07 Jan 2016

Retirement of Chairman and Appointment of Successor

The Board of Directors (the “Board”) of Link Asset Management Limited (the “Company”), manager of Link REIT ("Link"; Hong Kong stock code: 823), today announced that Mr Nicholas Sallnow-Smith, independent non-executive director and Chairman of the Company will retire on 31 March 2016 after completing his maximum nine-year term of service. Mr Nicholas Charles Allen will be appointed as an independent non-executive director on 1 February 2016 and will succeed as Chairman on 1 April 2016.
Working with his fellow directors and the management team of experienced professionals, Mr Sallnow-Smith oversaw the transformation of Link into a multi-billion-dollar organisation that has weathered the storm of financial market uncertainties and the challenges of the retailing and property industries over the past decade and has established a robust foundation for future growth.  Over this period, under Mr Sallnow-Smith’s guidance, Link has achieved numerous milestones and made substantial progress towards its vision of ‘serving and improving the lives of those around us’.
"It has been a personal privilege for me to work with Link’s team over the last nine years and see the company develop into a globally competitive business leader in the REIT industry.  With Mr Allen's breadth of board experience, I am confident that he will lead this still young organization into its next decade of growth,” said Mr Sallnow-Smith.
Nicholas Charles Allen said, "It is an honour for me to succeed Mr Sallnow-Smith as Chairman of Link.  Under his leadership, Link has delivered an impressive set of strategic milestones and has laid the strong foundation for future growth. With my experience on the boards of a wide range of local and multinational companies, I look forward to working with the Board and staff to leverage Link’s strengths and continue to generate value for its stakeholders and ensure stable distributions to Unitholders.”
Nicholas Charles Allen has been based in Hong Kong for more than 30 years and possesses in-depth knowledge of the real estate industry and regulated business in Hong Kong and overseas. He has extensive Board experience within high-profile publicly listed companies. He was selected from amongst a field of highly qualified candidates by a board chair search task force set up by the Company’s Nomination Committee for the purpose.
Mr Allen is currently an independent non-executive director of CLP Holdings Limited, Hysan Development Company Limited and Lenovo Group Limited. He is also an independent non-executive director of VinaLand Limited and Texon International Group Limited. Mr Allen is the honorary advisor to the Financial Reporting Council of Hong Kong.
Mr Allen has extensive accounting and auditing experience. He was a partner of PricewaterhouseCoopers before his retirement from the audit firm in 2007. He is also experienced in securities and regulatory matters.  He served on the Securities and Futures Appeal Panel, the Takeovers and Mergers Panel, the Takeovers Appeal Committee and the Share Registrars’ Disciplinary Committee of the Securities and Futures Commission.
Mr Allen holds a Bachelor of Arts degree in Economics/Social Studies from The University of Manchester. He is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants.
The Board extends a warm welcome to Mr Allen on his joining Link.
Key Milestones Achieved in the Past 9 Years


l Mr Nicholas Sallnow-Smith joined Link as Chairman


l Took over on-site property management across the portfolio to enhance service quality


l Unveiled new Vision, Mission and Values.  Vision of Link is “ to be a world class real estate investor and manager serving and improving the lives of those around us”


l Acquired Nan Fung Plaza, first acquisition since IPO 
l Stanley Plaza, a family-oriented, dog-friendly lifestyle landmark project 
l Completion of Tai Yuen Market, Link’s first fresh market asset enhancement project
l Committed HK$200 million to barrier free access facility enhancement


l Acquired Maritime Bay, creating synergy amongst portfolio in Tseung Kwan O district


l Launched Link Together Initiatives to make annual donation to charity and community engagement projects, which has since benefited 500,000 people
l Included in the FTSE4Good Index Series and Dow Jones Sustainability Asia Pacific Index
l Completion of asset enhancement of Lok Fu Plaza, one of the largest flagship projects of Link


l Became a constituent stock of the Hang Seng Index
l Acquired Lions Rise Mall, further increasing Link’s presence in Wong Tai Sin district 
l Completion of asset enhancement of H.A.N.D.S in Tuen Mun, a flagship project in the western New Territories district


l Acquired first development project in Kowloon East
l Acquired EC Mall in Beijing, first retail property investment in Mainland China
l Acquired Corporate Avenue 1 & 2, first office investment in Mainland China
l Launched new corporate identity
l Completion of asset enhancement of Temple Mall North, a new flagship project in Wong Tai Sin district

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