EC World Reit BWCU

SGD 0.28 +0.00% +0.00 Updated 6 Nov 2026, 17:16 SGT

Company profile

The business, the people and the ownership behind EC World Reit.

Business overview

About the company

EC World REIT invests in income-producing properties used for e-commerce, supply chain management and logistics, with a focus on China.

Company website ↗ Reviewed 2026-10-23.

Listed security

Company & listing

Full Company Name
EC WORLD ASSET MANAGEMENT PTE LTD
Trading Currency
SGD
Website
www.ecwreit.com
Listing
Listed on 28 July 2016 on SGX Mainboard
ISIN Code
SG1DA7000003

Board & management

Leadership

MR KELVIN CHOW CHUNG YIP, FCCA AND MBA

Chairman of the Board; Independent Non-Executive Director

Board of the manager of EC World REIT

MR DOUGLAS KOH KEW SIONG

Chairman of Nomination and Remuneration; Independent Non-Executive Director

Board of the manager of EC World REIT

IRENE HO YOKE FOONG

Chairman of Audit and Risk Committee; Independent Non-Executive Director

Board of the manager of EC World REIT

MR CHIA YEW BOON

Non-Independent Non-Executive Director

Board of the manager of EC World REIT

MR GOH TOH SIM

Executive Director; Chief Executive Officer

Board of the manager of EC World REIT

Roles listed in ANNUAL REPORT 2025; current appointments are not independently verified.

Holdings

Ownership

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.

Forchn Global Pte. Ltd.

Direct interest: 322,957,200 units; deemed interest: –

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Fantastic Godspeed Ltd.

Direct interest: –; deemed interest: 322,957,200 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Fantastic Godspeed Holding Ltd.

Direct interest: –; deemed interest: 322,957,200 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Forchn International Pte. Ltd.

Direct 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 2026-03-18

Forchn Holdings Group Co., Ltd.

Direct interest: –; deemed interest: 354,653,140 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Zhang Guobiao

Direct interest: –; deemed interest: 354,653,140 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Zhang Zhangsheng

Direct interest: –; deemed interest: 354,653,140 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

China Dongxiang (Group) Co., Ltd

Direct 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 2026-03-18

Fosun International Holdings Ltd.

Direct interest: 73,966,000 units; deemed interest: –

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Guo Guangchang

Direct interest: –; deemed interest: 73,966,000 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Sunkits Resources Limited

Direct interest: 81,526,700 units; deemed interest: –

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

China Cinda (HK) Asset Management Co., Limited

Direct interest: –; deemed interest: 81,526,700 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

China Cinda (HK) Holdings Company Limited

Direct interest: –; deemed interest: 81,526,700 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

China Cinda Asset Management Co., Ltd.

Direct interest: –; deemed interest: 81,526,700 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Central Huijin Investment Ltd.

Direct interest: –; deemed interest: 81,526,700 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

China Investment Corporation

Direct interest: –; deemed interest: 81,526,700 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Dazhong Capital (Hong Kong) Co Ltd

Direct interest: 43,546,300 units; deemed interest: –

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Yang Yiqing

Direct interest: –; deemed interest: 43,546,300 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Franklin Medici Alternative Investment VCC

Direct interest: –; deemed interest: 58,000,000 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Bright Oasis Vision Limited

Direct interest: –; deemed interest: 34,000,000 units

Substantial unitholdings as at 18 March 2026; direct and deemed interest As reported at 2026-03-18

Goh Toh Sim

Direct interest: 1,052,675 units; deemed interest: –

Manager director unitholdings As reported at 2026-01-21

Chia Yew Boon

Direct interest: 200,000 units; deemed interest: –

Manager director unitholdings As reported at 2026-01-21

Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.

Registered & depository holders 20 holders

Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2026-03-18 · PDF p. 143

Registered holderInterestShares / unitsSource
ICBC (SINGAPORE) NOMINEES PRIVATE LIMITED169,161,480 units; 20.89%PDF p. 1432026-03-18
RAFFLES NOMINEES (PTE.) LIMITED161,493,900 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 LTD88,274,500 units; 10.90%PDF p. 1432026-03-18
DB NOMINEES (SINGAPORE) PTE LTD40,517,620 units; 5.00%PDF p. 1432026-03-18
DBS NOMINEES (PRIVATE) LIMITED34,028,095 units; 4.20%PDF p. 1432026-03-18
FORCHN INTERNATIONAL PTE LTD25,732,615 units; 3.18%PDF p. 1432026-03-18
SNG KAY BOON TERENCE14,962,100 units; 1.85%PDF p. 1432026-03-18
PHILLIP SECURITIES PTE LTD7,344,157 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 LIMITED5,988,100 units; 0.74%PDF p. 1432026-03-18
EC WORLD ASSET MANAGEMENT PTE LTD5,963,325 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 LIMITED4,085,400 units; 0.50%PDF p. 1432026-03-18
HSBC (SINGAPORE) NOMINEES PTE LTD3,963,600 units; 0.49%PDF p. 1432026-03-18
OCBC NOMINEES SINGAPORE PRIVATE LIMITED3,612,890 units; 0.45%PDF p. 1432026-03-18
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED3,354,700 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 LTD1,778,900 units; 0.22%PDF p. 1432026-03-18
HUANG JIAN1,591,200 units; 0.20%PDF p. 1432026-03-18

Group structure

Main operating subsidiaries

CompanyMarketOwnership 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

Key management

Key management

ItemValuePeriod / scopeSource
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.

