Core Viewpoint - The transformation of Lok Fu Market represents a significant achievement in Link REIT's (0823.HK) over 100 asset enhancement projects, redefining the market experience in Hong Kong and showcasing the company's commitment to improving community retail spaces [3][6][8]. Group 1: Company Overview - Link REIT has evolved from managing public housing retail properties to becoming the largest REIT in Asia, with a portfolio of 154 assets valued at HKD 226 billion as of March 31, 2025 [6][7]. - The company was established in 2005 as Hong Kong's first REIT, focusing on enhancing operational efficiency and generating stable rental income rather than selling properties [7][8]. - Link REIT's asset portfolio includes various categories such as retail, office, parking, and logistics, with geographical diversification across Hong Kong, mainland China, Singapore, Australia, and the UK [7][8]. Group 2: Asset Enhancement Strategy - Link REIT's asset enhancement strategy involves modernizing older properties to improve their appeal and operational efficiency, with an average investment return rate of 18% across over 100 completed projects [17]. - The company emphasizes creating a "cultural living circle" tailored to the community's demographics and cultural characteristics, transforming shopping centers into more than just retail spaces [9][17]. - The transformation of Lok Fu Market and other properties incorporates innovative design elements and community engagement strategies, enhancing the overall shopping experience [8][9]. Group 3: Expansion and Market Position - Since 2014, Link REIT has expanded its focus from organic growth to external diversification, entering new markets and asset classes, including office and logistics properties [17][18]. - The company has successfully entered the mainland Chinese market, implementing a dual strategy of brand positioning and community engagement to adapt to local consumer preferences [19][24]. - By 2023, Link REIT introduced the "Link 3.0 Strategy," transitioning to a comprehensive asset manager that combines traditional REIT operations with private fund management, aiming for sustainable returns through external capital [18][19].