View source for Link REIT

{{short description|Hong Kong real estate investment trust}}
{{distinguish|Hong Kong Link}}
{{EngvarB|date=May 2016}}
{{Use dmy dates|date=May 2016}}
{{Infobox company
| name = Link Real Estate Investment Trust
| logo = LINK REIT logo.svg
| logo_size = 150px
| image = The Quayside.jpg
| image_caption = Headquarters in Kwun Tong, Hong Kong
| type = Public [[real estate investment trust|REIT]]
| traded_as = {{ubl|{{SEHK|823}}|[[Hang Seng Index]] component}}
| foundation = 2004 in Hong Kong 
| founder = [[Hong Kong Housing Authority]]
| location = 20/F, Tower 1, The Quayside, 77 Hoi Bun Road, [[Kwun Tong]], [[Kowloon]], [[Hong Kong]], China
| key_people = George Hongchoy
| industry = [[Real estate]]
| products = Shopping centres, fresh markets, offices and car parks
| revenue = HK$ 10.744 billion <ref name="annual report">{{cite web |title=annual report |url=https://www.linkreit.com/linkcorp/api/v1/file/SiteAssets/CorporateWebsite/InvestorRelations/FinancialReports/EW00823_book%201_FY2021.pdf?y=2306dd3a4b157369fcb28a06055af619 |website=linkreit.com |publisher=link reit |access-date=20 July 2021 }}</ref>
| assets = HK$ 209.885 billion <ref name="annual report">{{cite web |title=annual report |url=https://www.linkreit.com/linkcorp/api/v1/file/SiteAssets/CorporateWebsite/InvestorRelations/FinancialReports/EW00823_book%201_FY2021.pdf?y=2306dd3a4b157369fcb28a06055af619 |website=linkreit.com |publisher=link reit |access-date=20 July 2021 }}</ref>
| num_employees =  over 1,000 <ref name="annual report">{{cite web |title=annual report |url=https://www.linkreit.com/linkcorp/api/v1/file/SiteAssets/CorporateWebsite/InvestorRelations/FinancialReports/EW00823_book%201_FY2021.pdf?y=2306dd3a4b157369fcb28a06055af619 |website=linkreit.com |publisher=link reit |access-date=20 July 2021 }}</ref>
| successor =
| subsid = 
| owner = 
| website = {{URL|linkreit.com}}
}}
{{Chinese
|title=Link Real Estate Investment Trust
|order=ts
|t=領展房地產投資信託基金
|s=领展房地产投资信托基金
|j=ling5 zin2 fong4 dei6 caan2 tau4 zi1 seon3 tok3 gei1 gam1
|p=Lǐng Zhǎn Fángdìchǎn Tóuzī Xìntuō Jījīn
}}
'''Link Real Estate Investment Trust''' ({{zh|zh|first=t|t=領展房地產投資信託基金}}, or {{zh|first=t|t=領展|labels=no}}), previously known as '''The Link Real Estate Investment Trust''' ({{zh|first=t|t=領匯房地產投資信託基金|labels=no}}, or {{zh|first=t|t=領匯|labels=no}}), is a wholly-owned private [[real estate investment trust]] managed by Link Asset Management Limited. It is the first [[real estate investment trust]] in [[Hong Kong]] and the largest in Asia by market capitalisation. 

Link REIT's portfolio consists of 126 properties with about 9 million sq ft of retail and office space in Hong Kong, as well as 7 properties with about 6 million sq ft of retail and office space  outside Hong Kong.<ref>{{cite web |title=our business |url=https://www.linkreit.com/en/ourBusiness/ |website=link reit |access-date=26 November 2020}}</ref>

Link REIT has its head office at {{ill|The Quayside|zh|海濱匯}} in [[Kwun Tong]].

