Link Asset Management Limited (Link) is pleased to mark 20 years since the listing of Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823) today (Tuesday), celebrating its role in unlocking value for stakeholders, including Unitholders, tenants, shoppers, employees, and the communities around the properties that it manages.

A commemorative event took place today at HKEX Connect Hall, hosted by Link Chair, Duncan Owen, and Group Chief Executive Officer, George Hongchoy. The guest of honour, Dr Kelvin Wong, Chairman of the Securities and Futures Commission (SFC), joined Link’s current and former Board members, as well as senior management, business and community partners to celebrate this meaningful milestone.

Since 2005, Link has evolved from a single-market, single-asset owner into one of Asia’s leading real estate investors and managers. Link REIT was the first real estate investment trust (REIT) listed in Hong Kong and is now one of the largest in Asia. Managed by Link, the Link REIT portfolio consists of 154 properties across five markets, including Hong Kong, the Chinese Mainland, Australia, Singapore and UK, with a portfolio value of $222.9 billion*, representing a nearly 6-fold increase in value since listing. This year, Link also launched its fund management business, Link Real Estate Partners, marking its strategic transformation into a broader real-estate investment platform.

Dr Kelvin Wong, Chairman of the SFC, said, “Strengthening governance and market quality is at the heart of the SFC’s strategy for Hong Kong’s REIT market and, more broadly, for our role as a leading international financial centre. A high quality REIT platform enhances the city’s appeal to both issuers and investors, supports sustainable economic development, and reinforces our position as a trusted fundraising and asset management hub.”

Duncan Owen, Link Chair, said: “Rooted in Hong Kong, we have grown into a real estate investor and manager in APAC. Our core strength is owning and managing shopping malls in Hong Kong and the wider Greater Bay Area, and other locations in APAC such as Australia and Singapore. We remain focused on this strength whilst also expanding our real estate investment capabilities to access higher value-add returns for our balance sheet. Link REIT remains well-positioned to create long-term value for our Unitholder. We look forward to updating the market further as we redefine and clarify our strategy in the new year.”

George Hongchoy, Link Group Chief Executive Officer, said: “I would like to extend my sincere thanks to our partners, tenants, Unitholders, and employees for their support over the past two decades. Our greatest achievement is the lasting value we have created for all stakeholders, proving that commercial and social benefits can reinforce one another. As Link looks to the future, I am confident that Link will continue enhancing value to the assets it owns and the communities it serves through the skill set we have acquired over the years.”

Throughout this journey, Link has remained committed not only to growing its portfolio, but also to enhancing the communities it serves and setting new benchmarks in sustainability.

Advancing Quality of Life through Asset Enhancement

Link has completed over 100 asset enhancement projects in Hong Kong and the Chinese Mainland, achieving an average ROI of 18.0%^#, benefiting both businesses and tenants. Beyond physical upgrades, Link applies placemaking principles through a people‑centric lens, creating vibrant, functional spaces that meet residents’ needs and foster social interaction for millions daily. Since 2010, Link has revitalised 52 fresh markets in Hong Kong, redefining the fresh market experience with modernised layouts, improved hygiene and curated tenant mix.

Driving Innovation in Sustainability

Link leads sustainability innovation by leveraging its portfolio scale and community network. It is Hong Kong’s largest private provider of public EV-charging facilities and one of the largest private solar power operators in the city, with 58 installations generating approximately 4.2 million kWh annually — enough to power around 1,273 three-member households per year.

This commitment extends to tenant engagement, with over 4,600 green leases driving reductions in energy, water, and waste. Since 2010, Link has achieved a 46.1%^{^} drop in electricity consumption across its Hong Kong portfolio.

Link pioneered sustainable finance by issuing Asia’s first listed real estate green bond and the world’s first green convertible bond in its sector. Link’s climate resilience initiatives have also reduced property insurance premiums by 11.7%, proving that sustainability delivers both financial and environmental returns.

Investing in Community and Social Mobility

Link views community investment as integral to the long-term sustainability of local communities. Through Link Together Initiatives, it has committed over $174 million to more than 200 community projects, benefiting 120 non-profits and 20 million people since 2013. Over the past decade, Link University Scholarship has supported upward social mobility by granting over 2,000 scholarships to first-generation university students in Hong Kong. This year, Link further empowered 100 secondary school students in the city through the Link 20th Anniversary Outstanding Student Scholarship.

Inspiring Participation through Learning and Sports

Link Sustainability Lab, Hong Kong’s first sustainability education and collaboration platform in a shopping mall, translates sustainability concepts into actionable steps for local communities. Its latest theme, “People Make Places: The Making of Liveable Spaces”, showcases two decades of our insights into curating liveable, sustainable spaces that serve local communities.

Link also promotes community wellness through sports. The Tour de Link series encourages cross-district fitness challenges, while Link’s partnership with the Hong Kong Open broaden community access to the joy of golf.

Looking Ahead

As it celebrates this 20-year milestone, Link looks ahead with the same vision: unlocking potential, creating value and shaping vibrant, sustainable communities for generations to come.

To explore more stories about Link’s transformation, please visit our dedicated 20th anniversary webpage.

High-definition photos can be downloaded here.

*As of 30 September 2025

^# Source: Link REIT’s 2024/25 annual results presentation

^ Source: Link REIT’s 2024/25 Sustainability Report

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About Link Asset Management Limited

Link Asset Management Limited (Link) is a leading, independent, and fully integrated real estate investor and manager focusing on the APAC region. It manages Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823), one of the largest REITs in Asia, and its real estate investment portfolio. Link also aims to leverage its investment management capabilities to serve as a trusted investment manager to capital partners through its business line, Link Real Estate Partners.

Building on its strong track record over almost two decades, Link targets to deliver resilient returns and growth to its unitholders. Link offers a “REIT plus” investment case through its strategic focus on diversifying the Link REIT Portfolio across geographies and asset classes in APAC and expanding its investment management business.

Link aspires to be the trusted partner in APAC real estate sector for unitholders, capital partners, tenants, and the wider communities it serves.

For more information about Link, please visit https://www.laml.com/en/.