42-585: The Hong Kong Housing Society , or Housing Society for short, is the second largest public housing provider in Hong Kong (the first being the Hong Kong Housing Authority ). The Society housed around 130,000 residents as of 2020. The Housing Society has been a dedicated housing provider in constantly identifying the housing needs of different sectors of the community and developing housing options attuned to their needs. Since its inception,
84-587: A green convertible bonds, raising US$ 500 million at 2.875% fixed rate due 2026. On 19 August 2015, Link announced the changing of its corporate name to Link REIT. Some have alleged that the purpose of the name change is to disassociate itself from its past activities. The Link was called a "bloodsucker" by public housing estate residents after the company acquired the Housing Authority shopping centres, renovated them, and raised rents. This has led to local shops being pushed out, higher prices, and
126-553: A near-monopoly on commercial space, the company was criticised by local residents and Legislative Councillors in 2015–16 for planning to convert the Tin Yiu Market into a conventional shopping centre. The market supplies fresh vegetables, meat, and fish to residents of the surrounding public housing estates. The next closest market is 5 to 10 minutes' walk away. Stall operators at Cheung Fat Estate on Tsing Yi have gone on strike, in 2010 and 2016, to protest rent increases. By
168-592: A prototype for future public housing. From then on, HKHS has been launching various housing schemes and services to address the changing needs of the community. Hong Kong Housing Authority The Hong Kong Housing Authority ( HA ) is the main provider of public housing in Hong Kong. It was established in April 1973 under the Housing Ordinance and is an agency of the Government of Hong Kong . In
210-731: A reorganisation of government agencies, the role of Chairman of the Housing Authority is held by the Secretary for Transport and Housing (a position created in 2007). This role was previously held by the Secretary for Housing, Planning and Lands . The Director of Housing is vice-chairman of the HA. Past and present Chairpersons of the Hong Kong Housing Authority have included: The Hong Kong Housing Authority Headquarters are located at 33 Fat Kwong Street , Ho Man Tin , Kowloon . The Hong Kong Housing Authority Exhibition Centre
252-516: A report that showed big chains made up 76 per cent of the 2,075 shops in 22 shopping centres run by the firm, but the Link's CEO claimed, "We continue to maintain roughly 60 per cent of our shops leased to smaller operators." Anti-Link REIT protests have become increasingly common in recent years. Link REIT headquarters in Kwun Tong has been the site of demonstrations, scuffles, and sit-ins, leading
294-1072: A total of $ 1.24 billion. The properties are Hing Tin Commercial Centre (in Lam Tin ), Kwai Hing Shopping Centre ( Kwai Chung ), the Tung Hei Court shopping centre ( Shau Kei Wan ), and Wah Kwai Shopping Centre ( Pokfulam ). In late 2015, they sold five properties, namely: Fung Wah Estate Retail and Car Park, Ka Fuk Shopping Centre, Kwong Tin Shopping Centre, Siu On Court Retail and Car Park, and Tin Wan Shopping Centre. In late 2016, they sold five properties again, namely: Sui Wo Court Commercial Centre, On Yam Shopping Centre, Sun Tin Wai Commercial Centre, Cheung Hong Commercial Centre and Shek Wai Kok Commercial Centre. In July 2016, Link REIT issue
336-584: A total of $ 588.4 million In mid 2014, Link acquired The Lions Rise Mall with parking facilities in Wong Tai Sin , from Kerry Properties , for a total of $ 1.38 billion. In 2015, The Link took its first step in purchasing by government land auction when it partnered with Nan Fung Group to buy land lot NKIL 6512 in Kwun Tong for a total of $ 5.86 billion in January. Then, Link surprised
378-436: A total of over 73,000 units have been built under different housing schemes, including Rental Estate, Rural Public Housing, Urban Improvement Scheme, Flat-for-Sale Scheme, Sandwich Class Housing Scheme, Full Market Value Development, Urban Renewal Project, Senior Citizen Residences Scheme, The Tanner Hill and Subsidised Sale Flats project. The society is a non-governmental organisation and non-profit organisation. The chairman of
420-519: Is located nearby at 3/F, Homantin Plaza, 80 Fat Kwong Street. Link REIT Link Real Estate Investment Trust ( Chinese : 領展房地產投資信託基金 , or 領展 ), previously known as The Link Real Estate Investment Trust ( 領匯房地產投資信託基金 , or 領匯 ), is a wholly-owned private real estate investment trust managed by Link Asset Management Limited. It is the first real estate investment trust in Hong Kong and
462-409: Is well known as a "bloodsucking landlord" as bipartisan parties has put it over the years for its unyielding fist on its tenants. According to Richard Harris's opinion, Link Reit has been widely considered a "corporate monster" in Hong Kong partly responsible for the city's socioeconomic issues. In Aug 2020, dozens of rats were found crawling over fresh pork laid on the floor outside the vendor during
