Latest news with #GeorgeHongchoy
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong's Link takes rental hits amid fight to retain retail tenants
Hong Kong-based Link Asset Management expects more tenants to negotiate lower rents in the near term as it prioritises keeping its properties occupied, according to top executives at the company that manages Link Reit , Asia's largest real estate investment trust. While Hong Kong continued to suffer a retail slump, assets in Singapore and Australia performed better than expected, the company said on Tuesday as it reported revenue and profit increases for the financial year ended in March. Link is not ruling out acquiring properties in challenged markets including Hong Kong, added George Hongchoy Kwok-lung, executive director and group CEO. 'There will be ongoing pressure' in the year ahead for rent reductions, but 'one of the things that we're very focused on is preserving occupancy', he said. The company's rental rate reversion – the industry term for when tenants negotiate lower rents upon renewal – was negative 2.2 per cent in Hong Kong during the financial year. Retail assets in Singapore had a positive reversion of 17.8 per cent. Link's earnings rose 4.6 per cent to HK$7.02 billion (US$896 million) for the year, while revenue increased 4.8 per cent to HK$14.22 billion. Net property income jumped 5.5 per cent to HK$10.6 billion. Its total portfolio was worth HK$226 billion as of March 31, with more than 150 properties in Hong Kong, mainland China, Australia, Singapore and the UK. Three quarters of its assets were in Hong Kong, spanning retail properties, car parks and offices. Link owns 12 properties in mainland China, accounting for about 14 per cent of its portfolio, with assets in retail, office and logistics, while overseas, it also owns 12 properties in the retail and office segments.
Yahoo
29-05-2025
- Business
- Yahoo
Link Asset Management CEO on Business Strategy
George Hongchoy, Executive Director and Group CEO at Link Asset Management, discusses the company's latest earnings and business strategy. He speaks with Paul Allen and Haidi Stroud-Watts on "Bloomberg: The Asia Trade". Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
28-05-2025
- Business
- Bloomberg
Link Asset Management CEO on Business Strategy
George Hongchoy, Executive Director and Group CEO at Link Asset Management, discusses the company's latest earnings and business strategy. He speaks with Paul Allen and Haidi Stroud-Watts on 'Bloomberg: The Asia Trade'. (Source: Bloomberg)
