The Link Real Estate Investment Trust says its biggest shareholder, The Children's Investment Fund Management (TCI), has not called for changes in its management despite market speculation the hedge fund wants a shake-up. Since TCI's acquisition of a major stake in the reit became public, reports have persisted that it was joining other overseas funds to amass enough units to force a shareholder vote to remove chairman Paul Cheng Ming-fun and management officials in hopes of prodding the trust to lift returns. 'I don't feel any pressure,' Mr Cheng said after the reit's annual general meeting yesterday. 'We've been doing well and [TCI] should be satisfied. 'We have not received any demand from them regarding a change in management at this point, but we don't know about the future.' Under existing regulations, a Link unit holder or group with at least a 25 per cent stake can force the convening of a special general meeting where it can introduce a resolution calling for the replacement of board members. Mr Cheng said the management had met only once with TCI representatives since the firm bought its 18.35 per cent stake shortly after the trust's initial public offering in November last year. He said management welcomed investor input. TCI has a reputation for aggressive tactics that seek to influence corporate strategy of companies in which it has a stake. The Link, which owns 180 shopping centres and car parks in public housing estates, named TCI director John Ho Chi-on as a non-executive director last month in a move seen by analysts as the management's effort to win TCI's backing. Because of the reit's high visibility, its fate has drawn unusual attention from lawmakers. Legislative Council member Albert Chan Wai-yip, citing unidentified market sources, on Tuesday said overseas funds were building stakes in the Link as part of a plan to gain greater control. His statement fed market speculation that overseas funds were preparing to offer to take the Link private at HK$25 per unit. Mr Cheng dismissed the speculation as 'impossible', saying the 'unit price of our trust has surged so much since our listing [that] I don't think there would be anyone so silly as to buy out the rest of the units at such an expensive price'. The units closed up 1.48 per cent at HK$16.42 yesterday, taking the yield to 3.76 per cent based on its forecast dividend for next year. More than a dozen activists from the Link Watch demonstrated outside the meeting venue demanding that the management freeze rents.