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.[7] 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, HSBC Holdings plc, and UBS AG. JPMorgan Chase & Co. was the financial adviser to the Housing Authority.[8]
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.[9][10] 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".[11] 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.[11]
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 renovations have led to higher rents, higher prices, and the loss of local shops.[12][13][14]
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 billion.[15]
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 million[16]
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 billion.[17]
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 billion in January.[18]
Sale of properties
In mid-2014, Link REIT sold four commercial properties, to four different buyers, for a total of $1.24 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).[22]
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.[23]
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.[24]
Green Bond
In July 2016, Link REIT issue a green convertible bonds, raising US$500 million at 2.875% fixed rate due 2026.[25][26]
Change of Name
On 19 August 2015, Link announced the changing of its corporate name to Link REIT.[27] Some have alleged that the purpose of the name change is to disassociate itself from its past activities.[28]
