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LINK REIT (00823.HK) Foresees Challenges in HK Tenant Sales & Rental Reversion to Persist in 2FH
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LINK REIT (00823.HK) has announced its interim results for the period ended September, revealing a 4.3% YoY decline in its Hong Kong retail portfolio tenant gross sales per square foot. The overall reversion rate remained in the positive territory of 0.7%, with the average unit rent slightly rising to $64.5 per square foot. COO Greg Chubb noted that the decrease in tenant sales narrowed QoQ in 2FQ compared to a 5.8% drop in 1Q, attributing part of this to the stabilization of the trend of Hong Kong residents spending in mainland China. When asked whether tenant performance will continue to improve in 2H and if rental reversion growth can be sustained, CEO George Hongchoy stated that local tenants are facing rising operating costs and labor expenses, so he remains cautious about the outlook for tenant sales and rental reversion in 2FH, not overly optimistic. AAStocks Financial News |
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