Real Estate Investment Trust房地产投资信托

RealEstateInvestmentTrust

房地產投資信託基金/sundae_mengAgendaIntroductionofREITExampleofREIT–TheLinkComparisonofdifferentREITinHKEvaluationandRecommendationsConclusion/sundae_mengIntroductionofREIT/sundae_mengWhatisRealEstate

Investmenttrust(REIT)?collectiveinvestmentschemeinaportfolioofincome-generatingrealpropertyManagerdistributesall/almostofnetincome

holdersAnnualorsemi-annualbasis

/sundae_mengInvestorbuy/sellthroughastockexchangeREITdonotredeeminvestorsinterestsLongtermincomeyieldnotforcapitalappreciationonresaleWhatisRealEstate

Investmenttrust(REIT)?(con’t)/sundae_mengAdvantagesRealizeandredeploycapitalinvestmentassetbecomemoreliquidateRegularincomeInvestinanassetclasswhichisdifficulttoaccess

Removedoubletaxation/sundae_mengExampleofREIT–TheLink

領匯房地產投資信託基金PollyTsang/sundae_mengBackgroundStockcode:823investsin180retailandcarparkfacilitiesonemillionsq.mofretailspaceandaround80,000carparkspaces40%ofpeoplelivedneartheLinkREITpropertiesPollyTsang/sundae_mengPollyTsang/sundae_mengInvestmentstrategiesinvestinpropertiesforthelong-termfocusonsustainable-incomeproducingpropertieswiththepotentialforlong-termincomeandcapitalgrowthmaintainalargeandgeographicallydiversifiedportfolioPollyTsang/sundae_mengInvestmentstrategies(con’t)convenience-basedretailpropertiesprimarilyservingthebasicconsumerneedsoftheresidentsoftheadjacenthousingestatesandothervisitorscarparksservingthetenantsandcustomersoftheretailpropertiesandtheresidentsofthesurroundingneighborhoodsandothervisitors

PollyTsang/sundae_mengDividendDistributionnolessthan90%oftotaldistributableincomenotlessthanHK$0.617621December2006-32.81HKcents30August2006-21.81HKcentsPollyTsang/sundae_mengAdvantagesCertaintyastobusinessfocusApolicytodistributeofanamountequivalentto100%oftotaldistributableincomeFinancialandoperatingtransparencyPollyTsang/sundae_mengComparisonofdifferent

REITsinHongKongLinkREIT(領匯房產基金,823)GziREIT(越秀房產信託基金,405)ChampionREIT(冠君產業信託,2778)ProsperityREIT(泓富產業信託,808)RexKwok/sundae_meng

LinkREIT---investsin180retailandcarparksfacilitiesRexKwok/sundae_mengWithanInternalFloorArea("IFA")ofapproximatelyonemillionsq.mofretailspaceandaround80,000carparksspacesthepropertiesareonthedoorstepto40%ofHongKong'sseven-millionpopulations.RexKwok/sundae_meng

Gzi

REIT---consistsofcommercialpropertieslocatedinGuangzhou1.WhiteHorseUnits2.FortunePlazaUnits3.CityDevelopmentPlazaUnits4.VictoryPlazaUnitsRexKwok/sundae_mengTheoveralloccupancyofthe4propertiesimprovedtoover90%

WhiteHorseBuildingismaintainedat100%FortunePlazaatapproximately90.2%CityDevelopmentPlazaatapproximately92.6%VictoryPlazaat100%RexKwok/sundae_meng

Champion

REIT---formedprimarilytoofficeandretailpropertiesinHongKongComprises91.5%oftheGrossRentableAreaofCitibankPlazaandsubstantiallyalloftheparkingspacesatCitibankPlaza.RexKwok/sundae_mengCitibankPlazacomprisesCitibankTowera47-storeybuildingandICBCTowera37-storeybuildingandincludesaretailpodiumandacarparkItishubofbankingandfinancialactivitiesintheCentralDistrict

RexKwok/sundae_mengProsperity

REIT---ownahighqualityportfolioofsevenHongKongcommercialpropertiesRexKwok/sundae_mengComprisingthreeGradeAofficebuildingsindecentralizedbusinessdistrictsAportionofthreeindustrial/officebuildingsAportionofoneindustrialbuildingRexKwok/sundae_mengDiscussionAccordingtotheirdifferentportfolioofproperties,whichREITswillyousubscribeandwhy?RexKwok/sundae_mengEvaluationandRecommendations/sundae_mengEvaluationMarketscaleislargeLowqualityofcapitalUnderdevelopedsupervisionstructureLackofexperienceoffundmanagersUnclearinvestmentstrategies/sundae_mengRecommendationsRedeveloptheassets(Shoppingmall,Carparks,Estates)CapitalqualityandrentlevelofprivatepropertiesHumanresourcesmanagementTrainingandlearningfromothercountries(eg,USA,Singapore)/sundae_mengRecommendations(con’t)InvestmentstrategiesForbusinessFocusonSMEorl