The Link REIT
Encyclopedia
The Link REIT is one of the world's largest REIT
s, or real estate investment trusts with assets of around US$3.3 billion.
The REIT includes 180 properties, primarily shopping malls and carparks, formerly owned by the Hong Kong Housing Authority
, a Hong Kong Government
agency and was created to privatize the said properties.
The IPO's joint global coordinators were Goldman Sachs
, HSBC Holdings plc
, and UBS AG
. JPMorgan Chase & Co. was the financial adviser
to the Housing Authority.
The proposed flotation of the Link REIT by the Housing Authority was derailed when a public housing tenant, Lo Siu Lan, challenged the legality of the proposed divestment of the properties. She represented a concern among the many residents who live in public housing that existing amenities would no longer be public and that the Link REIT would raise prices without due consideration of the public good. Some NGOs also were concerned that the reduced income of the Housing Authority would eventually lead to rent rises for public tenants.
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
s, or real estate investment trusts with assets of around US$3.3 billion.
The REIT includes 180 properties, primarily shopping malls and carparks, formerly owned by the Hong Kong Housing Authority
Hong Kong Housing Authority
The Hong Kong Housing Authority is the main provider of public housing in Hong Kong. It was established in 1973 under the Housing Ordinance and is an agency of the Government of Hong Kong...
, a Hong Kong Government
Government of Hong Kong
The Government of the Hong Kong Special Administrative Region of the People's Republic of China, commonly the Hong Kong Government, is led by the Chief Executive as Head of the Government, who is also the head of the Hong Kong SAR...
agency and was created to privatize the said properties.
IPO
The Link REIT IPO was 18 times oversubscribed http://www.forbes.com/home/feeds/afx/2005/11/25/afx2353844.html. About 510,000 Hong Kong residents, or seven percent of the city's population, placed US$36 billion of orders while institutional investors were ready to commit US$40 billion.The IPO's joint global coordinators were Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, HSBC Holdings plc
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, and UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
. JPMorgan Chase & Co. was the financial adviser
Financial adviser
A financial adviser, is a professional who renders financial services to individuals, businesses and governments. This can involve investment advice, which may include pension planning, and/or advice on life insurance and other insurances such as income protection insurance, critical illness...
to the Housing Authority.
The proposed flotation of the Link REIT by the Housing Authority was derailed when a public housing tenant, Lo Siu Lan, challenged the legality of the proposed divestment of the properties. She represented a concern among the many residents who live in public housing that existing amenities would no longer be public and that the Link REIT would raise prices without due consideration of the public good. Some NGOs also were concerned that the reduced income of the Housing Authority would eventually lead to rent rises for public tenants.
The Link Tenant Information Centre
The Link invested HK$2 million to establish “The Link Tenant Information Centre” in Fu Cheong Shopping Centre. The Centre provides latest information on shop designs and renovation, offering inspirations for tenants of varying sizes and trades to position their shops. With a total floor area of 2500 sq ft (232.3 m²) in 6 zones, the Centre showcases shop front designs for retail and restaurant trades, over 50 ways of product display and more than 100 applications of fit-out materials to assist tenants to start new retail outlets or renovate existing shops.The Link Tenant Academy
Launched in June 2008, “The Link Tenant Academy” in 2008 has been organising a series of seminars and workshops to keep its tenants abreast of latest market information and management concepts and to work with tenants to bring quality service to the public.The Link Fun Academy
Established in 2007, “The Link Link Fun Academy” regularly invites cultural and artistic groups, training organisations and celebrities to offer young people, children and their families with enlightening learning opportunities. Since its establishment, The Link Fun Academy has organized more than 40 activities, attracting around 8,000 participants.See also
- Champion REITChampion REITChampion REIT is a real estate investment trust formed to own and invest in an income-producing portfolio of prime grade 'A' office and commercial properties primarily in Asia.-Overview:...
- SecuritizationSecuritizationSecuritization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling said consolidated debt as bonds, pass-through securities, or Collateralized mortgage obligation , to...
(see "government securitization") - REITReal estate investment trustA real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...