==History==
The LINK REIT was established by the [[Hong Kong government]], which split off assets from the [[Hong Kong Housing Authority]] that included 151 retail facilities<ref>[https://www.info.gov.hk/gia/general/200411/24/1124263.htm  Housing Authority announces Hong Kong's First REIT Press Release]</ref><ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2006/0714/ltn20060714102.htm  The Link Real Estate Investment Trust (00823)]</ref> – mainly within public housing estates – and 79,000 parking spaces. The date for the listing was 25 November 2005,<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2006/0714/ltn20060714102.htm The Link Real Estate Investment Trust (00823)]</ref> at a valuation of HK$22.02 billion (Valuation = 2,137,454,000 x HK$10.30 = HK$22.02 Billion) (US$2.82 billion).<ref>[https://www.linkreit.com/linkcorp/api/v1/file/SiteAssets/CorporateWebsite/InvestorRelations/FinancialReports/2005/Annual/annualrpt0506_en.pdf 2005/06 The Link Annual Report]</ref> Upon [[privatisation]], Link Reit remains tied to terms in existing tenancy agreements, but will no longer require approval from government to increase rents for new leases. However, financial analysts expected attractive dividend yields – up to 7 per cent – from the privatised company and greater commercial orientation, although some feared that the scope for increasing rental income and cutting labour costs might be limited due to most of its properties being tied to the public housing sector.

===Initial public offering===
[[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.<ref name=forbes2353844>[https://web.archive.org/web/20080311060742/http://www.forbes.com/home/feeds/afx/2005/11/25/afx2353844.html Forbes magazine], 25 November 2005</ref> About 510,000 Hong Kong residents, or seven percent of the city's population, placed US$36&nbsp;billion of orders while institutional investors were ready to commit US$40&nbsp;billion.

The IPO's joint global coordinators were [[Goldman Sachs]], [[HSBC|HSBC Holdings plc]], and [[UBS AG]]. [[JPMorgan Chase]] & Co. was the [[financial adviser]] to the Housing Authority.<ref>[https://books.google.com/books?id=0dTsSl1Et2kC&pg=PA22 Playing the REITs Game: Asia's New Real Estate Investment Trusts Page 22]</ref>

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.<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2005/1114/00823/ewp110.pdf  HKEX News 2005]</ref><ref>[https://www.news.gov.hk/isd/ebulletin/en/category/businessandfinance/050720/html/050720en03002.htm Sale of public housing facilities lawful: CJ July 20, 2005]</ref> 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".<ref name=scmp494213>{{cite news|last1=Hui|first1=Polly|title=Legal aid granted to challenger in Link Reit case|url=https://www.scmp.com/article/494213/legal-aid-granted-challenger-link-reit-case|work=South China Morning Post|date=25 March 2005}}</ref> 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.<ref name=scmp494213/>

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 [[renovation]]s have led to higher rents, higher prices, and the loss of local shops.<ref>{{cite news|last1=Yau|first1=Elaine|title=Winners and losers from Link Reit's 2005 takeover of Hong Kong estate malls|url=https://www.scmp.com/lifestyle/article/1899882/winners-and-losers-link-reits-2005-takeover-hong-kong-estate-malls|work=South China Morning Post|date=11 January 2016}}</ref><ref>{{cite web|last1=Tse|first1=Pui-man|title=Asset enhancement of shopping centres|url=http://hub.hku.hk/bitstream/10722/174587/1/FullText.pdf|publisher=Faculty of Architecture, University of Hong Kong|date=2012}}</ref><ref>{{cite journal|last1=Aveline-Dubach|first1=Natacha|title=Embedment of 'Liquid' Capital into the Built Environment: The Case of REIT Investment in Hong Kong|journal=Issues & Studies|volume=52|issue=4|pages=1640001|date=2017|doi=10.1142/S1013251116400014|url=https://halshs.archives-ouvertes.fr/halshs-01563507/file/I%26S-Hong%20Kong.pdf}}</ref>

===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&nbsp;billion.<ref name=scmp970222>{{cite news|last1=Chan|first1=May|title=Link Reit buy points at new direction|url=https://www.scmp.com/article/970222/link-reit-buy-points-new-direction|work=South China Morning Post|date=10 June 2011}}</ref>

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&nbsp;million<ref>[https://www1.hkexnews.hk/listedco/listconews/sehk/2011/1222/ltn20111222077.pdf The Link Real Estate Investment Trust PROPOSED ACQUISITION OF PROPERTY HKEX]</ref>

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&nbsp;billion.<ref name=scmp1576641>{{cite news|last1=Sito|first1=Peggy|title=Link Reit agrees to buy Wong Tai Sin shopping mall for HK$1.38b|url=https://www.scmp.com/property/hong-kong-china/article/1576641/link-reit-agrees-buy-wong-tai-sin-shopping-mall-hk138b|work=South China Morning Post|date=19 August 2014}}</ref>

