Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823), is assessing the latest impact of the epidemic with a view to expanding its support for its tenants in Hong Kong. Link has been running a $120 million tenant support scheme in the city since early February this year.
Link has been offering rental concessions to tenants in the specified sectors which were closed for business under the Government’s epidemic control measures that have been in place since the Lunar New Year, such as restaurants and beauty and hair parlours. Link’s leasing team has also been in close contact with tenants of other sectors, collecting their sales data from last December with a view to offer support to those in need.
Rental concessions and other targeted relief measures are offered on a case-by-case basis, rather than across-the-board, to reflect the varying degree of the pandemic’s impact on different tenants. These relief measures include allowing rent payment by instalments, waiving late payment interests and service charges, lease restructuring, granting rent-free periods, and so forth.
“The fifth wave of the pandemic has brought unprecedented challenges to Hong Kong, the home of Link. We have a fundamental commitment to Hong Kong and to working with our stakeholders to ride through the trying times. Echoing the Government’s call to fight against the epidemic in unity, we have been mobilising resources to ensure our tenants are supported and shoppers are satisfied with their daily necessity needs.”
“In view of the fast-changing epidemic situation and the latest control measures, our team is working tirelessly to revise our scheme, which began in early February, with the aim of expanding support to the tenants most in need. With our Business as Mutual mindset, we will continue to engage and work with our tenants, and to keep our community healthy and vibrant.”
The scheme will run in parallel with Link’s other initiatives to support tenants’ businesses, including: (1) one-hour free parking concession across Link’s 68 shopping centres after 5pm, with no minimum spending requirement for shoppers picking up orders from Link’s food and beverage tenants; (2) redemption of breakfast cereal pack upon spending $100 or more on takeaway after 6pm at Link’s food and beverage merchants or cooked food stalls, applicable at 39 designated shopping centres.
To ensure a safe environment for tenants, customers and workers, Link has also stepped up cleaning and disinfection of its properties. More resources and additional manpower have also been deployed to prepare for the implementation of Vaccine Pass which begins today. As a token of appreciation for tenants’ support for the launch of the Vaccine Pass, starting today Link and its single-letting fresh market operators will distribute complimentary COVID-19 rapid antigen test kits to tenants of Link’s 52 fresh markets.
Link first established its $80 million tenant support scheme in February 2020. Within a year the scheme has expanded twice, with the total amount reaching $600 million.
Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading retail-focused REIT in the world. Listed in 2005 as the first REIT in Hong Kong, Link has been 100% held by public and institutional investors and is a Hang Seng Index constituent stock. From its home in Hong Kong, Link owns and manages a diversified portfolio including retail facilities, car parks, offices and logistics assets spanning China’s Greater Bay Area (Hong Kong, Guangzhou and Shenzhen), Beijing and Shanghai, the UK’s London and Australia’s Sydney. Link seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of its medium-term target Vision 2025.
For details, please visit https://www.linkreit.com.