發展物業增添動力 核心商區開拓商機
Property Development a New Growth Driver

隨著證監會放寬房地產投資信託基金守則，容許房託有限度進行物業發展，領匯今年一月召開特別大會，動議通過擴大投資策略，讓領匯可從事物業發展及相關活動，並獲基金單位持有人以高達99.73%的支持票數，通過有關特別決議案，推動長遠可持續增長，謹此致謝。

政府觀塘商業用地於同月招標，領匯及南豐發展把握良機，聯手競投，並以地價58.6億港元成功投得地皮。此優質商業用地位於迅速發展中及正在冒起的中心商業區。項目將建成甲級辦公室大樓，作為長期持有及投資之用。領匯及南豐分別佔項目的60%及40%權益。

此為領匯首個物業發展項目，以及首個辦公室物業項目，並可與旗下現有零售及停車場設施組合發揮協同效應，讓業務發展更加多元化，同時把握香港經濟持續增長帶來的機會。

我們期望，經擴大投資策略，繼續為公司帶來更多發展機遇。房託發展物業，就有如於最初階段購入物業，價格更為適合，且可於興建前參與設計，有利提高項目回報率。此外，遇上重建老化物業的效益高於保養維修，亦可以考慮進行重建，從而提升物業的效益。此後，領匯得以進行有限度物業發展，即物業發展費用總額不會高於物業組合資產總值的10%。

我們感到欣喜，在領匯邁向上市十周年之際，除了獲納入恒生指數，亦得以擴展投資策略，並落實首項物業發展項目。我們會留意市場上不同的物業投資機會，以把握中港兩地經濟持續增長、零售業持續上升帶來的商機，發揮專業團隊的優勢，將優質服務帶到更多社區。

王國龍
行政總裁 │2015年2月



Following the relaxation of the REIT Code by the Securities & Futures Commission of Hong Kong, an Extraordinary General Meeting was held in January, where the unitholders of The Link REIT voted to pass a proposal to expand its investment strategy. This has enabled The Link REIT to undertake property development and related activities, providing additional drivers for long-term sustainable growth. I would like to thank our unitholders for their overwhelming support, with 99.73% of the votes approving the related special resolution.

In the same month, a commercial site in Kwun Tong was up for tender. The Link REIT, through the joint venture with Nan Fung Development, won the bid for it at a land premium of HK$5.86 billion. This prime site is located in a district that is rapidly becoming Hong Kong's new central business district, and it will be developed into a Grade-A office commercial complex, which we will hold for long-term investment. The Link REIT has a 60% interest in the project, and Nan Fung a 40% interest.

This is our first property development project, and our first investment in the office sector. It is complementary to our existing portfolio of retail and car park assets, enabling us to further diversify our business and capture the opportunities generated by Hong Kong's economic growth.

With our investment strategy expanded, we are better placed to capture new business opportunities. Undertaking development is similar to acquiring a property in an early stage. Not only will we be able to achieve a more attractive price, but we can also participate in property design, which will help enhance return. In addition, when repair and maintenance costs exceed the cost of rebuilding an aged property, redevelopment is an attractive option to improve efficiency. The Link REIT may undertake property development activities as long as they are within the investment cap of 10% of the portfolio's gross asset value.

As we approach our tenth anniversary, I am delighted that we have expanded our investment strategy and have started our first development project, in addition to being included in the Hang Seng Index. We will continue to identify investment opportunities in the market to capture the robust economic growth in Hong Kong and the Mainland, leveraging the strength of our professional team to better serve the community.

George Hongchoy
Chief Executive Officer | February 2015