Hong Kong-based Link Real Estate Investment Trust (Link Reit) has reported growth for the year ended March 31 despite what management described as a “slower-than-expected economic recovery”.

The company’s revenue rose 11 per cent to HK$13.5 billion (US$1.7 billion) and net property income (NPI) increased 9.5 per cent to HK$10 billion. Total distributable amount was up 6.4 per cent to HK$6.718 billion

The results were attributed to the addition of Singapore retail assets to the portfolio and the full-period income contribution of its Australian retail and Mainland Chinese logistics assets.

Nicholas Allen, chairman of Link Reit, said the company’s results were “resilient” in the context of various continuing headwinds.

“Benefits of diversification were apparent in the year under review, where the uplifted return in our overseas portfolios was counter-cyclical to those in Hong Kong and Mainland China,” Allen elaborated.

Revenue and NPI of the Hong Kong portfolio registered a growth of 2.2 per cent and 0.1 per cent respectively, with retail occupancy rate at 98 per cent. Overall tenant sales were up 0.4 per cent despite softer retail market sentiment.

In Mainland China, revenue and NPI increased 1.7 per cent and 5.9 per cent respectively, while retail occupancy reached 96.6 per cent. Tenant sales reported a 31.6 per cent increase, while footfall surged 49 per cent as customers showed an increasing preference for leisure activities and group dining experiences.

For Link’s overseas portfolio – across Australia, Singapore, and the UK – revenue and NPI increased 168.8 per cent and 204.6 per cent respectively. Occupancy rates for Australian and Singapore retail properties stood at 99.7 per cent and 97.8 per cent respectively.