BHG Retail REIT reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, gross revenue was SGD 16,707,000, net property income was SGD 11,137,000, net income was SGD 8,318,000, total return before taxation was SGD 16,616,000, total return after taxation was SGD 12,578,000, and total return attributable to unitholders was SGD 7,618,000 against gross revenue of SGD 15,791,000, net property income of SGD 10,300,000, net income of SGD 7,585,000, total return before tax of SGD 33,545,000, total return after taxation of SGD 25,210,000, and total return attributable to unitholders of SGD 17,045,000 a year ago. Net cash from operating activities was SGD 13,396,000 against SGD 13,270,000 a year ago. Capital expenditure on investment properties was SGD 1,022,000 against SGD 452,000 a year ago. Purchase of plant and equipment was SGD 9,000 against SGD 82,000 a year ago. Diluted earnings per unit were 1.51 cents against 3.43 cents a year ago. Higher revenue was due mainly to higher rental reversion and increase in occupancy recorded in three multi-tenanted malls in China. The increase in revenue is partially offset by the adoption of nation-wide VAT reform in China which came into effect from May 1, 2016 where 5% VAT was netted off against gross revenue, where the full effect was recorded for the full year in 2017. For the year, gross revenue was SGD 64,519,000, net property income was SGD 42,944,000, net income was SGD 31,859,000, total return before taxation was SGD 40,156,000, total return after taxation was SGD 31,473,000 and total return attributable to unitholders was SGD 20,942,000 against gross revenue of SGD 62,585,000, net property income of SGD 40,286,000, net income of SGD 29,006,000, total return before taxation of SGD 69,587,000, total return after taxation of SGD 52,907,000 and total return attributable to unitholders of SGD 34,001,000 a year ago. Net cash from operating activities was SGD 39,302,000 against SGD 36,887,000 a year ago. Capital expenditure on investment properties was SGD 3,213,000 against SGD 6,037,000 a year ago. Purchase of plant and equipment was SGD 105,000 against SGD 125,000 a year ago. Diluted earnings per unit were 4.18 cents against 6.84 cents a year ago. Group net asset value per unit was SGD 0.83 as at December 31, 2017 against SGD 0.85 as at December 31, 2016. REIT net asset value per unit was SGD 0.70 as at December 31, 2017 against SGD 0.74 as at December 31, 2016.