Hong Kong-based Link Asset Management has said it is “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 has been conducting lay-offs.
Advertisement
Economists said the move by the firm, which owns 150 properties in Hong Kong, mainland China and overseas, 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.
Advertisement
In its latest annual results, Link Reit reported a 4.6 per cent increase in earnings to HK$7.02 billion (US$896 million) for the year. Revenue rose by 4.8 per cent to HK$14.22 billion, and net property income jumped by 5.5 per cent to HK$10.6 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.