Shareholding statistics

Share capital & shareholders

Share capital

ItemValuePeriod / scopeSource
Total 809,838,247 units Total units held by all unitholders in distribution table · As at 2026-03-18 PDF p. 143

Shareholding distribution

ItemValuePeriod / scopeSource
Total 3,708 holders Number of unitholders · As at 2026-03-18 PDF p. 143
1 – 99 4 holders Size band 1 – 99: no. of unitholdings · As at 2026-03-18 PDF p. 143
1 – 99 0.11% Size band 1 – 99: % of unitholdings · As at 2026-03-18 PDF p. 143
1 – 99 53 units Size band 1 – 99: no. of units · As at 2026-03-18 PDF p. 143
1 – 99 0.00% Size band 1 – 99: % of units · As at 2026-03-18 PDF p. 143
100 – 1,000 417 holders Size band 100 – 1,000: no. of unitholdings · As at 2026-03-18 PDF p. 143
100 – 1,000 11.25% Size band 100 – 1,000: % of unitholdings · As at 2026-03-18 PDF p. 143
100 – 1,000 321,178 units Size band 100 – 1,000: no. of units · As at 2026-03-18 PDF p. 143
100 – 1,000 0.04% Size band 100 – 1,000: % of units · As at 2026-03-18 PDF p. 143
1,001 – 10,000 1,717 holders Size band 1,001 – 10,000: no. of unitholdings · As at 2026-03-18 PDF p. 143
1,001 – 10,000 46.30% Size band 1,001 – 10,000: % of unitholdings · As at 2026-03-18 PDF p. 143
1,001 – 10,000 10,023,600 units Size band 1,001 – 10,000: no. of units · As at 2026-03-18 PDF p. 143
1,001 – 10,000 1.24% Size band 1,001 – 10,000: % of units · As at 2026-03-18 PDF p. 143
10,001 – 1,000,000 1,545 holders Size band 10,001 – 1,000,000: no. of unitholdings · As at 2026-03-18 PDF p. 143
10,001 – 1,000,000 41.67% Size band 10,001 – 1,000,000: % of unitholdings · As at 2026-03-18 PDF p. 143
10,001 – 1,000,000 82,467,267 units Size band 10,001 – 1,000,000: no. of units · As at 2026-03-18 PDF p. 143
10,001 – 1,000,000 10.18% Size band 10,001 – 1,000,000: % of units · As at 2026-03-18 PDF p. 143
1,000,001 and above 25 holders Size band 1,000,001 and above: no. of unitholdings · As at 2026-03-18 PDF p. 143
1,000,001 and above 0.67% Size band 1,000,001 and above: % of unitholdings · As at 2026-03-18 PDF p. 143
1,000,001 and above 717,026,149 units Size band 1,000,001 and above: no. of units · As at 2026-03-18 PDF p. 143
1,000,001 and above 88.54% Size band 1,000,001 and above: % of units · As at 2026-03-18 PDF p. 143

Free float

ItemValuePeriod / scopeSource
Free float approximately 31.47% of the Units in EC World REIT are held in public hands Units held in public hands · As at 2026-03-18 PDF p. 145
Free float compliance statement Rule 723 of the Listing Manual of the SGX-ST has been complied with SGX-ST Listing Manual Rule 723 · As at 2026-03-18 PDF p. 145

Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.

Related parties, people & properties

Other disclosures

Related party transactions

ItemValuePeriod / scopeSource
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

Contingent liabilities

ItemValuePeriod / scopeSource
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

Director remuneration

ItemValuePeriod / scopeSource
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

Employees

ItemValuePeriod / scopeSource
Employees ECW is externally managed by the Manager and accordingly has no personnel of its own. EC World REIT PDF p. 53

Properties

ItemValuePeriod / scopeSource
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

Subsequent events

ItemValuePeriod / scopeSource
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

Outlook

ItemValuePeriod / scopeSource
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.

Source: ANNUAL REPORT 2025 ↗

Corporate information

Registration & contacts

Incorporated In
SINGAPORE
Incorporated On
05 Aug 2015
Telephone
65 62219018
Fax
65 62219338
Registered Office
6 Shenton Way
#41-03 OUE Downtown 1
Singapore 068809
Secretary
Toh Lei Mui
Registrar / Transfer Agent
BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
Registrar Address
1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632
Auditors
BDO LLP
Other Stock Exchange Listings
*SINGAPORE EXCHANGE LTD.
Country
SINGAPORE
Security Type
reits