On February 11, 2022, Quarz Capital Management in an open letter addressed to the board and management of Mapletree North Asia Commercial Trust stated that, the proposed Company merger with Mapletree Commercial Trust undervalues the Company price significantly and comes at a massive discount to its net asset value per unit. Further, Quarz Capital Management stated that the deal is a value destructive and urged the Company board and management to protect unitholders' interest and negotiate for a higher and fairer merger offer.