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Doubt Shrouds Link Reit After Court’s Decision

by Mary Swire, Tax-News.com, Hong Kong

17 December 2004


The world’s largest Reit (real estate investment trust) IPO was thrown into doubt yesterday after a Hong Kong court refused the government’s request to reduce the time allowed for a second challenge to the sale of property within the trust.

Following the court’s rejection of a last minute judicial review brought by two Hong Kong residents, the government had hoped that the listing of the Link Reit would be able to go ahead on Monday.

However, a subsequent decision by the court to allow a 28 day period for the lodgement of an appeal has thrown the whole process into doubt.

Unsurprisingly, the saga is causing much uncertainty and anxiety within the investment community.

“It'll be worrying if this opens up concern in the international community that there's going to be variables in the listing process,” Herbert Hui, chairman of The Hong Kong Institute of Directors, observed in a Bloomberg report.

“It's of the utmost importance for Hong Kong as an international financial centre to have certainty in its financial system,” he warned.

The Link Reit has attracted a huge amount of interest from prospective investors with Hong Kong residents placing an unprecedented $37 billion in orders, whilst institutional investors have pledged $40 billion.


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