Ann: Vmoto's 4Q23 Market Update, page-53

Yes, I lived for a while in Singapore, and there most land was owned by the government, with most property being leasehold from one or other organ of the Singapore government, such as the Housing Development Board (HDB). These bodies administer the construction of entire 'new towns', building everything including the roads shopping precincts, parks etc. and then selling the apartments on 99 year leases.

Units in industrial parks are usually sold on shorter leases. Historically 60 years, but actually shorter these days - typically no more than 40 years. Even when the lessees are building their factory on it, the lease term may be as little as 20 years. This a reflection of the limited land in Singapore.

There is no talk in Singapore of lease renewals. When lease terms expire, the property returns to the Government, and the resale value of the property (actually the lease) falls as that day approaches.

It remains to be seen what the Chinese government will do, but unless there is a renewal clause in a lease agreement it should be assumed that the property will return to the lessor.

All IMO.