Link REIT shares dip as chief sells over $36m worth of stock

Link Real Estate Investment Trust (0823) once dipped over 2 percent after chief executive George Hongchoy offloaded more units at an average price over 17 percent lower than the offer of a 2023 placement.

Hongchoy sold one million shares of Link REIT on Thursday of last week at an average price of HK$36.4624 per share, cashing out over HK$36.46 million and reducing his stake from 0.2 percent to 0.16 percent, according to a filing with the stock exchange.

Hongchoy’s previous sale of Link REIT shares was in August 2023, when he sold around 1.075 million shares at an average price of HK$42.39, cashing out about HK$45.6 million.

Link REIT launched a rights issue in March 2023, offering one new unit for every five existing units at a subscription price of HK$44.20 per unit, targeting to raise around HK$18.8 billion before expenses.

STAFF REPORTER