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Topic: The Link REIT

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Hong Kong Housing Authority

Home Ownership Scheme

Tung Chee Hwa

	Link - Biocrawler (Site not responding. Last check: 2007-11-03)
		A symbolic link or hard link to a computer file, associating a filename with another file or a file's data.
		A link, linking col or key col in mountain topography.
		A link is often referred to as one object of several identical objects "linked" together.
	www.biocrawler.com /encyclopedia/Link (519 words)

	The Link REIT - Wikipedia, the free encyclopedia
		Not to be confused with Hong Kong Link.
		JPMorgan Chase and Co. was the financial adviser to the Housing Authority.
		The proposed floatation of the Link REIT by the Housing Authority was derailed by a legal challenge by a public housing tenant, Lo Siu Lan, who challenged the legality of the proposed divestment of the properties.
	en.wikipedia.org /wiki/The_Link_REIT (326 words)

	FT.com / Home UK / UK - Landowners try to jump on the bandwagon (Site not responding. Last check: 2007-11-03)
		Compared with developer stocks, a Reit's rental income is a lot more regular, she says, and the success of the Link Reit has spurred a flurry of investment interest in the sector.
		She points to the fact that the first private Reit to be listed in Hong Kong last year, known as Prosperity, was over-subscribed by an astounding 300 times.
		Reits may be all the rage in Hong Kong these days, but there is a danger that demand will cool quickly once the novelty wears off.
	www.ft.com /cms/s/ab90939a-c440-11da-bc52-0000779e2340.html (1093 words)

	NAREIT - International Forum
		Link REIT includes car parks and retail locations that were previously owned by the Hong Kong Housing Authority.
		The introduction of Link REIT was delayed initially by a lawsuit from tenants in government housing who challenged the legality of the government selling assets.
		The SFC REIT code changes adopted in June 2005 also raised the maximum borrowing ratio from 35 percent to 45 percent of the total gross asset value of each REIT, which may have an impact on REIT growth in Hong Kong.
	www.nareit.com /portfoliomag/06julaug/international.shtml (1402 words)

	Link REIT starts hot public offer　 (Site not responding. Last check: 2007-11-03)
		Of the 4.5 million application forms for Link REIT subscription, 1.4 million were drawn by the public yesterday, which was the trust's first offering day, according to Cable TV.
		The Link REIT, which holds retail shops and parking spaces in public housing estates, is forecast to pay a dividend at the end of March 2006 that will give an annualized yield of 6.65 to 6.85 per cent based on its IPO price range, its prospectus said.
		Since the REIT portfolio privatized public properties, the management company is likely to meet strong opposition from original tenants if they raise the rental, said Lo.
	en.ce.cn /Markets/Equities/200412/07/t20041207_2501947.shtml (452 words)

	ICSC: International Council of Shopping Centers
		Link REIT, as the entity is to be called, will raise between $2.7 billion and $4 billion if it begins trading on Dec. 20, as expected.
		Link REIT will invest the proceeds in about 180 neighborhood shopping centers that serve residents of government housing.
		Link REIT is not the only retail estate public offering setting the city abuzz.
	www.icsc.org /srch/apps/newsdsp.php?storyid=1745®ion=main (362 words)

	Invest Offshore: Real Estate Archives
		REIT stocks were notably weak in early 2005, and we attribute this to portfolio rebalancing by investors and fear of rising interest rates, among other things.
		Returns on REIT investments are usually enhanced by tax incentives, as well as providing accessibility to investors, who are bullish on the property sector but may not have the resources to acquire real properties, Siay said.
		Linked to this is a plan to ship in British expertise to manage and further the country's tourist industry, which is currently recovering from several gloomy years.
	www.investoffshore.com /blog/archives/cat_real_estate.php (11819 words)

	Hong Kong Prepares For Biggest REIT IPO
		Link's underwriters are HSBC, Goldman Sachs and UBS.
		The European REIT industry was born in the early 1990s, but the phenomenon is relatively new in Asia.
		The REIT's appeal may be driven by the scarcity of land in Hong Kong, a city known for its densely packed shopping districts and heavy automobile traffic.
	www.nreionline.com /mag/real_estate_hong_kong_prepares (549 words)

