ANNUAL REPORT 1 JANUARY 2011 – 31 DECEMBER 2011
QUALITY HOSPITALITY LEASEHOLD PROPERTY FUND
TRANSLATION This Annual Report is executed in a text using the Thai language which shall be the governing language.
Annual Report For the Period of January 1, 2011 – December 31, 2011
Table of Contents
Page
Statement from the Asset Management Company
1
Quality Hospitality Leasehold Property Fund
2
Portfolio Valuation
5
Details of Property Invested by the Fund
6
Details of Purchasing and Leasing of Properties
8
Property Disposal or Leasehold Rights Transfer
8
Comparison of rental income received under the Sublease Agreement and guaranteed under the Undertaking Agreement
9
Details of the performance of the income guarantor pursuant to the Undertaking Agreement during the 2011 (B.E. 2553) accounting period
10
The Management Company’s comments on the income guarantor’s capability to perform in accordance with the Undertaking Agreement in the next accounting period
11
Market Outlook
12
Total Expenses as called from Property Fund
14
Name List of Fund Manager
15
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited
15
Details of the Return on Investment Receipt
16
Supervisor Report
19
Auditor Report
20
ING Funds (Thailand) Co., Ltd.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 2 Quality Hospitality Leasehold Property Fund Abbreviation as "QHOP� The Asset Management Company ING Funds (Thailand) Co., Ltd Type of the Fund Project Closed-end Property fund Project Life Not Specified Objectives The Project will mobilize fund from general investors. The mobilized fund will be utilized in purchasing and/or taking lease the property, including to benefit the immoveable property, to improve, change, improve potential and/or to distribute various properties invested or acquired by the Fund regardless whether or not for leasing out, sub-leasing, and/or disposing or to manage in any other manner for the benefit of the property in order to generate income and return for the Fund and the unitholders including any other interest by mean of any method according to the laws on securities and/or any other relevant laws. Investment of the Fund Initial Investment: The Management Company shall make an investment by leasing a hotel project, namely the Amari Boulevard Hotel Project, for a period of 30 years. General Information and Location of the Amari Boulevard Hotel The Amari Boulevard Hotel is a four-star hotel accredited by the Ministry of Tourism and Sports. It offers a total of 315 superior, deluxe and suite rooms, as well as amenities and services such as restaurants, fitness center, banquet rooms, laundry services, 24-hour business center with internet connection, and retail shops, etc.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 3 The Amari Boulevard Hotel comprises two connected buildings which are: (1) The Siam Wing, a 14-storey building; and (2) The Krungthep Wing, a 27-storey building with 178 parking spaces. Situated on a land area of 2 Rai and 57.9 square Wah, the two buildings have a total of 315 rooms and an estimated usable area of 30,315 square meters. The Amari Boulevard Hotel is located at No. 2, Soi 5, Sukhumvit Road (Lerdsin 1), North Klongtoey, Wattana, Bangkok. Sukhumvit Road is considered one of the major business roads in Bangkok with office buildings, shopping centers, restaurants, movie theaters, banks and numerous shops. Furthermore, it is complete with efficient utility and transportation systems, with easy access to the BTS light rail and underground train stations and the Sukhumvit Highway. (Please see the details of “Investment Policy” in the Prospectus) Dividend Payment Policy The Fund Project pays dividend to unitholders at least once a year. (1) If the Fund reports a net profit in any accounting period, the Management Company shall pay dividend to unitholders at the rate of no less than 90 percent of the net profit not including unrealized profit from appraisal or reviewed appraisal of real estate or leasehold rights to real estate for the said accounting period. (2) If the Fund reports retained earnings in any accounting period, the Management Company may also pay to unitholders dividend from the said retained earnings. Provided that dividend payment under (1) shall not increase the Fund’s accumulated loss for the accounting period when dividend is paid. Dividend payment under (1) and (2) by the Management Company shall be completed within 90 days of the end of the accounting period when dividend is paid. In the event that the Management Company is unable to make payment by the time specified above, the Management Company shall inform unitholders and the Office of the SEC in writing.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 4 In consideration of dividend payment, if the dividend per investment unit to be paid during a fiscal year period is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay such dividend for that period whereby such dividend shall be carried forward for payment at the end of the fiscal year period. (Please see the details of “Terms, Policy, and Procedures for Paying Dividends to Unitholders” in the Prospectus) Project Capital
:
Baht 1,913 Million
Number of Units
:
191.30 Million units
Type of Investment units
:
Holder name specified
Trustee
:
The Hongkong and Shanghai Banking Corp Ltd.
