It emerged this week that the sale by the Hong Kong Housing Authority of some $30 billion in government-owned real estate through the listing of the Link REIT (Real Estate Investment Trust) is likely to face further delays, after the public housing resident who launched the initial challenge to the property privatisation filed an application with the Court of Final Appeal.
The launch of the massive REIT offering was set to take place last December, but Lo Siu-lan, an elderly resident of government-owned accommodation argued that the deal undervalues the assets, and could lead to higher costs for tenants.
A lower court rejected her claim, but the REIT's IPO had to be postponed anyway, an embarrassing development which is thought to have contributed to former chief executive Tung Chee-hwa's recent decision to resign.
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