	Invest Offshore: Institutions keen on Hong Kong Link REIT IPO (Site not responding. Last check: 2007-11-03)
		Having cleared the legal hurdles, the Link has lowered the dividend yield it was offering investors from last year, while interest rates have risen about 300 basis points in the interim.
		REITs are generally popular with pension funds and insurance companies that want to offset long-term liabilities.
		Their dividends, derived mostly from the rental income of their properties, are higher than bond yields while REIT units tend to be less volatile than stocks.
	www.investoffshore.com /blog/archives/000591.php (763 words)

	Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
		The Link REIT units closed at 11.80 hkd, 15 pct higher than their IPO price of 10.30 hkd and beating market expectations of 5-10 pct gain on trading debut.
		The success of the Link REIT's launch, the first of its kind in Hong Kong, is expected to pave the way for more offerings of similar instruments in the near term, analysts said.
		She noted that the Link REIT performed much better than what most people had expected because it is the only one of its kind so far, and enjoyed lot of support from institutional investors while offering a reasonably good yield.
	www.iii.co.uk /news/?type=afxnews&articleid=5476822&subject=markets&action=article (1124 words)

	The Standard - Link REIT offer by year-end in event of court win - Metro Section (Site not responding. Last check: 2007-11-03)
		The revived initial stock sale of the Link REIT, the territory's first real estate investment trust, will go ahead by the end of the year and as early as October or November, said sources close to the deal.
		The Link REIT IPO is being underwritten by UBS, Goldman Sachs and HSBC.
		Should the REIT listing take place late in the final quarter, investors will be in the position of sinking capital into one or both of two huge Hong Kong stock sales.
	www.thestandard.com.hk /stdn/std/Metro/GG06Ak02.html (398 words)

	NAREIT - Special Issue
		However, Link REIT’s legal issues have since been resolved and it is expected to launch by the end of the year.
		REITs are by their nature relatively low-growth, high-yield vehicles which under normal market conditions could be expected to return between 10 percent and 12 percent per year—about half of this return comes from yield and half from modestly leveraged capital gains.
		REITs also create liquidity in the property market which allows companies in other industries to lighten their balance sheets and improve returns on equity by selling their property assets to REITs.
	www.nareit.com /portfoliomag/05special/p40.shtml (1733 words)

	[No title] (Site not responding. Last check: 2007-11-03)
		The initial portfolio of GZI REIT will comprise four prime commercial properties in Guangzhou to be acquired from GZI, with a total valuation of about HK$4 billion.
		The units of GZI REIT are to be listed on the Main Board of the Hong Kong Stock Exchange and dealings in the units are expected to commence on Wednesday, 21 December 2005.
		Although we were able to leverage off our experience from previous REIT transactions, this deal had its own unique challenges with its novel deal structure and also the need to clear various regulatory issues, as would be expected for a first-to-market transaction.
	www.bakernet.com /BakerNet/News/Archive/gzireit.htm (306 words)

	EastSouthWestNorth: Grandpa and Grandma Speak Up
		After reading the media coverage over the past week, Ma Ki-chiu realized that he misunderstood that the Link REIT was an attempt by a Singapore financial group to buy up the Housing Authority's infrastructure and to increase rents.
		He is now sorry that the Link REIT may be abandoned and more than 500,000 individual investors may lose money in the process.
		He remembered that he was chatting with some neighbors in the park several weeks ago, and he believed some 'bullshit' by someone and thought that the Link REIT was an attempt by a Singapore-based financial group to buy up the shopping mall, markets and parking lots owned by the Housing Authority.
	www.zonaeuropa.com /20041219_1.htm (1869 words)

	Europe, Asia Develop REITs
		Link REIT, which owns 180 retail properties and car parks, went public at HK$10.30 per share ($1.33) and was 19 times oversubscribed.
		It joins established REIT markets such as the United States, which represents roughly 50 percent of publicly traded real estate with 139 REITs and a market cap of $327 billion, as well as newer REIT markets such as Japan, Korea and Malaysia.
		The REIT regime is moving forward because the U.K. government has come to the realization that it's better to receive some tax revenues rather than none at all, Arissen says.
	retailtrafficmag.com /mag/retail_running_catch/index.html (1841 words)