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&nbsp;billion in January.<ref>{{cite web|title=Hong Kong Property Market Monitor|url=http://www.jll.com.hk/hong-kong/en-gb/Research/Research-monitor-hk-2015-02.pdf|publisher=Jones Lang Lasalle|date=February 2015}}</ref> Then, Link surprised the market by successively making its first two purchases in mainland China, when it acquired [[Beijing EC Mall]], for a consideration of ¥2.5&nbsp;billion; it acquired two commercial buildings in Shanghai for ¥6.6 billion. The company has a target where mainland properties would not exceed 12.5% of its portfolio.<ref name=scmp1866365>{{cite news|last1=Fung|first1=Fanny W.Y.|title=Hong Kong's Link Reit looks to brush up its image 10 years on from controversial stock listing|url=https://www.scmp.com/news/hong-kong/economy/article/1866365/hong-kongs-link-reit-looks-brush-its-image-10-years|work=South China Morning Post|date=12 October 2015}}</ref>

On 19 February 2016, a subsidiary of the Link purchased the Trade and Industry Department Tower in [[Mong Kok]] (formerly the Argyle Centre Tower II) from the government for a sum of HK$5.91&nbsp;billion.<ref name=20160219info>{{cite web|title=Tender result for government property at Trade and Industry Department Tower in Mong Kok announced|url=http://www.info.gov.hk/gia/general/201602/19/P201602190537.htm|publisher=Hong Kong Government|date=19 February 2016}}</ref>

In April 2020, LINK REIT completed its purchase of 100 Market Street in [[Sydney]] at approximately AUD683 million  from Blackstone Group.  It is a building is 10-storeys office tower of 28,385 square metre above the Westfield mall in Sydney's CBD.<ref>[https://www.smh.com.au/business/companies/blackstone-reaps-683m-in-sydney-office-tower-sale-to-hk-based-group-20200415-p54jz1.html Blackstone reaps $683m in Sydney office tower sale to HK-based group]</ref>

===Sale of properties===
In mid-2014, Link REIT sold four commercial properties, to four different buyers, for a total of $1.24&nbsp;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]]).<ref name=scmp1517514>{{cite news|last1=Sito|first1=Peggy|title=Link Reit sells four malls for HK$1.24b|url=https://www.scmp.com/property/hong-kong-china/article/1517514/link-reit-sells-four-malls-hk124b|accessdate=14 November 2014|work=South China Morning Post|date=22 May 2014}}</ref>

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.<ref name=linkreit20151027>{{cite web|title=Link REIT Disposes of Five Properties Offers Exceeding Appraised Value by Over 30%|url=http://www.linkreit.com/EN/news/Pages/20151027_1_press.aspx|publisher=Link REIT|date=27 October 2015}}</ref>

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.<ref name=linkreit20161216>{{cite web|title=Link REIT Disposes of Five Properties at HK$3.64 Billion Offers Exceed Appraised Value by 29%|url=http://www.linkreit.com/EN/news/Pages/20161216_press.aspx|publisher=Link REIT|date=16 December 2016}}</ref>

===Green Bond===
In July 2016, Link REIT issue a  green convertible bonds, raising US$500 million at 2.875% fixed rate due 2026.<ref>[https://www.scmp.com/business/companies/article/1989901/hong-kongs-link-reit-issues-us500-million-green-bond Hong Kong’s Link Reit issues US$500 million green bond]</ref><ref>[https://www.reuters.com/article/link-reit-convertible-bonds-idUSL5N20V0CK Link REIT raises $510 mln in largest green convertible bond globally]</ref>

===Change of Name===
On 19 August 2015, Link announced the changing of its corporate name to Link REIT.<ref name="linkreit20150819">{{cite web | title=Link Unveils New Corporate Identity – Linking People to a Brighter Future | url=http://www.linkreit.com/EN/news/Pages/20150819_press.aspx | date=19 August 2015}}</ref> Some have alleged that the purpose of the name change is to disassociate itself from its past activities.<ref>{{Cite web|title=改名領展被諷刺想「洗底」|url=http://www.takungpao.com.hk/hongkong/text/2017/1207/131138.html|access-date=2021-06-26|website=www.takungpao.com.hk}}</ref>

