“REITs互联互通”逐步推进， 市场迎来新篇章

Core Viewpoint - Link REIT, set to be listed in Hong Kong in 2025, has established itself as a leading real estate investment trust (REIT) in Asia through steady growth in its rental business, despite facing challenges such as the 2008 financial crisis, global trade tensions, and the COVID-19 pandemic [1] Group 1: Company Overview - Link REIT is the first REIT listed in Hong Kong, having taken over 180 retail properties and parking assets from the Hong Kong Housing Authority since its inception in 2005 [2] - The company has successfully renovated its properties, enhancing energy efficiency and modernizing facilities, which has led to an average investment return rate of 18% for over 100 asset enhancement projects completed [2][3] - As of March 31, 2025, Link REIT's property assets have increased to 154, with a total valuation exceeding HKD 220 billion, representing a 5.7 times growth since its listing [3] Group 2: Market Position and Strategy - Link REIT's property portfolio is diversified, covering retail properties, parking lots, office buildings, and logistics across five global markets, which helps stabilize returns during market fluctuations [5] - The core market remains Hong Kong, accounting for 75% of the overall property portfolio, focusing on essential consumer goods, which enhances resilience against market volatility [4] Group 3: Financial Health and Dividend Policy - Link REIT maintains a healthy financial discipline, with net debt ratios and average borrowing costs kept at sustainable levels, earning credit ratings of A2, A, and A from major rating agencies [6] - The company distributes 100% of its distributable income as dividends, consistently exceeding the minimum distribution requirements set by Hong Kong regulators [6] Group 4: Future Growth and Opportunities - The recent regulatory changes in China and Hong Kong are expected to enhance liquidity for REITs, with Link REIT likely to be one of the first beneficiaries of the "mutual access" initiative [8][9] - Link REIT is exploring new growth avenues by developing asset management services, leveraging its 20 years of experience in asset enhancement and management [9]