Investment Units Registrar
:
ING Funds (Thailand) Co., Ltd.
Fund Advisor
:
-None-
Property Manager
:
-None-
List of Fund Manager
:
-None-
The Asset Management Company has prepared and gathered information on the Fund, e.g., prospectus, general information of the funds, properties invested by the Fund, performance results, press releases and dividend payments record, etc., for dissemination to investors. More information can be viewed at www.ingfunds.co.th. Any expenses for preparation and dissemination of said information will be collected from the Fund.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 5
Quality Hospitality Leasehold Property Fund PORTFOLIO VALUATION As at December 31, 2011 ASSETS
Market Value (Baht)
% of Total Asset
26,333,264.80
1.33%
-
0.00% 0.00% 0.00% 0.00% 0.00%
1,871,400,000.00 1,871,400,000.00
0.00% 94.35% 94.35%
72,495,410.85 112,153.32 12,763,429.50 1,459,606.77 86,830,600.44 1,984,563,865.24
3.66% 0.01% 0.64% 0.07% 4.38% 100.06%
TOTAL LIABILITIES TOTAL NET ASSET VALUE
(1,087,122.53) (99,979.36) (1,187,101.89)
-0.05% -0.01% -0.06%
1,983,376,763.35
100.00%
NO OF UNITS NET ASSET VALUE PER UNIT
191,300,000.0000 10.3678
UNITS BAHT
1. BANK DEPOSIT 2. P/N, B/E, T-BILL AND BOND PROMISSORY NOTES AND BILLS OF EXCHANGE - DIRECT ISSUE PROMISSORY NOTES AND BILLS OF EXCHANGE - AVAL BOND TREASURY BILL Total 3. INVESTMENT IN PROPERTY PROPERTY LEASEHOLD RIGHTS Total 4. OTHER ASSETS RECEIVABLES FROM RENTAL ACCRUED INTEREST DEFERRED CHARGES OTHER ASSETS Total TOTAL ASSETS 5. LIABILITIES ACCRUED FEES AND EXPENSES OTHER LIABILITIES
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 6
Quality Hospitality Leasehold Property Fund Details of Property Invested by the Fund As of December 31, 2011 The Fund invested in certain leasehold rights of Amari Boulevard Hotel, Total area approximately 30,315 square meters Project Location Project Feature
Land Purpose of Use Project Area and Area Invested by the Fund
No. 2, Soi Sukhumvit 5 (Lerdsin 1), North Klongtoey, Wattana, Bangkok Leasehold right over land and buildings of the Amari Boulevard Hotel comprising of two connected buildings which are (1) The Siam Wing, a 14-storey building; and (2) The Krungthep Wing, a 27-storey building with 178 parking spaces. The two buildings have a total of 315 rooms. Land under Title Deeds No. 10023, 10038, 191276-191283, 192788-192795, total 18 Title Deeds having area of 2 rai 57.9 square wahs Hotel Detail
Number of Rooms
Area (square meters)
Ratio to Total Rental Space (%) 34.69
1. Room Area 315 10,516 Superior Rooms 127 28 Deluxe Rooms 138 32 DeluxeTerrace Rooms 16 40 Deluxe Corner Rooms 20 49 Suites 14 66 2. Common Area* 10,149.50 33.48 3. Parking Spaces 6,612 21.81 4. Machine rooms and 2,452.50 8.09 other areas** 5. Outdoor Area 585 1.93 Total 30,315 100.00 Remarks : * Common area includes meeting rooms, banquet rooms, lobby, fitness center, swimming pool, retail shops and the back office. ** Machine rooms and other areas include rooms for air conditioners, boiler room, employees’ cafeteria and dressing room and rooftop water tank area, etc. Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 7 Lease Period From March 18, 2008 to Mach 17, 2038 (30 Years) Investment in Properties Cost of leasehold right 1,780,000,000 Baht Cost of furniture and fixture 65,193,129 Baht Related cost on right acquisition 20,115,000 Baht Total 1,865,308,129 Baht Appraisal Value 1,871,400,000 Baht by C.I.T. Appraisal Co., Ltd. Valuation Date : November 30, 2011 - Income Approach method Income per Year Rental income during January 1, 2011 to December 31, 2011 : 174.739 Million Baht Obligation None