== Senior Leadership ==

* ''Chairman:'' Nicholas Allen (since April 2016)
* ''Chief Executive:'' George Hongchoy (since May 2010)

=== List of former chairmen ===

# [[Peter Wong (banker)|Peter Wong]] (2004–2005)
# [[Paul Cheng]] (2005–2007)
# Nicholas Sallnow-Smith (2007–2016)

=== List of former chief executives ===

# Victor So (2004–2007)
# Ian Robbins (2007–2010)

==Reception==

===Economic hardship on lower classes===
The Link was called a "bloodsucker" by [[Housing_estate#Hong_Kong|public housing estate]] residents after the company acquired the Housing Authority shopping centres, [[renovation|renovated]] them, and raised rents. This has led to local shops being pushed out, higher prices, and the dominance of chain stores within the estates.<ref>{{cite news|last1=Ng|first1=Joyce|last2=But|first2=Joshua|title='Callous' career man Victor So takes helm of Urban Renewal Authority|url=https://www.scmp.com/news/hong-kong/article/1255044/callous-career-man-victor-so-takes-helm-urban-renewal-authority|accessdate=29 August 2014|work=South China Morning Post|date=7 June 2013}}</ref><ref name=scmpapr12/> This trend has reduced entrepreneurship opportunities for lower income people in Hong Kong's public housing estates and new towns, diminishing their chances to achieve [[social mobility]],{{cn|date=September 2024}} and has increased the cost of living.

A 2012 campaign by The Link to promote "nostalgic restaurants" in its shopping centres was widely derided on social media as hypocritical. Users on [[Hong Kong Golden Forum|Golden Forum]] and Facebook wrote that the company "first killed the shops, then makes money from their death" and criticised the company for only allowing chain stores in their properties.<ref name=scmpapr12>{{cite news|last1=Lee|first1=Ada|title=Hundreds hit out at Link Reit 'hypocrisy'|work=South China Morning Post|date=11 April 2012|page=3}}</ref>
In 2006, The Link cut thousands of staff, a move "fiercely criticised by unionists, who said Link Management had dishonoured a pledge to protect the welfare of its frontline workers when it took over the operation from the Housing Authority". The Link replied that "the job cuts were in line with private practice".<ref>{{cite news|last1=Wu|first1=Helen|title=Link Reit to shed at least 1,400 jobs. Unionists say management ignored promises to protect non-skilled workers|work=South China Morning Post|date=30 May 2006|page=1}}</ref>

By mid 2015, NGO Link Watch ({{zh|領匯監察|labels=no}}) published a report that showed big chains made up 76 per cent of the 2,075 shops in 22 shopping centres run by the firm, but the Link's CEO claimed, "We continue to maintain roughly 60 per cent of our shops leased to smaller operators."<ref name=scmp1866365/>

Anti-Link REIT protests have become increasingly common in recent years.<ref name="cancels">{{cite news|last1=Yuen|first1=Chantal|title=Residents protest as Link REIT cancels meeting about rent hikes, outsourcing|url=https://www.hongkongfp.com/2016/05/06/residents-protest-link-reit-cancels-meeting-rent-hikes-outsourcing/|work=Hong Kong Free Press|date=6 May 2016}}</ref> Link REIT headquarters in [[Kwun Tong]] has been the site of demonstrations, scuffles, and sit-ins, leading the company to seek a court order to bar activists from entering the building.<ref name="courtorder">{{cite news|last1=Lin|first1=Gene|title=Link REIT seeking court order to bar activists from entering HQ after protest|url=https://www.hongkongfp.com/2016/04/29/link-reit-seeking-court-order-to-bar-activists-from-entering-hq-after-protest/|work=Hong Kong Free Press|date=29 April 2016}}</ref><ref>{{cite news|title=Security guards bar Link Reit protesters|url=http://www.thestandard.com.hk/breaking-news.php?id=74363|work=The Standard|date=5 May 2016}}</ref>

