Link Sells Hong Kong Property for $2.3 Billion and Will Continue to Manage It
Key Facts
Link has agreed to sell its entire interest in 700 Nathan Road, known as T.O.P This is Our Place, in Mong Kok, Hong Kong, for $2.3 billion, according to a company statement published on October 30, 2026. The statement did not specify the currency of the consideration. The sale is part of Link’s strategy to exit assets it classifies as non-core and focus on shopping centres and car parks. The company will continue to manage the property after the deal closes under an asset management agreement. Completion is expected in the first quarter of 2027.
John Saunders, Link’s chief executive and chief investment officer, said the deal allows the company to “unlock capital while continuing to create value from our asset management expertise by managing the property on behalf of the new owner.” The arrangement combines the sale of the property interest with Link’s continued operational role after ownership changes hands. The company plans to use net proceeds for unit buybacks, working capital and/or reinvestment in its core portfolio. Its statement presents these uses as intentions, without specifying amounts for each purpose. This leaves the allocation of the sale proceeds among the company’s options after completion.
Link said most of the property’s income comes from the office segment, and it therefore classified it as a non-core asset. In its annual results announcement for the year ended March 31, 2026, management said its immediate focus was to revitalise the core portfolio, exit non-core assets and buy back units. Management estimated at the time that non-core assets represented about 5% to 10% of the total portfolio. It also said some sale proceeds could be allocated to investment in its core shopping centre portfolio. The sale of 700 Nathan Road places the deal within the company’s stated plan to refocus its portfolio.
Link acquired the property in 2016, then renovated the retail portion and repositioned it under the name T.O.P This is Our Place. The company valued it at about HK$2,966,800,000 in its 2024/2025 annual report, with an initial yield of 3.50%, as of March 31, 2025. This is a previous reference valuation for the deal, but it dates from a different time than the sale announcement. The figure alone therefore does not allow a direct comparison with the $2.3 billion consideration, whose currency the sale statement did not specify. Link’s total portfolio was valued at about HK$216 billion as of March 31, 2026.
The deal comes as Link’s portfolio faces pressure on property income. For the year ended March 31, 2026, revenue fell 2.0% to HK$13,938 million and net property income declined 3.7% to HK$10,230 million, according to the company’s annual results. In the six months ended September 30, 2025, net property income was HK$5,178 million, down 3.4% from HK$5,359 million in the comparable period. The company attributed the annual declines mainly to lower rents in Hong Kong and mainland China. Investment properties were valued at HK$217.3 billion as of September 30, 2025, down 1.4% from the end of March that year; the company attributed the decrease to downward revisions to market rents at several of its properties.
EL7 data show Link units closed at HK$39.26 on October 29, 2026. The company is scheduled to report interim results on November 12, 2026, for the six months ended September 30, 2026. The upcoming results will provide an update on the company’s performance during the period, while completion of the property sale remains expected in the first quarter of 2027. After completion, the company’s plan calls for it to continue managing the property for the new owner. Link also plans to direct net proceeds to unit buybacks, working capital and/or reinvestment in its core portfolio.