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中国基金系列: 价值200亿香港REIT提前年底上市 |
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中国基金系列: 价值200亿香港REIT提前年底上市 -- 游客 - (2876 Byte) 2004-11-02 周二, 23:14 (1762 reads) |
青青 [博客] [个人文集]
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作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business Times - 04 Nov 2004
HK Reit expected to give 7-8% yields
But the HK$20-billion Reit Link, the world's largest such public offering, is more likely to bear yields below 7 per cent, analysts say. VINCE CHONG reports
GLOBAL funds are looking for high 7-8 per cent yields for Hong Kong's first real estate investment trust (Reit), given that its portfolio, comprising largely non-prime properties, is perceived to be on the riskier side.
But analysts and market watchers believe the reality will be closer to below 7 per cent, partly because such real estate - neighbourhood retail space, wet markets, car parks - are most basic models of property that are most resilient to economic cycles.
They pointed out, too, that like any other trust, the Hong Kong Housing Authority is likely to hedge risks by packaging higher-yielding properties together with average ones in its HK$20-billion (S$4 billion) Link Reit while holding back some to add value in future.
Market talk also has it that the trust - the world's largest such public offering - is in the midst of tying up cornerstone investors. It is slated for launch in December.
Currently, higher-profile and prime shopping malls in Hong Kong average yields of 5-6 per cent. For example, the Singapore-listed Fortune Reit, based on higher-profile suburban malls in Hong Kong, is giving investors a yield of around 5.8 per cent.
Part of the attraction, fund managers say, is the presence of Singapore's CapitaLand as strategic partner to the manager of the Reit. The group, South-east Asia's largest property player, will provide consultancy and other advisory services in addition to being a cornerstone investor with an investment of US$180 million.
CapitaLand's CapitaMall Trust Management yields close to 6 per cent from its five Singapore shopping centres.
A successful deal by the Housing Authority could boost the Asian market for Reits - used widely in the US and Australia - by convincing some of the region's many property companies to use the vehicles to raise funds.
Graeme Torre, head of property (Asia) at Henderson Global Investors, is actively looking at the trust. 'It is exactly what Hong Kong needs to get such a market going,' he said yesterday.
'It is like what it was in Singapore at the start - a government-linked trust that provides good yields. The properties don't necessarily have to be prime ones but they must be good properties with secure income, and the manager must have the confidence of maintaining and growing such income.
'CapitaLand will have an important role to play as it has proved that it can add value and you want someone who knows Asia well and has already done a Reit before.'
Declining to be named, a Singapore-based international fund manager told BT that contrary to perception, The Link Reit could turn out to be the most defensive type of trust despite its non-glamorous portfolio. 'Properties like wet markets and car parks are necessity-type goods that are used on an everyday basis,' she said. 'It could be most defensive because it is most basic.'
作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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- 中国基金系列: 价值200亿香港REIT提前年底上市 -- 青青 - (2876 Byte) 2004-11-02 周二, 23:14 (1762 reads)
- HK Reit expected to give 7-8% yields -- 青青 - (3112 Byte) 2004-11-04 周四, 14:11 (978 reads)
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