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#1732775520339504-567: The Home Ownership Scheme and the Private Sector Participation Scheme. They were also formerly responsible for a loan scheme targeted at low-income home buyers, which provided interest-free loans of up to HK$ 530,000 or monthly mortgage subsidies of up to HK$ 3,800 to help low-income individuals or families buy their own flats. More than 8,000 low-income families are subsidised, although the scheme
546-562: The Hong Kong Housing Authority that included 151 retail facilities – mainly within public housing estates – and 79,000 parking spaces. The date for the listing was 25 November 2005, at a valuation of HK$ 22.02 billion (Valuation = 2,137,454,000 x HK$ 10.30 = HK$ 22.02 Billion) (US$ 2.82 billion). Upon privatisation , Link Reit remains tied to terms in existing tenancy agreements, but will no longer require approval from government to increase rents for new leases. However, financial analysts expected attractive dividend yields – up to 7 per cent – from
588-658: The Argyle Centre Tower II) from the government for a sum of HK$ 5.91 billion. In April 2020, LINK REIT completed its purchase of 100 Market Street in Sydney at approximately AUD683 million from Blackstone Group. It is a building is 10-storeys office tower of 28,385 square metre above the Westfield mall in Sydney's CBD. In mid-2014, Link REIT sold four commercial properties, to four different buyers, for
630-607: The Mei Lam Shopping Centre, owned and managed by the Link, was being illegally discharged into the Shing Mun River . The company was fined $ 15,000 in November 2016 and ordered to rectify the situation immediately. Due to its history as monopoly landlord of community shopping malls, controversial business ethics and unfriendly treatment to neighbourhoods, small business owners and investors. The company
672-455: The agent for the government when it comes to clearing land, and according to its own policy "preventing squatting and implementing improvements in squatter areas." Though most commercial assets of the Housing Authority were divested to the Link REIT in 2005, the Housing Authority still manages some shopping centres as well as 21 markets. There have been calls for the government to buy back
714-695: The already severe housing problem. At that time, Hong Kong had not yet devised any public housing policy, not to mention any departments to steer the planning and building of public housing. In 1947, The Lord Mayor of London donated a sum of 14,000 pounds from its Air Raid Distress Fund to the Hong Kong Social Welfare Council. A member of the Council and the Anglican Bishop of Hong Kong, the Reverend RO Hall, took
756-438: The city's population, placed US$ 36 billion of orders while institutional investors were ready to commit US$ 40 billion. The IPO's joint global coordinators were Goldman Sachs , HSBC Holdings plc , and UBS AG . JPMorgan Chase & Co. was the financial adviser to the Housing Authority. The proposed flotation of The Link REIT by the Housing Authority was delayed when a public housing tenant, Lo Siu-lan, challenged
798-517: The company "first killed the shops, then makes money from their death" and criticised the company for only allowing chain stores in their properties. In 2006, The Link cut thousands of staff, a move "fiercely criticised by unionists, who said Link Management had dishonoured a pledge to protect the welfare of its frontline workers when it took over the operation from the Housing Authority". The Link replied that "the job cuts were in line with private practice". By mid 2015, NGO Link Watch ( 領匯監察 ) published
840-641: The company to seek a court order to bar activists from entering the building. In addition to indoor shopping centres, The Link also acquired many local estate markets in 2005. Such markets are covered facilities with small stalls and shops let out to local residents, generally offering fresh meat and vegetables as well as daily necessities and home wares. As with the shopping centres, The Link has raised rents and also renovated some properties, leading to increased food prices and financial hardship on low-income households. In Tin Shui Wai , where The Link exercises
882-466: The dominance of chain stores within the estates. This trend has reduced entrepreneurship opportunities for lower income people in Hong Kong's public housing estates and new towns, diminishing their chances to achieve social mobility , and has increased the cost of living. A 2012 campaign by The Link to promote "nostalgic restaurants" in its shopping centres was widely derided on social media as hypocritical. Users on Golden Forum and Facebook wrote that