===Market management===
[[File:Cheung Fat Modern Market.JPG|thumbnail|Cheung Fat Market, rebranded by The Link as "Cheung Fat Modern Market"]]
In addition to indoor shopping centres, The Link also acquired many local estate markets in 2005. Such markets are covered facilities with small stalls and shops let out to local residents, generally offering fresh meat and vegetables as well as daily necessities and home wares. As with the shopping centres, The Link has raised rents and also renovated some properties, leading to increased [[food prices]] and financial hardship on low-income households.<ref name="hkfpcheungfat1">{{cite news|last1=Yuen|first1=Chantal|title=Stall owners to close up shop for 7 days in anger over outsourcing of market management|url=https://www.hongkongfp.com/2016/02/15/stall-owners-angry-over-link-reit-outsourcing-of-market-operations/|work=[[Hong Kong Free Press]]|date=15 February 2016}}</ref>

In [[Tin Shui Wai]], where The Link exercises a near-monopoly on commercial space, the company was criticised by local residents and Legislative Councillors in 2015–16 for planning to convert the Tin Yiu Market into a conventional shopping centre.<ref>{{cite web|title=Conversion of Tin Yiu Market by Link Asset Management Limited|url=http://www.legco.gov.hk/yr15-16/english/panels/hg/papers/hg20151207cb1-230-6-e.pdf|publisher=Legislative Council|date=7 December 2015}}</ref> The market supplies fresh vegetables, meat, and fish to residents of the surrounding public housing estates. The next closest market is 5 to 10 minutes' walk away.

Stall operators at Cheung Fat Estate on [[Tsing Yi]] have gone on strike, in 2010 and 2016, to protest rent increases.<ref name="hkfpcheungfat1"/> By the latter strike it was reported that rents had doubled in ten years. Some local residents stated that they visit a government-run market in Tsuen Wan instead owing to the higher prices at Cheung Fat.<ref name="hkfpcheungfat1"/> The Cheung Fat stall owners also protested the [[outsourcing]] of the market's management to Uni-China (Market) Management Limited, which they feared will lead to untenable rent increases.<ref name="hkfpfeature">{{cite news|last1=Yuen|first1=Chantal|title=Feature: Paranoia and fear in the fight to save Cheung Fat Market|url=https://www.hongkongfp.com/2016/02/24/feature-paranoia-and-fear-in-the-fight-to-save-cheung-fat-market/|work=Hong Kong Free Press|date=24 February 2016}}</ref>
[[File:Leung King Estate Roadblock against hawkers 20160210.jpg|thumbnail|Barriers set up by management at Leung King Estate against hawkers]]
Uni-China (Market) Management also manages the market at Leung King Estate in Tuen Mun, which is also owned by The Link.<ref name="hkfpfeature"/> In February 2016 a group of men dressed in dark jackets with "manager" (管理員) printed on the backs acted in an intimidating manner toward [[Hawkers in Hong Kong|hawkers]] in the area of the shopping centre since 2 February. More than 200 showed up to protest against the men combating hawkers on the night of 8 February. Some minor clashes broke out between the self-proclaimed managers and the protesters, and required mediation by the police.<ref name=20160208hk01>{{cite news|url=http://www.hk01.com/%E6%B8%AF%E8%81%9E/6400/-%E6%96%B0%E6%98%A5%E5%B0%8F%E8%B2%A9-%E4%B8%8D%E6%BB%BF%E9%A0%98%E5%B1%95-%E7%AE%A1%E7%90%86%E5%93%A1-%E7%A6%81%E9%8C%AE%E8%89%AF%E6%99%AF%E5%B0%8F%E8%B2%A9-%E5%B8%82%E6%B0%91%E8%81%B2%E6%8F%B4%E7%88%86%E8%A1%9D%E7%AA%81|work=HK01|title=【新春小販】不滿領展「管理員」禁錮良景小販 市民聲援爆衝突|date=8 February 2016}}</ref> Two protesters were arrested and one reporter was injured during the clash.<ref name=mingpao1454961216>{{cite news|url=http://news.mingpao.com/ins/instantnews/web_tc/article/20160209/s00001/1454961216461|newspaper=Ming Pao|date=9 February 2016|title=良景邨夜市爆衝突 記者被推倒在地 兩男子被捕}}</ref>

