Latest news with #LinkReit
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.
South China Morning Post
26-02-2025
- Politics
- South China Morning Post
Canadian values may not be many Hongkongers' cup of tea
Rachel Miu Mei-shi was speaking out at a recent neighbourhood rally in Vancouver, when she declared, 'Make Canada drug free!' The former ATV news anchor and Link Reit PR manager put a smile on my face. The parent in me fully supports her; the cynic in me, though, says, 'Good luck with that.' Advertisement While I applaud her community spirit, It's a bit like shouting, 'Make Macau gambling free!' It would be hard to find another country more tolerant and even sympathetic to drug addicts than the Great White North. Miu said she and her family recently moved to Canada. I gather they now live in Richmond, Vancouver, the home of many former Hongkongers, including some of my own relatives and friends. 'Today, my family and I came out together to say NO to three toxic directions of the government,' she told her fellow protesters and probably neighbours. 'The BC (British Columbia) government has always regarded itself as a saviour, saying they want to save people with addictions. Those of us who are willing to take responsibility for our lives not only have to pay for them, but we are also labelled as their persecutors.' Advertisement The provincial government pioneered legalising the consumption, but not trafficking, of hard drugs and the setting up of injection sites that provide a safe environment with first aid and sterilised drug paraphernalia such as clean needles. The practice has spread to other provinces in recent years. Neighbours in Richmond have been fighting against having such a site in their community. If you remember, a Caucasian woman last year had to apologise publicly after shouting racist remarks at such a rally. She was captured on video which went viral with her claiming China was responsible for the fentanyl crisis and telling those she was arguing with to go back to Hong Kong.