	REIT faces year setback \| The Agonist
		Standard - The Link Real Estate Investment Trust may be dead for the year after a ruling awarding legal aid to public housing tenant Lo Siu-lan cleared the way for her to make a final appeal in her attempt to sink the deal.
		District council member Andrew To, who helped Lo lodge her judicial review last December seeking to block the Housing Authority from selling the assets on which the Link REIT trust is based, said: "The decision means we have legal grounds to bring the case to the Court of Final Appeal.
		The derailing of the Link REIT public offering last December came despite Lo losing the first two rounds of the legal battle because underwriters could not face the uncertainty posed by the final appeal process.
	scoop.agonist.org /story/2005/3/24/183637/375 (347 words)

	REIT World UK 2006 (Site not responding. Last check: 2007-11-03)
		REIT World UK is where you meet more investors and senior executives than any other real estate conference in the UK.
		REIT World UK is an unrivalled and cost-effective sales and marketing solution that works throughout the year and then brings you face-to-face with your customers and prospects.
		REIT World UK is the place where serious business contacts are made and where business gets done.
	www.terrapinn.com /2006/reituk (602 words)

	stocks, shares, news, FTSE, online trading - Interactive Investor (Site not responding. Last check: 2007-11-03)
		Link REIT has also allocated 120 mln usd-worth of shares to its strategic investor, Singapore-based CapitaLand.
		The government was forced to cancel a 3 bln hkd Link REIT offering last December after a resident of public housing challenged the legality of the REIT sale.
		Link REIT will hold 180 properties, comprising 149 integrated retail and car parking facilities, two stand-alone retail facilities and 29 stand-alone car parking facilities.
	www.iii.co.uk /shares/?type=news&articleid=5471022&action=article (553 words)

	Bloomberg.com: Top Worldwide (Site not responding. Last check: 2007-11-03)
		The Link REIT shares rose 9.2 percent to HK$11.25 in Hong Kong at 10:04 a.m.
		The Link REIT, which was postponed last year after a legal challenge from a public housing tenant that was later dismissed, starts trading with local interest rates much higher than a year ago but only days after the U.S. Federal Reserve signaled it may be close to the end of its rate tightening cycle.
		The Link REIT offers a forecast annualized 5.53 percent yield for the year ending March 2006, 50 percent more than the benchmark Hang Seng Index.
	quote.bloomberg.com /apps/news?pid=10000006&sid=aNCnk1JnnThw&refer=home (501 words)

	USATODAY.com - Making the REIT choice (Site not responding. Last check: 2007-11-03)
		The SNL equity REIT index, which tracks the index' total return including dividends, is up 8.7% for the year and 34.3% in the latest 52-week period.
		Such strong returns were a welcome breakthrough for REIT investors who have suffered a great deal of volatility as Wall Street yanked its hair out over the stubbornly low long-term interest rates.
		The Standard and Poor's REIT Composite index plunged 15.9% in April 2004, for instance, as investors were convinced long-term rates were about to rise.
	www.usatoday.com /money/perfi/columnist/krantz/2005-08-11-reit_x.htm (900 words)

	World's largest REIT in Hong Kong - Nov. 13, 2005 (Site not responding. Last check: 2007-11-03)
		The debut of the Link REIT may then be delayed up to roughly two weeks if a challenge arises before the start of trading, said Leung.
		The revived Link REIT will be priced in a range of HK$9.7 to HK$10.3 a unit, lower than the range of HK$10.51 to HK$10.83 when the property trust was first being readied for launch late last year.
		REITs are investment funds composed of property assets, and have long been an investment staple in the U.S., Australia, Singapore and Japan.
	money.cnn.com /rssclick/2005/11/13/news/international/hong_kong.dj/index.htm?section=money_latest (695 words)

	Bloomberg.com: Top Worldwide (Site not responding. Last check: 2007-11-03)
		Link REIT, which will buy shopping malls and car parks from the government and pay investors from rental income, rose 15 percent to HK$11.80 in Hong Kong by 12:30 p.m., from an initial public offering price of HK$10.30.
		The Link REIT, which was postponed last year after a legal challenge from a public housing tenant that was later dismissed, started trading with local interest rates higher than a year ago though only days after the Federal Reserve signaled it may be close to the end of its cycle of rate increases.
		The yield of Hong Kong's Link REIT falls as prices surge today, and dropped to about 5.2 percent based on the planned HK$0.6176 dividend payout for the fiscal 2006 year.
	quote.bloomberg.com /apps/news?pid=10000006&sid=alQ71Irgb.tM (626 words)

