The Link Reit will be offered to investors at a lower price when it is relisted to account for the risks involved after a legal challenge derailed the first attempt. 'The initial public offering price in a relisting will be less than the first time,' Secretary for Housing, Planning and Lands Michael Suen Ming-yeung said yesterday. Shares in the real estate investment trust (reit) were priced at $10.83 each, at the top of the indicative price range. Retail investors were offered a 3 per cent discount, for a price of $10.51 per share. Investors have demanded a steeper discount, and other sweeteners can also be expected given the legal risks that have severely dampened market sentiment towards the reit. The reit is the vehicle chosen by the Housing Authority to privatise 151 shopping centres and 79,000 car-parking spaces as a means of raising money. The authority revealed earlier that an application to relist after January would require a fresh audit. This means its portfolio of commercial assets in housing estates would have to be revalued, potentially altering the offering price and proceeds. Analysts generally declined to speculate on the relisting offering price, but some market sources pointed to $10 per share or below. Before work can be finalised on a relisting, Lo Siu-lan, the elderly public housing estate tenant at the centre of the lawsuit, must indicate firm plans to proceed with an appeal. Mr Suen said the authority expected Ms Lo to ask the courts for more time to consider her next move in an attempt to extend the appeal process at the last minute. Ms Lo was given 28 days starting on December 17 by the Court of Final Appeal to file an appeal against a lower court's ruling. 'We expect her to go to the courts to ask for more time to consider her appeal,' Mr Suen said. Legal experts expect the courts to grant her request as there is now no urgent listing timetable. Chief Executive Tung Chee-hwa said yesterday: 'We think it's a pity, but I believe every citizen has the right to appeal and we have to respect that. Of course, someone is using the loophole and they can sabotage the whole thing at the last minute. This is something that the government has no control of.'