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Asia's largest REIT, owning shopping malls and car parks across Hong Kong, China, Australia and the UK.
Asia's largest REIT, owning shopping malls and car parks across Hong Kong, China, Australia and the UK.
Earns rent from shop tenants and fees from car parks, mostly at malls and car parks tied to Hong Kong's public housing estates, which it bought from the government's Housing Authority when it listed in 2005. Hong Kong still supplies most of its income; mainland China, Australia and the UK were added later. As a REIT it passes most income on to unit holders.
In one line: A HK-based REIT akin to Simon Property Group for neighborhood malls.
Moat: wide (installed base, scale). Largest, hard-to-replicate portfolio of HK public-housing-estate malls with captive local shoppers.
Headquarters: Hong Kong · Founded: 2005 · Employees: 1,100
Size Link REIT (0823.HK) is a Hong Kong Real Estate company (Real Estate Investment Trusts) with a market value of $13.8B, the 123rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$40.98 on 6 Nov 2026.
Performance Over six months the shares gained 3.4%, against -1.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 3.1% over the last twelve months (peer median +4.8%); the operating margin is 67.8% (peer median 29.5%).
Valuation It trades at 0.71× book value against a peer median of 2.17× (cheapest of 21).
Price implies The share price implies a return on equity of about 5.9%; Link REIT delivers -4.7%, so the price asks more than the business earns today.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$14.0B | HK$14.0B | HK$14.4B | HK$14.1B | HK$12.3B |
| Revenue growth | — | -3% | +2% | +14% | — |
| Gross profit | HK$10.2B | HK$10.2B | HK$10.8B | HK$10.5B | HK$9.21B |
| EBITDA | HK$9.58B | HK$9.58B | HK$10.0B | HK$10.1B | HK$8.81B |
| Net income | -HK$7.40B | -HK$7.40B | -HK$8.86B | -HK$1.98B | HK$15.5B |
| Free cash flow | HK$6.78B | HK$6.78B | HK$6.84B | HK$6.50B | HK$6.20B |
| Capital expenditure | HK$39.0M | HK$39.0M | HK$353M | HK$2.75B | HK$17.4B |
| Total debt | n/a | HK$58.5B | HK$55.1B | HK$63.2B | HK$69.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Link REIT 0823.HK | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% |
| Wharf Reic 1997.HK | $12.6B | +24% | -1% | -1% | 0.55× | 6.2% |
| Champion Real Estate Investment Trust 2778.HK | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% |
| Hang Lung Ppt 0101.HK | $4.40B | -29% | +10% | 1% | 0.25× | 4.7% |
| Shk Ppt 0016.HK | $43.5B | -18% | +17% | 3% | 0.54× | 5.3% |
| Swire Properties 1972.HK | $19.4B | +4% | +6% | 1% | 0.56× | 5.8% |
| Sunlight Real Estate Investment Trust 0435.HK | $481M | -10% | -5% | -2% | 0.31× | 4.3% |
| Yuexiu Real Estate Investment Trust 0405.HK | $424M | -19% | -11% | -3% | 0.20× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0823.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.0% | +6.0% | 2nd highest of 21 |
| 6-month return | +3.4% | -1.2% | 5th highest of 21 |
| Return on equity | -4.7% | 7.6% | lowest of 21 |
| Price / book | 0.71× | 2.17× | cheapest of 21 |
| ROE the price implies | 5.9% | 15.1% | least demanding of 21 |
| ROE delivered | -4.7% | 7.7% | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |