April 2018 · As at 2025-12-31 | PDF p. 83 |
| Fuzhou E- Commerce | No. 9 Mingxing Road, Fuyang District, | Investment property; remaining term of underlying land 33.4 years; acquired 8 August 2019 · As at 2025-12-31 | PDF p. 84 |
| Stage 1 Properties of Bei Gang Logistics - Building 1 to 8 | No. 5-4, Yunhe Road, Yuhang District, | Investment property; remaining term of underlying land 26.2 years; acquired 25 August 2015 · As at 2025-12-31 | PDF p. 84 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Unauthorised mortgages – appeal | In February 2026, the appeal applications were dismissed by the Hangzhou Intermediate People’s Court. | Fuzhou E-Commerce (FZDS) mortgage contracts; event after 31 December 2025 reporting date | PDF p. 121 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Looking Ahead | continue to face acute financial challenges in 2026. | Chairman’s letter to Unitholders, FY2025 | PDF p. 9 |
| Leasing Risk | the leasing outlook remains highly uncertain in the near term. | Enterprise risk management, FY2025 | PDF p. 69 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Corporate information