除了领汇息率较高.PPT

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 The Time Frame of The LINK: 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: 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: 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 Comparison with 2004 and 2005 Offer Comparison with 2 offers Comparison with 2 offers (con’t) (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 (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》 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. 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 When did the g