Hong Kong’s Link Asset Management cuts jobs amid retail headwinds

Hong Kong-based Link Asset Management has said it was “streamlining a small number of roles and positions” as part of an efficiency drive in response to a “challenging operating environment” amid reports that the firm was conducting lay-offs.

Economists said the move by the firm, which owns 150 properties in Hong Kong, mainland China and other countries, could reduce costs and maintain profits amid the sluggish retail sector performance in the city.

Link told the Post that its approach remained “balanced and disciplined”, prioritising maximising returns for its unit holders while maintaining high service levels.

In response to media reports about redundancies, Link replied that it had revealed an operational efficiency drive during the announcement of its full-year results, which covered all “controllable costs” including property, people, operations and pay.

“As part of this initiative, which is a response to the challenging operating environment, we are streamlining a small number of roles and positions,” a Link spokesman said in reply to the Post on Saturday.

In its latest annual results, Link Reit reported a 4.6 per cent increase in earnings to HK7.02 billion (US$896 million) for the year. Revenue rose by 4.8 per cent to HK14.22 billion, and net property income jumped by 5.5 per cent to HK10.6 billion.

As of March 31, its total portfolio was valued at HK$226 billion, comprising more than 150 properties in Hong Kong, the mainland, Australia, Singapore and the UK. Three-quarters of its assets are located in Hong Kong, encompassing retail properties, car parks and offices.

Source link

Visited 1 times, 1 visit(s) today

Related Article

‘Sheer delusion’ for Hong Kong landlords to refuse to cut rents: CY Leung

‘Sheer delusion’ for Hong Kong landlords to refuse to cut rents: CY Leung

Former Hong Kong leader Leung Chun-ying has challenged landlords to “adjust their mentality” over rental yields as he renewed his call for price cuts to stem a 40-year-high vacancy rate for commercial properties from rising further amid a slackening economy. Leung, now a top political adviser to the country, also warned that landlords would be

Hong Kong hiker dies after falling 20 metres at mountain stream

Hong Kong hiker dies after falling 20 metres at mountain stream

A 35-year-old hiker has died after falling about 20 metres (65 feet) at a mountain stream near Hong Kong’s border with mainland China. Police said the man, surnamed Choi, fell at a stream in Sha Tau Kok and his friends reported the accident to emergency services. Authorities said he was later pronounced dead at the

Students pose for a group photo during their visit to the Shandong on Friday. Photo: Xinhua

Aircraft carrier ‘rainbow-men’ add splash of colour to Hong Kong pupils’ visit

Crew members from the Chinese aircraft carrier Shandong have introduced the colourful roles of “deck rainbow-men” to more than 300 pupils at the PLA Stonecutters Island naval base in Hong Kong, prompting some to say a military career is inspiring. On the second day of the PLA Navy’s Shandong carrier group’s visit to Hong Kong,

‘Space oil’ linked to possible fatal condition among Hong Kong teen users: study

‘Space oil’ linked to possible fatal condition among Hong Kong teen users: study

Some Hong Kong teenagers using the illegal drug “space oil” were found to suffer from a possibly fatal condition in which levels of certain important hormones were drastically reduced, a study from a medical journal has found. Doctors involved in the research also found that the impact on young people’s health could persist even if

Hong Kong should keep southbound travel plan’s 100-car quota flexible: CY Leung

Hong Kong should keep southbound travel plan’s 100-car quota flexible: CY Leung

Hong Kong should consider relaxing a proposed 100-vehicle quota for a scheme set to allow Guangdong motorists to drive to the city, former leader Leung Chun-ying has said, suggesting the limit could be adjusted for weekdays and holidays. Leung, who now serves as a vice-chairman of the nation’s top political advisory body, the Chinese People’s

0
Would love your thoughts, please comment.x
()
x