Link Real Estate Investment Trust (Link Reit) has posted improvements in revenue and net property income for the six months ended September 30.
The Hong Kong mall and market owner and management company’s revenue was up 6.4 per cent year-on-year to HK$7.15 billion (US$920 million), while net property income (NPI) rose 5.8 per cent to HK$5.36 billion. The growth was attributed to the acquisition of an additional 50 per cent stake in Link Plaza Qibao in February and improved performance across most markets.
Link Reit’s chair, Duncan Owen, said the results were “solid” and demonstrated the company’s resilient business model in an “uncertain and volatile macro environment”.
In the Hong Kong market, revenue and NPI registered a growth of 2.2 per cent and 2.4 per cent, respectively. Tenant gross sales fell 4.3 per cent amid weak sentiment but still outperformed the 8.8 per cent decrease of the broader market.
Mainland China portfolio’s revenue and NPI surged 39.2 per cent and 37.6 per cent, respectively, fuelled by improved retail asset performance and new contributions from Link Plaza Qibao.
In overseas markets including Australia, Singapore and the UK, revenue increased 3 per cent while NPI decreased slightly by 0.5 per cent.
“Looking ahead, we continue to see immense challenges and uncertainties,” added George Hongchoy, Group CEO.
“With our strengthened leadership team and strong financial position, we have been proactively looking to capitalise on market opportunities; however, we will remain prudent and disciplined in acting only when those opportunities are both right and compelling.”
