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EC World Reit Q3 net property income down 60.5%; illegally mortgaged units face 2 lawsuits
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EC World Reit reported a 60.5% drop in Q3 net property income to S$9 million, with no distribution likely for FY2025 due to cash constraints. Revenue fell 56.9% due to lease terminations and currency impacts. Legal issues include unauthorized mortgages on properties and lawsuits by Fuyang Futoufa related to guarantees for loans. Trading of its units has been suspended since August 2023.
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