J.P. Morgan China/HK FTM 7 Jul 26: Link REIT (0823); China Equity Strategy; China alt-data trackers chartpack (Series 58); Macau Gaming. Mon Jul 06 2026

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J.P. Morgan China/HK FTM 7 Jul 26: Link REIT (0823); China Equity Strategy; China alt-data trackers chartpack (Series 58); Macau Gaming. Mon Jul 06 2026

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China/HK First to Market 07 July 2026

Top Stories

Link REIT (0823)(0823.HK, OW – HK$37.28), Hong Kong (Karl Chan)

The search for a new CEO is finally over

After former CEO Mr. George Hongchoy’s retirement was announced in July 2025, Link REIT finally

announced the appointment of the new CEO, Mr. Neil Slater (currently the CEO of Redevco, a European

retail real estate operator), after a year-long global search process. Overall, the background of the new CEO

is mostly in line with our expectations (externally appointed senior executive with international & Asian real

estate experience), though the announcement did not highlight any direct experience in HK retail (thus,

some investors may question the strategic fit). Management reiterated that there will be no change to Link

REIT’s “back to basics” strategy. Most importantly, the new CEO appointment does not alter our Overweight

thesis: (1) an attractive dividend yield of 6.7%; (2) unit buyback starting in July; (3) tenant sales likely to see

positive Y/Y growth in 1QFY27 (Apr-Jun 2026; to be released in August) (more in A good entry point;

upgrade to Overweight). Value-accretive capital recycling (e.g. 100 Market Street in Sydney - link) may also

offer upside risk.

China Equity Strategy, China, Hong Kong (Erin Zhang, CFA)