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 8
Quality Hospitality Leasehold Property Fund Details of Purchasing and Leasing of Properties For the Period from January 1, 2011 – December 31, 2011 - None -
Quality Hospitality Leasehold Property Fund Property Disposal or Leasehold Rights Transfer For the period from January 1, 2011 – December 31, 2011 - None -
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 9
Quality Hospitality Leasehold Property Fund For the period from January 1, 2011 – December 31, 2011 Comparison of rental income received under the Sublease Agreement and guaranteed under the Undertaking Agreement Rental income received under the Sublease Agreement
(Baht)
Fixed rental income
124,345,008.00
Variable rental income
16,515,299.81
Total (1)
140,860,307.81
Rental income guaranteed under the Undertaking Agreement*
(Baht)
Guaranteed annual rental income - Portion 1
163,125,580.54
Guaranteed annual rental income - Portion 2
7,026,258.87
Guaranteed annual rental income - Portion 3
4,587,304.90 174,739,144.31
Total (2)
Additional rental income generated through the rental guarantee (2) - (1)
33,878,836.50
* The rental income which the Fund is entitled to receive
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 10 Details of the performance of the income guarantor (comprising Mr. Kirin Narula and Mr. Narin Narula, hereinafter collectively referred to as the “Promisor”) pursuant to the Undertaking Agreement during the 2011 (B.E. 2554) accounting period 1. Proportion of investment unit holding in the Fund Provision
: The Promisor shall procure that, throughout the one-year period following the first day of trading of the Fund’s investment units on the Stock Exchange, Quality Inn Co., Ltd. shall maintain the proportion of its investment unit holding as was allocated to it through the initial offering without disposing of, transferring, or creating any encumbrance on such investment units (not including a pledge of the investment units with a financial institution lending to Quality Inn Co., Ltd. as security against default).
Performance : In compliance with the Undertaking Agreement 2. Proportion of shareholding in Boulevard Hotel Co., Ltd. Provision
: The Promisor shall have, and shall procure Mr. Warin Narula, Mr. Surin Narula, Mr. Amarin Narula, Mr. Lak Narula, and Mr. Rachawin Narula to have, their total shareholding in Boulevard Hotel Co., Ltd. at not less than 99.99%. The Promisor shall not dispose of, transfer, or create any encumbrance on the shares, whether in whole or in part, and shall not do otherwise to cause the shares of Boulevard Hotel Co., Ltd. and/or the managerial or administrative powers over Boulevard Hotel Co., Ltd. to be transferred to other persons.
Performance : In compliance with the Undertaking Agreement 3. Compliance with the relevant agreements Provision
: The Promisor shall procure, and perform any necessary preventive and remedial act to ensure, that Quality Inn Co., Ltd. and Boulevard Hotel Co., Ltd. and counterparties of the Fund under the relevant agreements fully comply with the terms and conditions thereof.
