Link REIT

What Link REIT does

Link Real Estate Investment Trust (Link REIT) is a Hong Kong-listed, retail-focused Real Estate Investment Trust managed by Link Asset Management Limited. Listed in 2005 as the first REIT in Hong Kong (stock code: 823), it is a constituent of the Hang Seng Index and is 100% held by public and institutional investors. As of 31 March 2026, the portfolio comprised 155 assets with a total value of HK$216 billion, spanning retail facilities, car parks, offices, and logistics assets across Hong Kong, Mainland China tier-one cities (Beijing, Shanghai, and the Greater Bay Area including Guangzhou and Shenzhen), Singapore, Australia (Sydney and Melbourne), and the UK (London). Headcount is in the 1,001-5,000 range, and the REIT maintains headquarters in Hong Kong.

Link's core revenue model is rental income from its diversified property portfolio, complemented by asset recycling through divestments of non-core assets (e.g., the S$250 million Thomson Plaza sale at a 23% premium to book valuation). Its distribution channels consist of direct property leasing to retail and commercial tenants across Asia-Pacific. The company segments its customer base into retail shoppers/tenants (SMBs including fresh market vendors, F&B operators, service providers) and institutional investors/unitholders. Asset enhancement is delivered through 87 completed projects to date, focused on transforming shopping centres into community social hubs via placemaking, LEED and SITES Platinum-certified buildings (e.g., Link CentralWalk), and digital touchpoints including Channel 823.

Beyond property management, Link operates community-focused sub-brands including Nature LINK (butterfly gardens and biodiversity education across 10 certified gardens with 64 species tracked since 2020), Link Together Initiatives (scholarships and community projects), the Food Angel – We Link We Share Programme (food waste diversion from 39 fresh markets), SportsLINK (youth athletics training), and sustainability initiatives such as the 2022 elimination of single-use plastic umbrella bags across 75 Hong Kong shopping centres. The REIT pursues strategic partnerships (DBS Bank, CLP Power, Visa, Jelly Belly) for cross-promotional and sustainability programmes, and is actively expanding its Australian and Singapore footprints while recycling capital from non-core assets.

Name

Link REIT

Legal name

Link Real Estate Investment Trust

Website

https://linkreit.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Link REIT is a Hong Kong-listed retail-focused Real Estate Investment Trust managing 155 retail, office, logistics, and car park assets valued at HK$216 billion across Asia-Pacific and the UK, serving retail tenants, shoppers, and institutional unitholders.

Ownership category

akta.pro rank

Product category

Retail Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Retail property leasing
• Commercial real estate investment
• Shopping centre management
• Real estate investment trust
• Asset management services

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Supply Chain, Others

Revenue model

1. Rental Income from Retail, Office and Logistics Properties: Link REIT generates revenue primarily through rental income from its diversified portfolio of retail facilities, car parks, offices and logistics assets spanning Hong Kong, Mainland China (Greater Bay Area, Beijing, Shanghai), Singapore, and Australia.
2. Asset Disposal / Divestment: Link REIT generates proceeds through asset recycling, divesting non-core retail properties (e.g., Thomson Plaza at S$250 million, 23% premium to book) and reinvesting proceeds into higher-growth markets such as Singapore.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels12 records

Core offering

Link REIT acquires, owns, and manages a diversified portfolio of 155 retail, office, car park and logistics properties valued at HK$216 billion across Hong Kong, Mainland China, Singapore, Australia and the UK. Revenue is generated primarily through rental income from leasing retail and commercial spaces to tenants, supplemented by proceeds from asset recycling (divestments and acquisitions). The REIT is managed by Link Asset Management Limited and positions its shopping centres as community social hubs through placemaking, sustainability and community engagement programmes.

Product overview

Link REIT is a leading retail-focused Real Estate Investment Trust in Asia, managing a diversified portfolio of 155 assets valued at HK$216 billion (as of 31 March 2026). The company operates primarily as a property manager and investor, with core holdings in retail facilities across Hong Kong, Chinese Mainland tier-one cities (Beijing, Shanghai, Guangzhou, Shenzhen), Singapore, and Australia. The portfolio also includes car parks, office properties (The Quayside in Hong Kong, Sydney and Melbourne offices), and logistics facilities in Dongguan and Foshan. Link complements its core real estate operations with community-focused sub-brands including Nature LINK (biodiversity conservation through butterfly gardens), Link Together Initiatives (scholarships and community projects), SportsLINK (youth athletics training), Channel 823 (digital content platform), and environmental initiatives such as the Food Angel food waste programme and plastic reduction campaigns. The company positions shopping centres as 'social hubs' through placemaking strategies and asset enhancement projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Property Management
• Asset Management
• Car Park Operations
• Office Properties
• Logistics Facilities

