Editing Link REIT (section)

==History==
The LINK REIT was established by the [[Hong Kong government]], which split off assets from the [[Hong Kong Housing Authority]] that included 151 retail facilities<ref>[https://www.info.gov.hk/gia/general/200411/24/1124263.htm  Housing Authority announces Hong Kong's First REIT Press Release]</ref><ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2006/0714/ltn20060714102.htm  The Link Real Estate Investment Trust (00823)]</ref> – mainly within public housing estates – and 79,000 parking spaces. The date for the listing was 25 November 2005,<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2006/0714/ltn20060714102.htm The Link Real Estate Investment Trust (00823)]</ref> at a valuation of HK$22.02 billion (Valuation = 2,137,454,000 x HK$10.30 = HK$22.02 Billion) (US$2.82 billion).<ref>[https://www.linkreit.com/linkcorp/api/v1/file/SiteAssets/CorporateWebsite/InvestorRelations/FinancialReports/2005/Annual/annualrpt0506_en.pdf 2005/06 The Link Annual Report]</ref> Upon [[privatisation]], Link Reit remains tied to terms in existing tenancy agreements, but will no longer require approval from government to increase rents for new leases. However, financial analysts expected attractive dividend yields – up to 7 per cent – from the privatised company and greater commercial orientation, although some feared that the scope for increasing rental income and cutting labour costs might be limited due to most of its properties being tied to the public housing sector.

===Initial public offering===
[[Initial public offering|IPO]] of The Link REIT, delayed for a year until 2005 through legal action by housing tenants worried that rents would rise, was eventually 18 times oversubscribed.<ref name=forbes2353844>[https://web.archive.org/web/20080311060742/http://www.forbes.com/home/feeds/afx/2005/11/25/afx2353844.html Forbes magazine], 25 November 2005</ref> About 510,000 Hong Kong residents, or seven percent of the city's population, placed US$36&nbsp;billion of orders while institutional investors were ready to commit US$40&nbsp;billion.

The IPO's joint global coordinators were [[Goldman Sachs]], [[HSBC|HSBC Holdings plc]], and [[UBS AG]]. [[JPMorgan Chase]] & Co. was the [[financial adviser]] to the Housing Authority.<ref>[https://books.google.com/books?id=0dTsSl1Et2kC&pg=PA22 Playing the REITs Game: Asia's New Real Estate Investment Trusts Page 22]</ref>

The proposed flotation of The Link REIT by the Housing Authority was delayed when a public housing tenant, Lo Siu-lan, challenged the legality of the proposed divestment of the properties.<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2005/1114/00823/ewp110.pdf  HKEX News 2005]</ref><ref>[https://www.news.gov.hk/isd/ebulletin/en/category/businessandfinance/050720/html/050720en03002.htm Sale of public housing facilities lawful: CJ July 20, 2005]</ref> Lo's lawyer submitted that the Housing Authority had "breached its duty under the Housing Ordinance to provide housing to people in need. Instead, it was selling assets to a private company, which could sublet the properties at market rates rather than benefiting the underprivileged".<ref name=scmp494213>{{cite news|last1=Hui|first1=Polly|title=Legal aid granted to challenger in Link Reit case|url=http://www.scmp.com/article/494213/legal-aid-granted-challenger-link-reit-case|work=South China Morning Post|date=25 March 2005}}</ref> She represented a concern among many residents of public housing that existing amenities would no longer be public and that The Link would raise rents, thereby forcing price rises in shops 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. Lo's request for [[judicial review]] of the privatisation was rejected at the Court of First Instance and the Court of Appeal.<ref name=scmp494213/>

Since the listing in 2005, Link has engaged in a process of 'asset enhancement works', seeking to raise the value of the properties through upgraded physical structure, replacing low-end utility local shops with higher-paying brands and chains, enhanced 'customer service', and promotional activities. The Link also overhauled many of the wet markets under its management. The [[renovation]]s have led to higher rents, higher prices, and the loss of local shops.<ref>{{cite news|last1=Yau|first1=Elaine|title=Winners and losers from Link Reit's 2005 takeover of Hong Kong estate malls|url=http://www.scmp.com/lifestyle/article/1899882/winners-and-losers-link-reits-2005-takeover-hong-kong-estate-malls|work=South China Morning Post|date=11 January 2016}}</ref><ref>{{cite web|last1=Tse|first1=Pui-man|title=Asset enhancement of shopping centres|url=http://hub.hku.hk/bitstream/10722/174587/1/FullText.pdf|publisher=Faculty of Architecture, University of Hong Kong|date=2012}}</ref><ref>{{cite journal|last1=Aveline-Dubach|first1=Natacha|title=Embedment of 'Liquid' Capital into the Built Environment: The Case of REIT Investment in Hong Kong|journal=Issues & Studies|volume=52|issue=4|pages=1640001|date=2017|doi=10.1142/S1013251116400014|url=https://halshs.archives-ouvertes.fr/halshs-01563507/file/I%26S-Hong%20Kong.pdf}}</ref>

===Acquisition of properties===
In moves to diversify its property portfolio and mix, Link acquired the shopping mall portion of [[Nan Fung Centre]] with parking facilities in [[Hang Hau]], from [[Nan Fung Group]] mid 2010 for a total of $1.17&nbsp;billion.<ref name=scmp970222>{{cite news|last1=Chan|first1=May|title=Link Reit buy points at new direction|url=http://www.scmp.com/article/970222/link-reit-buy-points-new-direction|work=South China Morning Post|date=10 June 2011}}</ref>

In late 2010, Link acquired the shopping mall portion of Maritime Bay Shopping Mall with parking facilities in Hang Hau, from [[Sino Group]], for a total of $588.4&nbsp;million<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2011/1222/ltn20111222077.pdf The Link Real Estate Investment Trust PROPOSED ACQUISITION OF PROPERTY HKEX]</ref>