Performance : In compliance with the Undertaking Agreement Under the Sublease Agreement, Boulevard Hotel Co., Ltd. shall not incur a debt or encumbrance in the amount exceeding Baht 20 million. However, during the year 2011, Boulevard Hotel Co., Ltd. incurred a debt exceeding Baht 20 million. The Promisor, thus, procured that Boulevard Hotel Co., Ltd. increased the capital and, with the capital increase funds, paid off a portion of the loan, thereby reducing the debt amount to the level stipulated by the Sublease Agreement.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 11 4. Placement of a bank guarantee with the Fund Provision
: The Promisor shall procure that a letter of guarantee in the amount of Baht 100 million, issued by a domestic commercial bank and naming the Fund the beneficiary, is placed with the Fund as a guarantee of rental payment under the Sublease Agreement for a period of five years. The Fund is entitled to enforce the bank guarantee to collect the guaranteed rental and/or any damages under the Sublease Agreement and other relevant agreements.
Performance : In compliance with the Undertaking Agreement 5. Annual rental guarantee under the Sublease Agreement Provision
: The Promisor warrants that the rental payable by Boulevard Hotel Co., Ltd. to the Fund under the Sublease Agreement shall not be lower than the guaranteed annual rental, which totaled Baht 174.74 million in 2011.
Performance : In compliance with the Undertaking Agreement In 2011, Boulevard Hotel Co., Ltd. paid to the Fund rental of Baht 140.86 million under the Sublease Agreement (comprising fixed rental of Baht 124.34 million and variable rental of Baht 16.52 million), which was Baht 33.88 million less than the guaranteed rental under the Undertaking Agreement. Therefore, the Promisor was obligated to procure that Boulevard Hotel Co., Ltd. paid to the Fund the difference of Baht 33.88 million under the guarantee. However, by a resolution of the Fund’s unitholders, a deferment of the said amount has been granted. Under the deferment, the guaranteed annual rental - Portion 1 was due on February 28, 2012 which the Promisor has procured that Boulevard Hotel Co., Ltd. paid to the Fund. The guaranteed annual rental - Portion 2 and Portion 3, totaling Baht 11.61 million, will be due on March 16, 2013 which presently these payments have not been due as deferred. The Management Company’s comments on the income guarantor’s capability to perform in accordance with the Undertaking Agreement in the next accounting period No comment was made.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 12 Quality Hospitality Leasehold Property Fund Property Market Outlook Demand The number of Bangkok tourists (international passengers disembarking at Suvarnabhumi airport) during the year 2011 stood at 12,257,975 persons, increasing by 18.4% from the same period last year. The number of tourists increased continuously since the month of January and decreased during Q4 because of the flood crisis that caused a lot of tourists cancelling their travel. The increased number of tourists resulted from the stable domestic political situation, the economic expansion of the Asian countries resulting in the growing number of Asian tourists, including the growing number of Russian tourists, the continuous offshore marketing promotion activity by the Tourism Authority of Thailand to build confidence and good image to the Thai tourism. Supply At the end of Q4 2011, the total number of rooms of the hotels in Bangkok was 31,806, increasing by 8.8% from the same period of the previous year. These hotels are located in Ploenchit and Sukhumvit areas 62.6% (19,919 keys), followed by Silom and Sathorn areas 21.5% (6,825 keys) and Riverside area 15.9% (5,062 keys). Mid-range hotels (average room rate of Baht 2,500 – 4,500) accounted for the largest portion of 47.3% (15,030 keys). This was followed by first class hotels (average room rate of Baht 4,500 – 5,500) 22.6% (7,182 keys), luxury hotels (average room rate over Baht 5,500) 16.3% (5,195 keys) and economy hotels (average room rate of Baht 1,000 – 2,500) 13.8% (4,399 keys) Mid-range hotels consisted of 15,030 keys, increased by 9.4% from the previous year. This comprised of 10,798 keys in Ploenchit and Sukhumvit areas, followed by 3,033 keys in Silom and Sathorn areas and 1,199 keys in the Riverside area. In the year 2012, it is expected that the total number of rooms of the hotels in Bangkok will increase by 5,697 keys or increase by 17.9% which will comprise 932 luxury rooms, 2,977 first-class rooms, 899 mid-range rooms and 889 economy rooms. Most of the newly-open hotels will be located in Ploenchit and Sukhumvit areas. Ploenchit and Sukhumvit areas remains the popular area for businesses and individual travelers, due to conveniences from the mass transit system and good proximities to a lot of attractive places, thereby leading to the highest supply of hotel services in these areas.