Quantifiable outcome

• Link REIT sold Thomson Plaza retail space for S$250 million at a 23% premium to book valuation, representing a 45% gain on the original purchase price of S$172.5 million (acquired 2022).
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Jelly BellyminorGTM or Marketing Partner · 21 November 2025Link Asset Management collaborated with Jelly Belly and Visa to launch the 'Jubilant Red Christmas' campaign across 20 Link malls from 21 November 2025 to 11 January 2026. The event includes red-themed decorations, optical illusion art, contests, and a spending reward promotion offering cash rebates and lucky draw entries for Visa cardholders spending at least $2,800.
• VisaminorGTM or Marketing Partner · 21 November 2025Visa partnered with Link Asset Management and Jelly Belly for the 'Jubilant Red Christmas' campaign across 20 Link malls. Visa provides spending reward promotion offering cash rebates and lucky draw entries for Visa cardholders spending at least $2,800, incentivising consumer spending at Link properties.
• DBS Bank (Hong Kong)coreStrategic or Co-development Partner · 13 August 2024DBS Bank (Hong Kong), Link Asset Management, and CLP Power Hong Kong jointly launched the 'Low Carbon Rewards Programme' in Hong Kong - a six-month initiative to support small and medium enterprises (SMEs) in transitioning to low-carbon operations. The programme offers rewards worth up to HK$18,888 to merchants opening business accounts and participating in energy management schemes, with a second phase introducing credit card incentives for consumers shopping at participating Low Carbon Merchants. The initiative responds to survey findings showing 70% of Hong Kong SMEs want to implement sustainability measures but face challenges with operational costs and expertise.
• CLP Power Hong KongcoreStrategic or Co-development Partner · 13 August 2024CLP Power Hong Kong joined with DBS Bank (Hong Kong) and Link Asset Management to launch the 'Low Carbon Rewards Programme'. CLP Power contributes energy management expertise and supports SME merchants in implementing energy efficiency measures as part of the sustainability initiative.
• Environmental AssociationcoreStrategic or Co-development Partner · 1 January 2020The Environmental Association, an NGO dedicated to raising environmental awareness, partners with Link under the Nature LINK programme sponsored by Link Together Initiatives. Since 2020, the partnership has established 10 certified butterfly gardens across Link's shopping centres in Hong Kong. The number of butterfly species recorded increased from 10 to 64 since the project launch. The Environmental Association recruits and trains community ambassadors to manage butterfly gardens and conduct ecosystem censuses.
• Food AngelcoreStrategic or Co-development PartnerLink supports Food Angel through the 'Food Angel - We Link We Share Programme', collecting surplus food from 39 Link fresh markets and shopping centres to produce nutritious meals for people in need. Food Angel produces approximately 15,000 meals daily (60% hot meals, 40% frozen food boxes). In 2021/22, food collected from Link's food collection boxes exceeded targets by 80%. The partnership has been active for over five years and expanded to three additional Link fresh markets in Tin Shui Wai in October 2021.
• Fung Yuen Butterfly ReserveminorStrategic or Co-development PartnerFung Yuen Butterfly Reserve collaborates with Link's Nature LINK programme, providing expertise in butterfly conservation and identification. The reserve has documented rare butterfly species found in Link's butterfly gardens, including Neptis nata, Tongeia filicaudia, Arhopala pseudocentaurus, Zeltus amasa, Papilio xuthus, and Danaus chrysippus.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fortune REIT: Hong Kong-listed retail REIT with properties in Hong Kong and Singapore suburbs. Directly comparable smaller-scale retail REIT with similar community retail focus and tenant mix.
• Scentre Group: Owner and operator of Westfield-branded shopping centres in Australia and New Zealand. Directly comparable retail REIT, especially relevant as Link expands into Australian shopping centres via November 2025 bids.
• Wharf Real Estate Investment Company: Hong Kong-listed retail-focused REIT owned by Wheelock Group. Directly comparable as a Hong Kong retail REIT with similar tenant base and property strategy, competing head-to-head for shoppers and tenants.
• CapitaLand Integrated Commercial Trust: Singapore-listed REIT with retail and commercial properties across Singapore and Europe. Directly comparable as a pan-Asian retail/diversified REIT competing for institutional capital and tenant relationships in overlapping markets (Singapore, Mainland China).
• Vicinity Centres: Australian retail REIT owning community and convenience shopping centres. Comparable as a retail-focused REIT and relevant direct competitor for Link's planned Australian acquisitions.
• Champion REIT: Hong Kong-listed REIT holding office and retail properties, including Three Garden Road and Langham Place. Comparable Hong Kong-domiciled REIT with mixed retail/office focus.
• Sunlight REIT: Hong Kong-listed retail and office property REIT focused on mid-market retail properties. Comparable smaller-cap Hong Kong retail REIT competing for similar tenant base.
• Mapletree Pan Asia Commercial Trust: Pan-Asia commercial REIT with retail and office assets across Singapore, Hong Kong, China, Japan, and South Korea. Directly comparable retail-focused vehicle operating in many of the same geographies as Link REIT.

Broad incumbents

• Lendlease: Australian-headquartered real estate and investment group with retail, office, and master-planned community developments across Asia, Australia, Europe, and the Americas. Relevant comparator as Link expands into Australia and competes for institutional capital in pan-Asia real estate.
• Hang Lung Properties: Hong Kong-listed developer and operator of large-scale retail and commercial complexes in Hong Kong and Mainland China. Comparable as a major Hong Kong-headquartered retail real estate player with similar community/asset enhancement philosophy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LINKREITHK
• YouTubeyoutube.com/@LinkAssetMgmt
• Facebookfacebook.com/LinkTogetherInitiatives
• LinkedInlinkedin.com/company/link-asset-management-ltd
• Instagraminstagram.com/LinkAssetMgmt

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Link REIT