Better late than never. I have collated the latest 3rd Qtr result together with its four previous quarters back to back in the table above. I have also stripped away the change in fair value for its 4th Qtr 2013 for better comparison. Quite a nice progression of numbers. We see a gradual reduction in operating expenses and a gradual increase in gross profit and DPU. The rest remained fairly consistent.

Property expenses are lower for the current quarter mainly due lower operating expenses incurred by the Singapore Properties, Japan Properties and Renhe Spring Zongbei Properties. Finance expenses are higher for the current quarter mainly due to interest costs accrued for the S$100mil unsecured MTN which was issued in February 2014.

The group has no refinancing requirement ...