Buying back the shares of The Link
Dr Hon LEUNG Ka-lau: (Translation)
That, The Link Real Estate Investment Trust ("The Link"), being the
largest landlord of retail shops in Hong Kong, has a total of 11 000 tenants
providing services of daily necessities to three million residents in public
housing estates, yet since its listing, The Link has deviated from its original
principle and philosophy and increased rents every year, causing great burden
to the lower class and small shop tenants, and despite the increase in shop
rentals by almost 30% in 2007 and the recent economic downturn in Hong Kong,
The Link still increases rents against the market trend, thereby reducing room
for survival of the grassroots and causing social discontent; hence this
Council urges the Government to balance the community interests at large in
handling the issue of rental of public housing shopping arcades, and consider
various possible means to buy back sufficient shares of The Link to become the
major shareholder, so as to influence the management of The Link Management
Limited to take into consideration its corporate social responsibility.