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#1732775520339924-648: The early hours in Link REIT's Sau Mau Ping wet market . Link REIT has been widely condemned by officials on both sides of the political spectrum. Starry Lee , chairperson of the pro-Beijing DAB , reported that former chief executive Leung Chun-ying "strongly criticised" Link REIT in a meeting with the DAB. In an interview with the South China Morning Post , Leung questioned whether the remuneration structure for top management of Link REIT had led to
966-537: The first rental housing estate in Hong Kong, Sheung Li Uk, was completed in Sham Shui Po, providing 5 blocks with 360 residential units and accommodating 1,900 tenants. To break out from the communal design which prevailed at that time, Sheung Li Uk provided self-contained flats with kitchens, bathrooms and balconies. Moreover, it was better planned and managed with the provision of community centres, public open spaces and basic play equipment for children, which became
1008-494: The largest in Asia by market capitalisation. Link REIT's portfolio consists of 126 properties with about 9 million sq ft of retail and office space in Hong Kong, as well as 7 properties with about 6 million sq ft of retail and office space outside Hong Kong. Link REIT has its head office at The Quayside [ zh ] in Kwun Tong . The LINK REIT was established by the Hong Kong government , which hived off assets from
1050-492: The latter strike it was reported that rents had doubled in ten years. Some local residents stated that they visit a government-run market in Tsuen Wan instead owing to the higher prices at Cheung Fat. The Cheung Fat stall owners also protested the outsourcing of the market's management to Uni-China (Market) Management Limited, which they feared will lead to untenable rent increases. Uni-China (Market) Management also manages
1092-449: The lead to use the donation to launch a housing organisation for mitigating Hong Kong's serious housing problems. Bishop Hall, together with a group of social leaders, established a committee which held its first meeting on 17 April 1948. HKHS was formally established in 1951 as a statutory body under Hong Kong Ordinance Chapter 1059. It was the first-ever independent statutory body in Hong Kong that undertook public housing affairs. In 1952,
1134-565: The legality of the proposed divestment of the properties. Lo's lawyer submitted that the Housing Authority had "breached its duty under the Housing Ordinance to provide housing to people in need. Instead, it was selling assets to a private company, which could sublet the properties at market rates rather than benefiting the underprivileged". She represented a concern among many residents of public housing that existing amenities would no longer be public and that The Link would raise rents, thereby forcing price rises in shops without due consideration of
1176-468: The market at Leung King Estate in Tuen Mun, which is also owned by The Link. In February 2016 a group of men dressed in dark jackets with "manager" (管理員) printed on the backs acted in an intimidating manner toward hawkers in the area of the shopping centre since 2 February. More than 200 showed up to protest against the men combating hawkers on the night of 8 February. Some minor clashes broke out between
1218-599: The market by successively making its first two purchases in mainland China, when it acquired Beijing EC Mall , for a consideration of ¥2.5 billion; it acquired two commercial buildings in Shanghai for ¥6.6 billion. The company has a target where mainland properties would not exceed 12.5% of its portfolio. On 19 February 2016, a subsidiary of the Link purchased the Trade and Industry Department Tower in Mong Kok (formerly
1260-459: The privatised company and greater commercial orientation, although some feared that the scope for increasing rental income and cutting labour costs might be limited due to most of its properties being tied to the public housing sector. IPO of The Link REIT, delayed for a year until 2005 through legal action by housing tenants worried that rents would rise, was eventually 18 times oversubscribed. About 510,000 Hong Kong residents, or seven percent of
1302-500: The problem, including launching a potential legal battle against the company. Similarly, in April 2019, legislator Alice Mak moved a motion in the Legislative Council urging the government to "overcome the 'three big mountains'" that she wrote had plagued the local community, one of which is Link REIT. Various other legislators moved motions to this amendment suggesting means of tackling the problem, including amending
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1344-541: The properties sold to the Link as rent increases have placed a financial burden on public housing residents. At the time of its creation, membership of the authority was made up as follows: Currently, members are appointed by the Chief executive of Hong Kong . They are: the chairman, Vice-chairman, two official members and 26 non-official members. The Authority operates the Tenants Purchase Scheme ,
