Butterfly Plaza after Asset Enhancement
資產提升後的蝴蝶廣場

在達沃斯舉行的世界經濟論壇年會，我有機會跟大型銀行及投資機構的領導人會面，就多個熱門議題交換意見，地產行業及整體經濟的關係密不可分，大家都關注兩者未來的展望。房地產投資信託基金儘管於亞洲屬相對較新的投資類別，惟對經濟和社會已經帶來巨大價值，這從領展的發展經驗可見一斑。

作為一項長線投資工具，房託具有集體投資的優點，包括分散投資、以相對較少資金參與房地產市場投資等，日益受到投資界的注視。隨著區內對房地產證券化的需求增加，以及亞洲退休金對房地產投資的胃納上升，房託行業的擴張有助鞏固香港作為金融和資本市場中心的地位。房託是金融服務的重要用戶，包括股票經紀、專業諮詢和投資銀行等，故其發展亦可支持香港金融服務業增長。

房託亦是專注長期投資的業主，擅於透過資產提升和管理提高物業質素，既有助創造就業機會，亦為商戶和整體社區改善環境。領展上市至今已經完成48個商場資產提升項目，為消費者帶來更多元化的選擇，並優化購物體驗。旗下商場組合整體租用率由2005年上市時的91%升至現時的96%，就是商場商機上升、商戶日益受到顧客歡迎的有力佐證。

領展透過翻新旗下街市，令傳統行業得以持續發展，成功吸引年輕一代到街市消費，更令小商戶第二代更願意接手父母創立的商舖，繼續服務街坊。這些摩登街市不但屢獲著名業界獎項，亦成了香港及海外地區企業及公營部門參觀借鑑的成功行業活化案例。

更多優質商戶進駐商場，並增聘人手，為社區造就更多就業職位。為支持業務增長，領展亦於多個不同專業領域聘用大量人才，包括資產管理、投資評估、租務、物業管理、以及項目及策劃等。自上市至今，領展向政府所繳付的利得稅、地租及差餉和印花稅逾70億港元，支持政府民生及經濟措施。

房託更是物業資產的長期投資者，地產發展商藉著將穩定的資產售予房託釋放資金，讓資源更有效用於新發展項目中。自上市以來，領展收購了六項物業 ─ 四個位於香港、兩個位於中國內地，發揮自身專業優勢，把優質服務推廣至更廣客群。

隨著更多亞洲經濟體引入房託，預期區內房託市場將保持增長勢頭，為投資者提供穩定的選擇，推動房地產行業，並促進經濟及社會發展。

行政總裁
王國龍

At the World Economic Forum annual meeting in Davos, I had the opportunity to meet with leaders of major banks and investment firms to exchange views on a whole host of topical issues, including the outlook of the real estate sector and the general economy, which are inextricably linked. Though a relatively young investment class in Asia, real estate investment trusts (REITs) have brought about enormous economic and social value to the community, as demonstrated by Link’s growth journey over the years.

Offering the benefits of diversifying investment and accessing the property market with a relatively small investment amount, REITs are enjoying growing popularity as a long‑term investment tool. By tapping the rising demand for real estate securitisation in Asia and the growing appetite of re-gional pension funds for real estate investments, the expansion of Hong Kong’s REIT sector is helping to enhance the city’s long‑standing role as a centre for financial and capital markets. As REITs are heavy users of financial services, including stock brokerage, professional advisory and investment banking services, their development also supports the growth of the city’s financial ser-vices industry.

As dedicated landlords, REITs are also known for their expertise in enhancing the quality of prop-erties via asset enhancement and management, which helps create new jobs for the local economy and improve the environment for tenants and for the community at large. Having renovated 48 of our retail centres, we have provided shoppers with more diversified choices, and greatly enhanced their shopping experience. That our portfolio‑wide occupancy rate has increased from 91% at the time of our IPO in 2005 to 96% today underlines the growing business opportunities in our malls, and the rising popularity of our tenant mix.

Our fresh market enhancement programme has promoted the sustained development of the tradi-tional fresh market sector by rekindling the younger generation’s interest in shopping at these community markets, and by attracting second‑generation small business operators to take over the market stalls founded by their retiring parents. Winners of coveted industry awards, these modern markets are now featured on the study trips of many local and overseas companies and public sector organisations, who view them as successful case studies in industry revitalisation.

More vibrant community‑based shopping centres also translate into more jobs for the local econ-omy. To support business growth, Link has hired talents spanning various professional fields, in-cluding asset management, investment appraisal, leasing, property management, as well as project and planning. Since our IPO, Link has contributed HK$7 billion to the public treasury in the form of profits tax, government rent and rates, and stamp duty, supporting the work of the Hong Kong Government to improve people’s livelihood and the economy.

REITs are also long‑term investors of real estate assets. By divesting their stabilised assets to REITs, property developers can unlock capital that can be more effectively deployed in new devel-opment projects. Since our IPO, Link has acquired six properties – four in Hong Kong and two in Mainland China – enabling us to leverage our expertise and expand our service reach to a wider customer base.

As more Asian economies embrace REITs, REIT markets in the region are expected to maintain their growth trajectory to offer stable choices for investors, buttress the growth of the property sec-tor, and catalyse economic and social development.

George Hongchoy
Chief Executive Officer