Link Reit gets TCI director on board

PUBLISHED : Thursday, 27 July, 2006, 12:00am
UPDATED : Friday, 28 October, 2016, 9:17am

The Link Reit, Hong Kong's first and largest publicly traded real estate investment trust, has appointed a representative from the Children's Investment Fund Management (TCI) as a non-executive director.

The appointment of TCI director John Ho comes after the hedge fund has amassed an 18.35 per cent interest in Link.

Some analysts said the move indicated a reconciliation between the reit and TCI of Britain after the later company sought to remove Link chairman Paul Cheng Ming-fun, who had repeatedly ignored the hedge fund's requests for board representation and a more aggressive investment strategy.

Link Reit said the decision came after a periodic review of its board composition and was in line with market practice. It added that Mr Cheng's chairmanship remained intact.

The reit, which comprises 180 shopping centres and car parks on public housing estates formerly managed by the Housing Authority, said Mr Ho had broad investment and business management experience.

Set up in 2003 by money manager Christopher Hohn, TCI has hit the headlines over the past year by snapping up significant stakes in a number of local and mainland companies.

In addition to Link Reit, TCI holds stakes in port operator Xiamen International Port, Sinolink Worldwide Holdings and medium-sized developer Chinese Estates Holdings.

At one stage, it was a heavy buyer in property developer New World Development but cashed out, selling its stake below the 5 per cent disclosure level.

Link Reit shares closed unchanged yesterday at $16.10.