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Link Reit, Asia’s largest real estate investment trust, set to recover after posting second-lowest annual revenue growth
- Revenue rose by 0.2 per cent year on year to HK$10.74 billion (US$1.38 billion) for the year ended March 2021
- Link Reit’s portfolio expansion continues with the acquisition of Happy Valley Shopping Mall in Guangzhou this month
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Link Reit, Asia’s largest real estate investment trust, reported its second-lowest annual revenue growth ever because of the coronavirus pandemic, but said it was cautiously optimistic about its prospects amid the ongoing economic recovery.
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Revenue rose by 0.2 per cent year on year to HK$10.74 billion (US$1.38 billion) for the year ended March 2021, according to a filing to the Hong Kong stock exchange on Thursday.
It was the smallest increase in revenue after the 0.1 per cent rise in 2019, according to data from Refinitiv.
“This financial year was a difficult one in operations and also in growing our portfolio given the travel restrictions,” George Hongchoy Kwok-lung, chief executive at Link, told a briefing on Thursday.
Despite the challenges, Link Reit has continued to expand its portfolio. Earlier this month, it acquired the Happy Valley Shopping Mall in Guangzhou. In February, it acquired a 50 per cent stake in Shanghai Qibao Vanke Plaza in Shanghai. In the last financial year, Link Reit bought two office buildings – 100 Market Street in Sydney and The Cabot in London.
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