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Financial Institutions in HK

Financial Institutions in HK. Group 4 Real Estate Investment Trust. Table of Content. The Time Frame of the LINK Comparison with 2004 and 2005 Offer Comparison with Prosperity REIT and the LINK MC Question. The Time Frame of The LINK. Time: 24/11/2004 6/12/2004 8/12/2004. Incident :

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Financial Institutions in HK

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  1. Financial Institutions in HK Group 4 Real Estate Investment Trust

  2. Table of Content • The Time Frame of the LINK • Comparison with 2004 and 2005 Offer • Comparison with Prosperity REIT and the LINK • MC Question

  3. The Time Frame of The LINK

  4. Time: 24/11/2004 6/12/2004 8/12/2004 Incident: The Housing Authority announced that the LINK will go public, and funding around HK$230 billions. The LINK started to raised capital, and oversubscribe around 130 times Mrs. LO Siu Lan claimed that it would be offense the <Housing Ordinance> when the LINK go to public. The Time Frame of The LINK:

  5. 14/12/2004 16/12/2004 18/12/2004 The Court of Appeal declare that unaccepted the judicial review addressed by Mrs. LO Siu Lan The Court of Appeal declare that the failure of appeal by Mrs. LO, Siu Lan The HK government declare that go public of the LINK was cancelled at 11pm The Time Frame of The LINK:

  6. 4/2005 7/2005 9/2005 Mrs. LO, Siu Lan appeal to the Court of Final Appeal The Court of Final Appeal declare that the LINK can go public legalized. The Housing Authority applied for the LINK to SFC, and planning to go public in November The Time Frame of The LINK:

  7. Comparison with 2004 and 2005 Offer

  8. Comparison with 2 offers

  9. Comparison with 2 offers (con’t)

  10. Comparison between PROSPERITY REIT and LINK REIT

  11. Core Assets

  12. Consideration (1) Interest rate 美國日前加息0.25厘，聯邦基金升至4.25厘水平(Ming Pao 16/12/2005) (2) Dividend per share 領匯（0823）基金價格昨天再升4%，收市報15.6元，創出上市以來的新高，以現價計算，領匯2006年度的股息回報率跌至只有3.9厘，不但低於風險極低的美國十年期國庫債券現息率4.4厘，亦低於大藍籌匯豐控股（0005）的4.26厘、恒生銀行（0011）的5厘股息率 泓富2006年度的股息率已跌至4.2厘。(Ming Pao 16/12/2005)

  13. (3)Rental income 泓富旗下物業有五成二租約將於明年到期，估計六至七成租客會續租，期望明年加租至少逾兩成12月 7日 東方日報 長實（ 0001）注入泓富產業上市的紅磡都會大廈，今年續租、新租及擴租的成交宗數逾 40宗，續租的租金平均升幅達 94％，部分在樓市低位承租的樓面加租幅度更超過 140％ 2005-11-22明報 長實執行董事趙國雄昨天出席該廈的時裝表演時表示，今年整體工貿大廈的租金普遍錄得逾10％的升幅，旗下潮流工貿中心今年首三季已錄得22宗新簽租約成交，新簽租約的租金較年初上升近30％，若與舊租約比較，租金升幅更達到70％，預料該廈租金未來仍會穩步上揚 10月 31日 明報

  14. (3) Rental Income • 政府落實推行CEPA後，市場對工貿大廈的需求增加，不少在內地設廠的港商回流本港， • 設置銷售、推廣等部門等，潮流工貿中心便受惠內地廠商回流 10月 31日 明報 • 投資界人士大多認為，領匯較泓富吸引，除了領匯息率較高，房委會旗下物業與民生相關，租金收入較穩定，加上過往的租金升幅很小，未來大有增長空間，「雖說長實是私人機構，加租沒有政治包袱，但長實泓富的物業是貨倉及寫字樓等二線物業，加租的空間不多。」 10月 31日 明報

  15. (4)Rent out rate 泓富旗下七項物業的出租率８６％至９９％，當中約５５％出租物業將在２００６年重定租金，故泓富將將在寫字樓及工廈巿場升巿中受惠。12月 6日 《經濟通專訊》 • 領匯去年盈利37億港元，商場出租率超過九成，停車場過去三年，出租率也超過七成 《聯合早報》

  16. MC

  17. What reason that no strong evidence to show there is unattractiveness of offer in 2005? • Provide more discount to the Public. • The maximum yield was decrease. • The margin credit to purchasing the LINK was decrease. • The over-subscribed was reduced.

  18. Which factors is least important when we are choosing REIT? • Dividend per share • Interest rate • Rent out rate • Number of units in each board lot • Rental income

  19. When did the government reapply the application for the LINK to SFC? • 8/12/2004 • 16/12/2004 • 18/12/2004 • 7/2005 • 9/2005

  20. Group 4 Members Jonathan Chan 033050 Ray Ip 033052 Kwan Lam 033062

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