Conflicts between the management and the public reoccurred on the night of 9 February. The men were filmed beating up protesters while police stood by and prevented others from being involved. A reporter was also beaten up by the control team.<ref name=nextmedia54743942>{{cite news|title=惡煞「管理員」暴力趕良景小販 高永文避答|url=http://hk.apple.nextmedia.com/realtime/news/20160210/54743942|date=10 February 2016|newspaper=Apple Daily}}</ref> A 31-year-old man was arrested for causing disorder in a public place. He allegedly interfered with a worker performing his duties at Leung King Estate. The Link REIT distanced itself from the clashes and denied the hawker control team was part of its staff.<ref name=scmp1911453>{{cite news|title='I will be here until they kill us' – street vendors at Hong Kong estate defiant after simmering unrest turns violent|url=https://www.scmp.com/news/hong-kong/law-crime/article/1911453/i-will-be-here-until-they-kill-us-street-vendors-hong-kong|date=10 February 2016|newspaper=South China Morning Post|first1=Owen|last1=Fung|first2=Eddie|last2=Lee}}</ref>

===Illegal wastewater discharges===
In 2016 the [[Environmental Protection Department]] initiated prosecution against the Link REIT under the [[Water Pollution Control Ordinance]] because wastewater from the Mei Lam Shopping Centre, owned and managed by the Link, was being illegally discharged into the [[Shing Mun River]].<ref>{{cite web|title=Management company fined for illegal wastewater discharge into Shing Mun River|url=http://www.info.gov.hk/gia/general/201611/01/P2016110100370.htm|publisher=Hong Kong Government|date=1 November 2016}}</ref> The company was fined $15,000 in November 2016 and ordered to rectify the situation immediately.<ref>{{cite news|last1=Chung|first1=Flora|title=Link fined for dumping wastewater in river|url=http://www.thestandard.com.hk/section-news.php?id=175813|work=The Standard|date=2 November 2016}}</ref>

===Bloodsucking landlord===
Due to its history as monopoly landlord of community shopping malls, controversial business ethics and unfriendly treatment to neighbourhoods, small business owners and investors. The company is well known as a "bloodsucking landlord"<ref>{{Cite web|date=2020-03-06|title=工黨社民連斥領展「吸血鬼」 促減租與小商戶渡時艱 {{!}} 獨媒報導|url=https://www.inmediahk.net/node/1071347|access-date=2021-06-26|website=獨立媒體}}</ref> as bipartisan parties has put it over the years for its unyielding fist on its tenants. According to Richard Harris's opinion, Link Reit has been widely considered a "corporate monster" in Hong Kong partly responsible for the city's socioeconomic issues.<ref name="mountains">{{cite news |last1=Harris |first1=Richard |title=Hong Kong's three 'mountains' — the MTR, MPF and Link Reit – are now the foothills of an Everest of public discontent that Carrie Lam must climb |url=https://www.scmp.com/comment/article/3040578/hong-kongs-three-mountains-mtr-mpf-and-link-reit-are-now-foothills-everest |work=South China Morning Post |date=6 December 2019}}</ref>

=== Ill managed rodent issue during COVID-19 ===
In Aug 2020, dozens of rats were found crawling over fresh pork laid on the floor outside the vendor during the early hours in Link REIT's [https://www.linkhk.com/en/shop/26528 Sau Mau Ping wet market].<ref>{{Cite news|date=14 Aug 2020|title=Link-REIT closes vendor for rats on pork|work=The Standard|url=https://www.thestandard.com.hk/breaking-news/section/4/153167/Link-REIT-closes-vendor-for-rats-on-pork|access-date=26 Jun 2021}}</ref>

=== Effects of renovation on air quality and pollution ===
{{seealso|Renovation|Construction dust|Particulates|Paint|Formaldehyde|Welding|Power tools}}
{{expand section|date=September 2024}}

