Transferring Coverage of Link REIT With No-Moat Rating, HKD 62.30 FVE

Link REIT is one of the world’s largest retail-focused REITs. Its portfolio contains 154 properties across Hong Kong, mainland China, Australia, Singapore, and the United Kingdom. The Hong Kong retail properties make up over 50% of portfolio value. Its retail space in Hong Kong can be categorized into three subsegments. Destination or flagship properties are malls with an enhanced trade mix and unique branding, while community malls are midsize, serving as local community hubs. Smaller properties are at a neighborhood level, providing essential goods and services for daily living. With the majority of its overall portfolio in community and neighborhood malls, Link is a dominant player in the more resilient district center-type assets.