The story of Perennial Real Estate Holdings is certainly intriguing. Having made its way into SGX stock market in 2014 after staging a massive $1.56 billion reverse takeover of St James Holdings (the famous nightclub operator), Perennial counts Wilmar International and Osim founder, Ron Sim as major shareholders (combined 35%). Recently, it announced a US$1.2 billion Joint Venture Vehicle with First Close of US$500 million to Invest in HSR Healthcare Integrated Mixed-use Developments in China.

The entry of Perennial …