Hong Kong's Link Asset Management cuts jobs amid retail headwinds
Economists said the move by the firm, which owns 150 properties in Hong Kong, mainland China and other countries, could reduce costs and maintain profits amid the sluggish retail sector performance in the city.
Link told the Post that its approach remained 'balanced and disciplined', prioritising maximising returns for its unit holders while maintaining high service levels.
In response to media reports about redundancies, Link replied that it had revealed an operational efficiency drive during the announcement of its full-year results, which covered all 'controllable costs' including property, people, operations and pay.
'As part of this initiative, which is a response to the challenging operating environment, we are streamlining a small number of roles and positions,' a Link spokesman said in reply to the Post on Saturday.
In its latest annual results, Link Reit reported a 4.6 per cent increase in earnings to HK7.02 billion (US$896 million) for the year. Revenue rose by 4.8 per cent to HK14.22 billion, and net property income jumped by 5.5 per cent to HK10.6 billion.
As of March 31, its total portfolio was valued at HK$226 billion, comprising more than 150 properties in Hong Kong, the mainland, Australia, Singapore and the UK. Three-quarters of its assets are located in Hong Kong, encompassing retail properties, car parks and offices.
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