	Real estate - Hong Kong - (Legal500.com) (Site not responding. Last check: 2007-11-03)
		It also advised Goldman Sachs and others as the joint global coordinators in relation to the Link REIT, while a third highlight for 2004/5 was a substantial acquisition of commercial property in Hong Kong by Macquarie.
		Clifford Chance acted for the Housing Authority in relation to the Link REIT, while other recent deals include the disposal of two major tranches of properties in the US$1.8bn NPLs acquired by Citigroup from Bank of China Hong Kong.
		Linklaters acted for the issuer (Link Management Limited) on the Link REIT, while other recent work includes advising Royal Bank of Scotland on its lease of four floors at AIG Tower.
	www.icclaw.com /as500/edit/hk21.htm (1222 words)

	The Link - Wikipedia, the free encyclopedia
		The Link REIT, a REIT in Hong Kong
		The Link (building), a teen hang-out in Savannah, GA The Link, the second album by French death metal band Gojira
		If an internal link led you here, you may wish to change the link to point directly to the intended article.
	en.wikipedia.org /wiki/The_Link (123 words)

	Massive REIT Listing In Limbo
		Plans to float the largest REIT IPO in history were stalled again this week after a public housing tenant effectively blocked the Hong Kong government from launching their $3 billion Link REIT.
		The Link REIT portfolio consists of 151 shopping centers and 79,000 parking spaces in Hong Kong.
		He doesn’t believe that the Link REIT is gone, however.
	nreionline.com /news/Massive-REIT (281 words)

	BBC NEWS \| Business \| Surge for Hong Kong property fund
		The case was dismissed earlier this year and demand for Link REIT has been strong because the returns it offers are better than those available in bonds.
		The sale of shares in the Link REIT was the world's largest initial public offering (IPO) of a property trust.
		She argued that the sale of property to Link REIT would push rents higher, not only for public housing tenants like herself but also for the shops where she buys fish and vegetables.
	news.bbc.co.uk /1/hi/business/4468786.stm (388 words)

	RealEstateJournal \| Champion REIT Sinks 16% On First Day in Hong Kong
		Hong Kong's three other REITs, which were listed in the fourth quarter of last year, are Link Real Estate Investment Trust, Prosperity Real Estate Investment Trust and GZI Real Estate Investment Trust.
		Link REIT, comprised of shopping malls and car-parking spaces formerly owned by Hong Kong's Housing Authority, fell 0.3% to close at HK$15.50.
		Analysts said potential REIT issuers may have to sweeten the returns of the property trusts to make them more attractive as they are becoming yield plays rather than investments expected to show big capital gains.
	www.realestatejournal.com /reits/20060530-li.html?mod=RSS_Real_Estate_Journal&rejrss=commercial (489 words)

	'Needed for Link REIT long-term planning' (Site not responding. Last check: 2007-11-03)
		The Housing Authority's (HA) Link Real Estate Investment Trust (REIT) ought to be listed but steps should be taken to rule out long-term recurrent revenues, a local think tank said yesterday.
		So, SynergyNet Chairman Cheung Bing-leung told a press conference: "Link REIT should not start as a short-term relief measure to ease cash-strapped HA but more as a bold attempt to return wealth to the general public."
		Link REIT's listing was suspended last December after housing tenant Lo Siu-lan legally challenged the privatization of the shopping centres and car parks.
	www.chinadaily.com.cn /english/doc/2005-07/13/content_459696.htm (194 words)

	Link REIT IPO Secures HK$100 Billion In Retail Orders: OCRA Newsletter
		The amount of orders generated by the public offering means that its retail tranche was about 19.5 times covered, although this is substantially less than the HK$280 billion placed in the aborted sale last year, market sources revealed in a report by the Hong Kong Standard.
		The institutional tranche of the Link REIT offering saw orders of at least HK$167 billion and was at least twelve times oversubscribed.
		Units are being sold at a price of between HK$9.70 and HK$10.80 and offer a yield of between 5.5 percent and 5.88 percent in the year ending March 2006, based on a planned dividend of HK$0.198.
	www.ocra.com /newsletter/newsletter/1205/story17_1205.asp (294 words)

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