Fair value gains of $39.2 million derived mainly from revaluation of China projects helped lift earnings at Perennial Real Estate in the fourth quarter.

Earnings rose 7.9 per cent from a year earlier to $27.6 million in the three months to Dec 31. But revenue sank 25.7 per cent to $16 million due to the absence of turnover from TripleOne Somerset after the partial divestment on March 31.

Perennial retains a 30 per cent stake in TripleOne Somerset and accounts for it as an associate.

Revenue of around $9.3 million came from the China retail and office portfolio, up from $8.4 million in the same period a year earlier.

This was mainly rental income from Perennial Jihua Mall in Foshan and Perennial Qingyang Mall in Chengdu, whereas occupancy at Shenyang Longemont Integrated Development, which is 50 per cent owned by Perennial, was lower.

Turnover from Singapore assets such as Chijmes (51.6 per cent owned) was $3.3 million, down from $9.1 million a year earlier as TripleOne Somerset did not add to the topline.

The remaining $3.5 million of revenue came from Perennial's fee-based management income for managing the renovations at TripleOne Somerset, as well as ongoing property management fees. Perennial is the property manager for most of its joint-venture projects.

Fourth-quarter earnings per share was 1.66 cents, up from 1.54 cents in the same period a year ago.

It came in at 6.02 cents for the full year, up from 2.11 cents in 2016.

Net asset value per share was $1.663 as at Dec 31, up from $1.631 a year earlier.

Full-year net profit jumped 186 per cent to $100.3 million, lifted by the gain from the divestment of TripleOne Somerset, net fair value gains of $52.2 million and Perennial's share of results from United Engineers.

This year, the Perennial International Health and Medical Hub in Chengdu is due to open with committed occupancy at 84.6 per cent. One mini-anchor tenant soft-opened late last year, while others are expected to commence operations in the first half of this year.

The Chengdu Xiehe International Eldercare and Retirement Home is also expected to open any time in the second to fourth quarter, subject to securing approvals.

Chief executive Pua Seck Guan said: "With the rapidly ageing population in China and the government's focus on quality integrated elderly care, our eldercare and senior housing segment is set to become the leading growth platform for our healthcare business."

Construction at Beijing Tongzhou Integrated Development has been suspended due to a ban aimed at improving air quality. Work is expected to resume next month.

That has pushed the completion of Phase 1 back to 2021, while Phase 2 completion has been set for 2020.

Perennial shares closed unchanged at 83.5 cents yesterday after results were announced.