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 13 Average Occupancy Rate and Average Room Rate During Q4 2011, the average occupancy rate of the hotels in Bangkok was 57.4%, decreased by 2.6% from the same period of the previous year. This is largely due to the flooding that occurred in the month of October and November. However the average occupancy rate for the whole year of 2011 was 63.5%, increased from 53.2% in the year 2010. During Q4 2011, the average room rate of the hotels in Bangkok was Baht 2,812 per room per night, decreased by 8.5% from the same period of the previous year since during the floods some hotels offered special low room rates for flood victims. However, the average room rate for the whole year of 2011 was Baht 2,993 per room per night, increased from Baht 2,975 in the year 2010. During Q4, 2011, the average revenue per available room (RevPar) of the hotels in Bangkok decreased by 12.3% from the same period of the previous year. However, for the whole year of 2011, the average revenue per available room (RevPar) increased by 18.4% from Baht 1,611 per room per night in the year 2010 to Baht 1,907 in the year 2011. Future Outlook From the strong potential of the tourism and high popular of tourism places in Thailand, it is expected that in the year 2012 the number of tourists traveling to Thailand will continuously increase from the year 2011 but at a slower pace. The dispersed structure of the tourists and the competitiveness of Thai tourism shall mitigate the impact of the slowing global economy. The Tourism Authority of Thailand has set the target growth for the tourists travelling to Thailand in the year 2012 of 8-10%. However the new supply of the hotels to be opened in the year 2012, most of them are luxury and midrange hotels especially in Bangkok, thus this will increase the competition in the market. Source : CB Richard Ellis (Thailand) Co., Ltd.; Department of Tourism - Ministry of Tourism and Sports
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 14
Quality Hospitality Leasehold Property Fund Total Expenses as called from Property Fund For the period from January 1, 2011 – December 31, 2011 Fund's Direct Expense Management Fee1
Amount (Thousand Baht)
% of Net Assets Value
6,397.39
0.32
Trustee Fee1
426.49
0.02
Registrar Fee1
1,066.23
0.05
Auditing Fee1
722.80
0.04
10,636.19
0.53
Listing Fee -Written Off1
106.85
0.01
Asset Appraisal Fee1
160.50
0.01
Advertising Expense1,2
152.74
0.01
Other Expenses1
221.65
0.01
19,890.84
1.00
Fund's Setting Up Expenses - Written Off1
Total Expenses
Remark 1. Included VAT 2. Included the preparation and dissemination of information via the website of asset management company
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 15
Quality Hospitality Leasehold Property Fund Name List of Fund Manager For the Period from 1 January 2011 to 31 December 2011 No.
Name List of Fund Manager
Property Fund Manager 1 Ms. Siriphen Wangdumrongves 2 Mr. Suttipan Kreemaha 3 Mr.Khematat Saradatta 4 Ms. Wannapat Nomklom Mutual Fund Manager (Liquidity Portion) 1 Mr. Jumpon Saimala 2 Mr. Jaruwat Preepreamkul 3 Ms. Siripun Sutharoj 4 Ms. Monchaya Rachatakul * 5 Ms. Linda Ubolriabroy 6 Ms. Patcharapa Mahattanakul 7 Mr. Tara Vanalabpattana ** 8 Mr. Verayuth Halilamien 9 Mr. Arunsak Charoonwongniramol * Termination Date : 1 September 2011 ** Termination Date : 31 December 2011
List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited For the period from 1 January 2011 to 31 December 2011 No. 1
List of Related Persons having transactions with Mutual Funds Other management companies where there are shareholders of ING Funds exceeding 5 % of total sold shares
“The investor can inspect the transactions entered into with the related persons of the mutual fund at the management company directly or at the website of the management company (www.ingfunds.co.th) and the Office of SEC (www.sec.or.th)”
