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Welcome again, everyone to our next At The Helm series!
At The Helm is a deep-dive into the intangibles of a company (aside from their reports and statistics) by talking to the key people behind the scenes.
The ones that run the day-to-day of the companies, and knows the ins and outs and this week, we want to do a quick spotlight on BHG Retail REIT.
Ms. Chan Iz-Lynn, CEO of BHG Retail REIT
The REIT owns a portfolio of community-centric retail malls across China, focusing on everyday consumption and neighbourhood engagement. At the helm is its CEO, Ms. Chan Iz-Lynn, a seasoned leader whose career spans aviation, hospitality and retail: Industries defined by customer experience and operational discipline.
Having lived and worked across multiple countries, she brings a global perspective to capital markets, combining strategic foresight with a deep understanding of consumer behaviour. Her leadership reflects a strong emphasis on adaptability, consumer relevance and long-term value creation, as the REIT navigates evolving retail dynamics in China.
Let’s check in to see what’s going on!
Q1: Let's start with the macro outlook. China is now in the phase of 'sustainable growth', where the Chinese government is aiming for about 4.5% to 5.0% annual growth from 2026 to 2030. And it is focusing on consumer spending to drive most of this growth. How do you see this benefiting BHG Retail REIT?
China’s shift towards consumer-led growth is supportive for community retail assets such as those in our portfolio, which are closely aligned with everyday spending.
Policy measures, including incentives and trade-in programmes for home appliances and digital products, could benefit retail activity over time.
At the same time, national initiatives such as “Healthy China 2030” are driving demand for health and wellness-related services, which we are seeing reflected in demand for tenants such as gyms, dance studios, and lifestyle concepts.
Our malls are primarily located within established residential catchments and cater to daily needs such as food & beverage and essential services. These categories tend to be more resilient, as they are anchored in recurring consumption. We also continue to support local brands and emerging concepts, which remain an important part of China’s evolving retail landscape.
Q2: Retail spending is a big part of the company's tenants' business. As retail sales growth has moderated in the past couple of years, how has it affected the tenant mix that the REIT has?
A more measured retail environment has led to greater selectivity among tenants, particularly in terms of expansion plans. In response, we have taken a more proactive approach to tenant management, focusing on refreshing the tenant mix with concepts aligned with current consumer trends.
Recent additions include digital-first supermarket operators such as Hema Xiansheng (Freshippo) by Alibaba and Xiaoxiang Supermarket by Meituan, which integrate online and offline retail experiences. We have also introduced flagship concepts from brands such as MINISO at Chengdu Konggang, alongside lifestyle and experiential tenants that support footfall and engagement.
Our leasing structure, which includes a combination of base rent and gross turnover (GTO) components, allows for alignment with tenant performance while providing flexibility in a dynamic environment. Overall, the focus remains on maintaining a relevant and sustainable tenant mix that serves the needs of our surrounding communities.
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