Link's retail occupancy stays in the high nineties

Finance | Winnie Lee 18 Jun 2021

Link Real Estate Investment Trust (0823) said 40 percent of its Hong Kong tenants are new and most newly signed leases are retail and food and beverage, with the trust maintaining a retail occupancy rate of 96.8 percent.

There were over 400 newly signed leases in its Hong Kong property portfolio during the year ended March, Link REIT chief executive George Hongchoy Kwok-lung said in an online news conference, while its mainland property portfolio saw over 200 new signed leases.

Hongchoy is optimistic about this year's rental performance.

Link doesn't have any plan for disposals and will seek high single-digit growth in total assets in its mid-term development. The firm is looking at overseas investment, such as in the mainland, Singapore, Japan, Australia and the UK, to diversify risks. However, it will not consider acquiring residential projects.

Hong Kong is its core market and remains the dominant part of Link's portfolio, Hongchoy emphasized, so the company will continue to seek premium commercial investment opportunities in Hong Kong.

The total distributable amount for the year ended March 31 inched up by 0.75 percent year-on-year to HK$6.01 billion after adjustments and a discretionary distribution of HK$290 million. Distribution per unit for the year increased by 1 percent to 289.99 HK cents. Revenue rose by 0.2 percent year-on-year to HK$10.74 billion and net property income rose by 0.2 percent to HK$8.23 billion.

Revenue from its mainland portfolio fell 6.3 percent, while revenue of its Hong Kong retail portfolio dropped 4.5 percent.

Search Archive

Advanced Search
July 2021

Today's Standard