==Government response==
[[File:香港候任特首林鄭月娥14.jpg|thumb|[[Carrie Lam]], now [[chief executive of Hong Kong|chief executive]], has called Link REIT one of the "three mountains" facing Hong Kong society]]
Link REIT has been widely condemned by officials on both sides of the political spectrum. [[Starry Lee]], chairperson of the pro-Beijing [[Democratic Alliance for the Betterment and Progress of Hong Kong|DAB]], reported that former chief executive [[Leung Chun-ying]] "strongly criticised" Link REIT in a meeting with the DAB.<ref name="june2016">{{cite news|last1=Cheung|first1=Tong|title=Three mountains: Hong Kong government eyes Link Reit, MTR fare rises and the provident fund|url=https://www.scmp.com/news/hong-kong/politics/article/1966480/three-mountains-hong-kong-government-eyes-link-reit-mtr-fare|work=South China Morning Post|date=6 June 2016}}</ref> In an interview with the ''[[South China Morning Post]]'', Leung questioned whether the remuneration structure for top management of Link REIT had led to the trust's behaviour.<ref name="hongkongce">{{cite news|last1=Cheung|first1=Gary|last2=Zhao|first2=Shirley|title=Hong Kong's chief executive takes on Link Reit over rent concerns|url=https://www.scmp.com/news/hong-kong/politics/article/1982749/hong-kongs-chief-executive-takes-link-reit-over-rent|work=South China Morning Post|date=28 June 2016}}</ref> He said that, as the previous owner of the public housing commercial space, the Hong Kong government has a responsibility to public housing tenants "to satisfy their needs and if necessary to provide alternatives to Link REIT properties". He said that a Link REIT monopoly in public estates was not acceptable as elderly tenants could not be expected to carry their heavy shopping to and from other markets.<ref name="didnotpromise">{{cite news|last1=Cheung|first1=Gary|last2=Ibrahim|first2=Zuraidah|title=We did not promise Link a monopoly on supply of shopping centres, insists Hong Kong Chief Executive Leung Chun-ying|url=https://www.scmp.com/news/hong-kong/politics/article/1982744/we-did-not-promise-link-monopoly-supply-shopping-centres|work=South China Morning Post|date=28 June 2016}}</ref> He said there was no plan to buy back the Link, but the government could explore providing alternatives if the Link was not serving nearby residents.<ref name="hongkongce"/>

[[Carrie Lam]], ex-Hong Kong chief executive, was reported in 2016 to have called Link REIT one of the "three mountains" – i.e. one of the major sources of contention in Hong Kong society – that the government sought to conquer. Lam stated that the government should explore different avenues toward tackling the problem, including launching a potential legal battle against the company.<ref name="june2016"/>

Similarly, in April 2019, legislator [[Alice Mak (politician)|Alice Mak]] moved a motion in the Legislative Council urging the government to "overcome the 'three big mountains'" that she wrote had plagued the local community, one of which is Link REIT.<ref name="3april2019motion">{{cite web |title=LC Paper No. CB(3) 488/18-19: Council meeting of 3 April 2019, Motion on "Requesting the Government to overcome the 'three big mountains' in people's livelihood" |url=https://www.legco.gov.hk/yr18-19/english/counmtg/motion/m_papers/cm20190403cb3-488-e.pdf |publisher=Legislative Council |date=22 March 2019}}</ref> Various other legislators moved motions to this amendment suggesting means of tackling the problem, including amending the Housing Ordinance to regulate rent increases; constructing more public markets and bazaars to diminish Link REIT's commercial monopoly in many areas, and provide residents with greater shopping choices; creating a dedicated team within the [[Lands Department]] to inspect Link REIT properties, and to conduct enforcement against violations of land lease conditions by the company; and buying back Link REIT properties and placing them back under government management.<ref name="amendments">{{cite web |title=LC Paper No. CB(3) 509/18-19: Council meeting of 3 April 2019, Amendments to Hon Alice MAK's motion on "Requesting the Government to overcome the 'three big mountains' in people's livelihood" |url=https://www.legco.gov.hk/yr18-19/english/counmtg/motion/m_papers/cm20190403cb3-509-e.pdf |publisher=Legislative Council |date=29 March 2019}}</ref>

==See also==
* [[Privatisation]]
* [[Securitisation]] – see "government securitisation"

==References==
{{Reflist|2}}

==External links==
* {{official website|http://www.linkreit.com/en/}}
* {{Finance links
| symbol = 823
| google = HKG:+0823
| yahoo = 0823.HK
| bloomberg = 823:HK
| reuters = 0823.HK
}}

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{{DEFAULTSORT:Link Reit, The}}
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