1386-666: The public good. Some NGOs also were concerned that the reduced income of the Housing Authority would eventually lead to rent rises for public tenants. Lo's request for judicial review of the privatisation was rejected at the Court of First Instance and the Court of Appeal. Since the listing in 2005, Link has engaged in a process of 'asset enhancement works', seeking to raise the value of the properties through upgraded physical structure, replacing low-end utility local shops with higher-paying brands and chains, enhanced 'customer service', and promotional activities. The Link also overhauled many of
1428-737: The same year, the Resettlement Department and the Building Section of the Urban Services Department were merged to form the Housing Department , which acts as the Housing Authority's executive body. The modern Housing Authority was founded in 1973. In 2005, most Housing Authority-owned shopping centres and car parks were controversially divested to The Link REIT . A citywide scandal erupted in 2015 after heavy metals were found in
1470-429: The self-proclaimed managers and the protesters, and required mediation by the police. Two protesters were arrested and one reporter was injured during the clash. Conflicts between the management and the public reoccurred on the night of 9 February. The men were filmed beating up protesters while police stood by and prevented others from being involved. A reporter was also beaten up by the control team. A 31-year-old man
1512-547: The society is Walter Chan ( 陳家樂 ) and the chief executive officer and executive director is Chan Yum-min ( 陳欽勉 ). After the end of World War II in 1945, Hong Kong was devastated and traumatised in the post-war aftermath. There was material deprivation and a shortage of housing. Due to the incessant crises in the political arena of the Chinese mainland, vast numbers of mainland refugees flocked to Hong Kong. They built huts and settled themselves on unoccupied hillsides, which worsened
1554-446: The trust's behaviour. He said that, as the previous owner of the public housing commercial space, the Hong Kong government has a responsibility to public housing tenants "to satisfy their needs and if necessary to provide alternatives to Link REIT properties". He said that a Link REIT monopoly in public estates was not acceptable as elderly tenants could not be expected to carry their heavy shopping to and from other markets. He said there
1596-572: The water supply of some housing estates, schools, and private residential buildings. The contamination was first identified at Kai Ching Estate , opened in 2013. A task force found that the contamination was caused by solder joints with high lead content. Outside of public housing provision, the authority is also responsible for the management of public rental housing estates, interim housing estates, transit centres, demolished factories and ancillary commercial and non-domestic facilities such as shopping centres, market stalls and car parks. It also acts as
1638-608: The wet markets under its management. The renovations have led to higher rents, higher prices, and the loss of local shops. In moves to diversify its property portfolio and mix, Link acquired the shopping mall portion of Nan Fung Centre with parking facilities in Hang Hau , from Nan Fung Group mid 2010 for a total of $ 1.17 billion. In late 2010, Link acquired the shopping mall portion of Maritime Bay Shopping Mall with parking facilities in Hang Hau, from Sino Group , for
1680-586: Was arrested for causing disorder in a public place. He allegedly interfered with a worker performing his duties at Leung King Estate. The Link REIT distanced itself from the clashes and denied the hawker control team was part of its staff. In 2016 the Environmental Protection Department initiated prosecution against the Link REIT under the Water Pollution Control Ordinance because wastewater from
1722-485: Was halted in 2003 pending a review. In June 2004, the definitive abolition of the scheme was announced. In 2019, the 4,871 flats from six estates was largest number of subsidised homes put on the market since the Home Ownership Scheme was restarted in 2011; But only 54 of 80 randomly selected buyers turned up – a low turnout rate that would have been unheard of in the past. Since 1 July 2007, following
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1764-445: Was no plan to buy back the Link, but the government could explore providing alternatives if the Link was not serving nearby residents. Carrie Lam , ex-Hong Kong chief executive, was reported in 2016 to have called Link REIT one of the "three mountains" – i.e. one of the major sources of contention in Hong Kong society – that the government sought to conquer. Lam stated that the government should explore different avenues toward tackling
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