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Link REIT eyes HK and mainland’s first-tier cities
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LINK REIT, Asia’s largest real estate investment trust by market capitalization, said yesterday it will continue to seek opportunities in retail and office properties in the four first-tier cities in the Chinese mainland as well as Hong Kong.
“Our investment strategy is to invest in sustainable, income-producing retail and office properties in five Chinese cities which consist of Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen,” George Hongchoy, executive director and CEO of Link Asset Management Ltd, manager of Link REIT, said in Shanghai.
“Our investment in the Chinese mainland stands below 10 billion yuan (US$1.56 billion) at the moment, and we believe there’s great room for business expansion here.”
Listed on the Hong Kong stock exchange in 2005 and wholly owned by private and institutional investors, Link REIT first tapped into the Chinese mainland market in March when it acquired a shopping mall for 2.5 billion yuan in Beijing’s Haidian District.
In July, it agreed with Shui On Land Ltd to pay more than 6.6 billion yuan for the office and retail complex at Corporate Avenue 1 and 2 in Shanghai’s downtown Xintiandi area as the trust further expanded its portfolio on the mainland.
The trust will acquire office buildings in prime locations with high-quality tenant mix and retail property projects which enjoy high foot traffic and well developed infrastructure, according to Hongchoy.
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