房地产投资信托基金.pptVIP

Real Estate Investment Trust房地產投資信託基金 Agenda Introduction of REIT Example of REIT – The Link Comparison of different REIT in HK Evaluation and Recommendations Conclusion Introduction of REIT What is Real Estate Investment trust (REIT)? collective investment scheme in a portfolio of income-generating real property Manager distributes all / almost of net income? holders Annual or semi-annual basis What is Real Estate Investment trust (REIT)? (con’t) Investor buy / sell through a stock exchange REIT do not redeem investors interests Long term income yield not for capital appreciation on resale Advantages Realize and redeploy capital investment ? asset become more liquidate Regular income Invest in an asset class which is difficult to access Remove double taxation Background Stock code: 823 invests in 180 retail and carpark facilities one million sq.m of retail space and around 80,000 carpark spaces 40% of people lived near the Link REIT properties Investment strategies invest in properties for the long-term focus on sustainable-income producing properties with the potential for long-term income and capital growth maintain a large and geographically diversified portfolio Investment strategies (con’t) convenience-based retail properties primarily serving the basic consumer needs of the residents of the adjacent housing estates and other visitors carparks serving the tenants and customers of the retail properties and the residents of the surrounding neighborhoods and other visitors Dividend Distribution no less than 90% of total distributable income not less than HK$0.6176 21 December 2006 - 32.81 HK cents 30 August 2006 - 21.81 HK cents Advantages Certainty as to business focus A policy to distribute of an amount equivalent to 100% of total distributable income Financial and operating transparency Comparison of different REITs in Hong Kong Link REIT(領匯房產基金,823) Gzi REIT(越秀房產信託基金,405) Champion REIT(冠君產業信託,2778) Prosperity REIT(泓富產業信託,808)