12 Mar 2020

Link Announces Multipronged Measures to Support Tenants and Encourage Consumer Spending

  • School bus patrons of Link’s car parks to enjoy a 50% car park fee discount for six months from April to September 2020
  • Link shopping malls to form a collaborative network with tenants to give shoppers various offerings to encourage consumer spending

Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Hong Kong stock code: 823), announced today (Wednesday) the provision of a 50% discount on the monthly car park fee for school bus patrons of Link’s car parks for six months from April to September 2020. The discount is a relief measure targeted to mitigate the impact of class suspensions on the education industry amid the novel coronavirus epidemic.

At the same time, Link stands ready to support its learning centre tenants when classes resume. On top of stepping up cleaning at its properties, Link is currently sourcing child-sized face masks and will distribute them to learning centre tenants in due course. Link hopes it can contribute to its learning centre tenants’ smooth resumption of operation.

In addition, Link’s shopping malls are forming a collaborative network with tenants to give shoppers a variety of incentives and offerings, with an aim to encourage consumer spending and stimulate tenants’ overall sales and business. (see appendix for details).

“Under the collaborative network, our shopping malls and tenants are working together in unity. As a landlord, we hope our new initiatives will drive the overall business of all tenants.  We are also connecting different tenants in our network and stimulating footfall, which will hopefully give a lift to those tenants who are currently operating in particularly difficult situations and benefit everyone in the collaboration,” Link’s Chief Executive Officer George Hongchoy said.

Highlights of the collaborative network are as follows:

  1. Link has purchased healthcare and antiseptic products from tenants. Customers who spend $50 or more on takeaway food items from restaurants in any of 40 selected Link shopping malls across the city are entitled to receive a free antiseptic kit.
  2. Effective immediately, customers who spend $500 or more in any of 19 selected Link shopping malls are entitled to receive a $50 cash coupon that can be used in Chinese restaurants in the network (with no minimum spending requirement).
  3. The elderly have access to 200,000 servings of free fresh fruit in any of 40 selected Link shopping malls.

Meanwhile, since Link believes that providing patrons with a safe and clean environment is of utmost importance, the company has stepped up sanitising procedures and enforced more stringent measures preventing transmission of virus in its shopping centres and fresh markets.

These new measures and initiatives come on the heels of Link’s previously announced $80 million Support Scheme for Small and Medium-sized Tenants, which provides targeted relief measures including rental concessions to individual tenants according to their circumstances, with priority given to the most affected industries.

Appendix

To boost tenants’ business, Link is forming a collaborative network with tenants and introducing a series of measures. The measures will be constantly updated as more tenants join the network.

1. Food and beverage is one of the industries most affected by the coronavirus epidemic. To help its food and beverage tenants overcome the current challenges, Link will roll out the following series of targeted promotional measures:

  • Link has purchased 70,000 healthcare and antiseptic products from tenants, including hand sanitiser, multipurpose natural antiseptic spray, alcohol or essence oil spray, disinfectant wipes and alcohol swabs. Each customer who spends $50 or more on takeaway food items at any of 40 selected shopping malls* is entitled to receive one antiseptic kit. The 40 participating shopping malls are located across the city to offer the greatest convenience to residents in all districts.
  • Effective immediately, shoppers with same-day purchases totalling $500 (with a maximum of four receipts) at any of 19 selected shopping malls are entitled to receive a $50 cash coupon, which can be used at 19 selected Chinese restaurants (with no minimum spending requirement).

2. It is crucial to stay healthy in the fight against coronavirus. Link is grateful to have support from tenants who offer free or discounted health supplements and healthcare services for Link to redistribute to citizens. Details are as follows:

  • Link is particularly concerned about the health of the elderly. Link staff and the company’s volunteer team will give away 200,000 servings of fruit to senior citizens and remind them to maintain a balanced diet at 40 Link shopping malls*.
  • Customers spending $200 or more at nine selected Link fresh markets* are entitled to a complimentary health supplement product.
  • A limited number (500) of free Chinese medicine consultations are available.

3. As more families are cooking at home more frequently now, coming up with new recipes every day can be difficult. Link therefore provides a wide variety of easy, healthy recipes in print form at selected fresh markets or in electronic form on Link’s social media platforms.

4. Since Link believes that providing customers with a safe and clean environment is of utmost importance, the company has stepped up sanitising procedures and enforced more stringent measures preventing transmission of virus in its shopping centres and fresh markets. Link has enhanced cleaning and disinfection measures in its shopping malls as follows:

  • Setting up of healthcare stations (Health Spots) in major shopping malls to offer hand sanitiser, disinfectant wipes and temperature measurement to citizens in need.
  • Regular disinfection of major facilities such as toilets, door handles, handrail belts of escalators and fences with 1:49 diluted household bleach.
  • Placement of hand sanitiser dispensers and disinfectant mats at major entrances and exits with regular cleaning.
  • Daily temperature checks for Link staff on duty; compulsory mask-wearing and regular hand-washing for working staff; and the same measures being recommended to tenants.
  • More frequent inspection of toilet ductwork and filters of the air-conditioning system to ensure proper operation; improvement of airflow capacity for better ventilation in indoor areas.

Link has also enhanced cleaning and disinfection measures in its fresh markets. Highlights are as follows:

  • Setting up of Health Spots in major fresh markets to offer hand sanitiser, disposable rubber gloves, disinfectant wipes and temperature measurement for people in need.
  • Regular disinfection of fresh market facilities such as door handles and handrails with 1:49 diluted household bleach.
  • Placement of hand sanitiser dispensers and disinfectant mats at major entrances and exits with regular cleaning.
  • Deep cleaning every night and disinfection with 1:49 diluted household bleach.
  • At least two rounds of deep cleaning and disinfection with 1:49 diluted household bleach every day in areas susceptible to bacterial and viral growth, including toilets, cargo working areas and refuse collection points.
  • Daily morning temperature checks for all staff in stalls of major fresh markets.
  • Reminding stall owners to clean their stalls with high-pressure hot water cleaners (70°C at a minimum) and with household bleach.
  • Reminding staff in stalls to wear disposable rubber gloves and hairnets.

With the above measures in place, Link hopes to boost the confidence of consumers and tenants, stimulate spending, and encourage the healthy growth of society and the economy in the long term.

Notes:

*For selected shopping malls and fresh markets, please visit Linkhk.com.

About Link

Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading retail-focused REIT in the world. Listed in 2005 as the first REIT in Hong Kong, Link has been 100% held by public and institutional investors and is a Hang Seng Index constituent stock. From its home in Hong Kong, Link manages a diversified portfolio including retail facilities, car parks and offices spanning Hong Kong, Beijing, Guangzhou, Shanghai, Shenzhen, London and Sydney. Link seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of our medium-term target Vision 2025. For details, please visit https://www.linkreit.com/.

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