My experience with Perennial Real Estate Holdings (PREH) started from its days as Perennial China Retail Trust (PCRT). PREH has a portfolio consisting mostly properties in China in terms of asset value (75%) and the balance being properties in Singapore. Some numbers: NAV/share= $1.68 Gearing= 0.45x EPS=6.88c At 90c a share, we are looking at a PE ratio of about 13x. I believe that PREH is a long term value creator. The investment thesis is somewhat similar to that for CapitaMalls Asia which I had an investment in before. Similarly, PREH's Chinese investments will take time to deliver the goods. PREH is definitely not for the impatient investor. Although not comparable in many ways, for something similar in terms of gearing and EPS, the purist income investor might be more interested in Croesus Retail Trust (which holds Japanese commercial properties) and regular readers know that I have a significant investment in Croesus ......