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 16
Details of the Return on Investment Receipt Research paper including in-depth report of listed company, industry analysis, trend and outlook, economic and political situation both in domestic and foreign those influence the investment decision. Specific inquiry including the information further than the released research paper that support the investment decision Conference call direct to analyst Pay a visit to present the remarkable issue Report issue or concern of the market and securities during trade hour Organize seminar, related to the remarkable company. In addition, issue and concern situation at that moment, hosted by direct officers including lawyer, government representatives, or management. They all would provide in-depth information in order to make further investment decision. Arrange company visit as request in order to follow the progress of operation or any change that alter the fundamental. The company management would provide the latest information of business and the development of industry. List of the person who provides Soft Commission for the Fund Securities Companies Country Group Securities Public Company Limited Asia Plus Securities Public Company Ltd. Ayudhya Securities Public Company Ltd. Bualuang Securities Public Company Ltd. CLSA Securities (Thailand) Ltd. Capital Nomura Securities Public Company Ltd. DBS Vickers Securities (Thailand) Company Ltd. KGI Securities (Thailand) Public Company Ltd. Credit Suisse Securities (Thailand) Ltd. Kim Eng Securities (Thailand) Public Company Ltd. Thanachart Securities Public Company Ltd. TISCO Securities Company Ltd. Trinity Securities Company Ltd.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 17 Phatra Securities Public Company Ltd. SCB Securities Company Ltd. Finansia Syrus Securities Public Company Ltd. UBS Securities (Thailand) Ltd. KT Seamico Securities Public Company Ltd. Citicorp Securities Thailand Ltd. TSFC Securities Ltd. Finansa Securities Ltd. CIMB Securities (Thailand) Company Ltd. United Securities Public Company Ltd. Barclays Capital Securities (Thailand) Ltd. Commercial Banks - Domestic Bank of Ayudhya Public Company Ltd. Bangkok Bank Public Company Ltd. CIMB Thai Bank Plc. Kasikorn Bank Public Company Ltd. Kiatnakin Bank Public Company Ltd. Krung Thai Bank Public Company Ltd. Thanachart Bank Public Company Ltd. Land and Houses Retail Bank Public Company Ltd. Siam Commercial Bank Public Company Ltd. Standard Chartered Bank (Thai) Public Company Ltd. Tisco Bank Public Company Ltd. TMB Bank Public Company Ltd. United Overseas Bank (Thai) Public Company Ltd. Commercial Banks – Foreign Branches ABN-AMRO Bank N.V. JPMORGAN Chase Bank, N.A. Oversea-Chinese Banking Corp., Ltd.
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011 18 The Bank of Tokyo-Mitsubishi Ufj, Ltd. Citibank, N.A - Bangkok Credit Agricole Corporate & Investment Bank Bangkok Branch The Hongkong and Shanghai Banking Corp., Ltd. Mizuho Corporate Bank, Ltd. Sumitomo Mitsui Banking Corporation BNP Paribas The Bank of Nova Scotia Others Companies Thanachart Capital Public Company Limited
Quality Hospitality Leasehold Property Fund
Annual Report For the Period of January 1, 2011 – December 31, 2011
ING FUNDS (THAILAND) COMPANY LIMITED Background The Asset Management Company was registered on November 4, 1996 with a fully paidup registered capital of Baht 100 million. It was granted a license to operate asset management business from the Ministry of Finance under the license number 011/2539 dated January 2,1997. After ING group, a financial services conglomerate with Dutch origin, became the major shareholder; the name of the Asset Management Company was changed to “ING Mutual Funds Management (Thailand) Co., Ltd.” in April 1999 and to “ING Funds (Thailand) Co., Ltd.” in May 2003. At present, ING Funds (Thailand) Co., Ltd. is a member of the ING Group of Netherlands Network - a global banking, insurance, and investment management business operator. Location of the Office ING Funds (Thailand) Co., Ltd 15thand 17 th floor - Sindhorn Tower 3 130 -132 Wireless Road, Lumpini, Patumwan, Bangkok 10330, Thailand Tel: (02) 688-7777 Fax: (02) 688-7707-8 www.ingfunds.co.th
Quality Hospitality Leasehold Property Fund