Link Mega-sale Jeopardises Our Future: Tenants

Tenants of shops in 17 shopping malls sold last month in a HK$22 billion mega-deal by Link Reit say they’re afraid the new owners – private equity fund GAW Capital Partners – will hike rents and possibly even kick them out.

The concern group Link Watch surveyed around 120 affected tenants, and found four out of five are most concerned about the prospect of rent increases.

A quarter of the respondents say they’re most worried that the new owners will force them out one way or another.

At a rally in a Tai Wo Hau market to air their concerns, some tenants said they haven’t had any contact with the new owners yet, throwing into doubt whether their leases will be renewed – and at what price.

Link Watch member Ng Kim-wing urged GAW Capital to reach out to the tenants as soon as possible to ease their concerns.

The group is also urging lawmakers to step in, and hold a public panel meeting as soon as possible to let affected tenants and other stakeholders express their views on the issue.

Link Watch also reiterated their demand for the government to buy back all properties it sold to Link Reit, to regain control over the malls to better serve the public.