In mid 2014, Link acquired [[The Lions Rise Mall]] with parking facilities in [[Wong Tai Sin]], from [[Kerry Properties]], for a total of $1.38&nbsp;billion.<ref name=scmp1576641>{{cite news|last1=Sito|first1=Peggy|title=Link Reit agrees to buy Wong Tai Sin shopping mall for HK$1.38b|url=http://www.scmp.com/property/hong-kong-china/article/1576641/link-reit-agrees-buy-wong-tai-sin-shopping-mall-hk138b|work=South China Morning Post|date=19 August 2014}}</ref>

In 2015, The Link took its first step in purchasing by government land auction when it partnered with Nan Fung Group to buy land lot NKIL 6512 in Kwun Tong for a total of $5.86&nbsp;billion in January.<ref>{{cite web|title=Hong Kong Property Market Monitor|url=http://www.jll.com.hk/hong-kong/en-gb/Research/Research-monitor-hk-2015-02.pdf|publisher=Jones Lang Lasalle|date=February 2015}}</ref> Then, Link surprised the market by successively making its first two purchases in mainland China, when it acquired [[Beijing EC Mall]], for a consideration of ¥2.5&nbsp;billion; it acquired two commercial buildings in Shanghai for ¥6.6 billion. The company has a target where mainland properties would not exceed 12.5% of its portfolio.<ref name=scmp1866365>{{cite news|last1=Fung|first1=Fanny W.Y.|title=Hong Kong's Link Reit looks to brush up its image 10 years on from controversial stock listing|url=http://www.scmp.com/news/hong-kong/economy/article/1866365/hong-kongs-link-reit-looks-brush-its-image-10-years|work=South China Morning Post|date=12 October 2015}}</ref>

On 19 February 2016, a subsidiary of the Link purchased the Trade and Industry Department Tower in [[Mong Kok]] (formerly the Argyle Centre Tower II) from the government for a sum of HK$5.91&nbsp;billion.<ref name=20160219info>{{cite web|title=Tender result for government property at Trade and Industry Department Tower in Mong Kok announced|url=http://www.info.gov.hk/gia/general/201602/19/P201602190537.htm|publisher=Hong Kong Government|date=19 February 2016}}</ref>

In April 2020, LINK REIT completed its purchase of 100 Market Street in [[Sydney]] at approximately AUD683 million  from Blackstone Group.  It is a building is 10-storeys office tower of 28,385 square metre above the Westfield mall in Sydney's CBD.<ref>[https://www.smh.com.au/business/companies/blackstone-reaps-683m-in-sydney-office-tower-sale-to-hk-based-group-20200415-p54jz1.html Blackstone reaps $683m in Sydney office tower sale to HK-based group]</ref>

===Sale of properties===
In mid-2014, Link REIT sold four commercial properties, to four different buyers, for a total of $1.24&nbsp;billion. The properties are Hing Tin Commercial Centre (in [[Lam Tin]]), Kwai Hing Shopping Centre ([[Kwai Chung]]), the Tung Hei Court shopping centre ([[Shau Kei Wan]]), and Wah Kwai Shopping Centre ([[Pokfulam]]).<ref name=scmp1517514>{{cite news|last1=Sito|first1=Peggy|title=Link Reit sells four malls for HK$1.24b|url=http://www.scmp.com/property/hong-kong-china/article/1517514/link-reit-sells-four-malls-hk124b|accessdate=14 November 2014|work=South China Morning Post|date=22 May 2014}}</ref>

In late 2015, they sold five properties, namely: Fung Wah Estate Retail and Car Park, Ka Fuk Shopping Centre, Kwong Tin Shopping Centre, Siu On Court Retail and Car Park, and Tin Wan Shopping Centre.<ref name=linkreit20151027>{{cite web|title=Link REIT Disposes of Five Properties Offers Exceeding Appraised Value by Over 30%|url=http://www.linkreit.com/EN/news/Pages/20151027_1_press.aspx|publisher=Link REIT|date=27 October 2015}}</ref>

In late 2016, they sold five properties again, namely: Sui Wo Court Commercial Centre, On Yam Shopping Centre, Sun Tin Wai Commercial Centre, Cheung Hong Commercial Centre and Shek Wai Kok Commercial Centre.<ref name=linkreit20161216>{{cite web|title=Link REIT Disposes of Five Properties at HK$3.64 Billion Offers Exceed Appraised Value by 29%|url=http://www.linkreit.com/EN/news/Pages/20161216_press.aspx|publisher=Link REIT|date=16 December 2016}}</ref>

===Green Bond===
In July 2016, Link REIT issue a  green convertible bonds, raising US$500 million at 2.875% fixed rate due 2026.<ref>[https://www.scmp.com/business/companies/article/1989901/hong-kongs-link-reit-issues-us500-million-green-bond Hong Kong’s Link Reit issues US$500 million green bond]</ref><ref>[https://www.reuters.com/article/link-reit-convertible-bonds-idUSL5N20V0CK Link REIT raises $510 mln in largest green convertible bond globally]</ref>

===Change of Name===
On 19 August 2015, Link announced the changing of its corporate name to Link REIT.<ref name="linkreit20150819">{{cite web | title=Link Unveils New Corporate Identity – Linking People to a Brighter Future | url=http://www.linkreit.com/EN/news/Pages/20150819_press.aspx | date=19 August 2015}}</ref> Some have alleged that the purpose of the name change is to disassociate itself from its past activities.<ref>{{Cite web|title=改名領展被諷刺想「洗底」|url=http://www.takungpao.com.hk/hongkong/text/2017/1207/131138.html|access-date=2021-06-26|website=www.takungpao.com.hk}}</ref>