Link REIT's chief explains $45m sale

Link REIT (0823) chief executive George Hongchoy Kwok-lung said his recent sale of 1.07 million units was for "personal financial arrangements" and he still holds 3.86 million units in the real estate investment trust.

Link's unit price recently not only broke through the earlier right issuance price of HK$44.2, but also breached the level of HK$40, closing at HK$39.25 yesterday.

Hongchoy noted that the elevated interest rate environment has placed stress on stocks like Link REIT, clarifying that "the actions of an individual cannot sway stock prices; market conditions predominantly drive the outcomes."

On August 3, he divested 1,075,800 fund units at an average price of HK$42.39 per unit, resulting in a cash amount of HK$45.6 million.

Following this, his ownership stake decreased from 0.19 to 0.15 percent.

Hongchoy emphasized that the reduction in holdings was due to personal financial arrangements and added that the trust's fundamentals remain healthy.