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<strong>Annual</strong> <strong>Report</strong> <strong>2007</strong><br />
<strong>The</strong> <strong>Link</strong> Real Estate Investment Trust<br />
187<br />
Valuation <strong>Report</strong><br />
Valuation Analysis<br />
Our analysis of the key investment parameters is as follows:<br />
Retail Facilities<br />
• Retail value is HK$32.251 billion<br />
• Indicating HK$31,766 per square metre of IFA<br />
• Initial yield is 5.91%<br />
Car Parking Facilities<br />
• Carpark value is HK$7.306 billion<br />
• Indicating HK$91,917 per car parking space<br />
• Initial yield is 7.47%<br />
Total Portfolio<br />
• Total portfolio value is HK$39.557 billion<br />
• Initial yield is 6.20%<br />
Valuation Assessment<br />
Based on our comprehensive valuation reports, we are of the opinion that the aggregate Market Value of the unencumbered<br />
leasehold interest in the Properties, subject to all existing and proposed leases/tenancy agreements and occupancy<br />
arrangements, is:<br />
HK$39.557 billion (Hong Kong Dollars: Thirty Nine Billion Five Hundred and Fifty Seven Million)<br />
Refer to above schedule for individual property values.<br />
Disclaimer<br />
Messrs Kam-hung Yu, Danny Mohr, Sim Hwee Yan, and CB Richard Ellis have prepared this Valuation Summary letter<br />
which appears in this <strong>Annual</strong> <strong>Report</strong> and specifically disclaim liability to any person in the event of any omission from or<br />
false or misleading statement included in the <strong>Annual</strong> <strong>Report</strong>, other than in respect of the information provided within the<br />
aforementioned <strong>Report</strong>s and this Valuation Summary letter. Messrs Kam-hung Yu, Danny Mohr, Sim Hwee Yan and CB Richard<br />
Ellis do not make any warranty or representation as to the accuracy of the information in any other part of the <strong>Annual</strong> <strong>Report</strong>s<br />
other than as expressly made or given by CB Richard Ellis in this Valuation Summary letter.<br />
CB Richard Ellis has relied upon property data supplied by the LML and various independent consultants engaged by LML<br />
which we assume to be true and accurate. CB Richard Ellis takes no responsibility for inaccurate client supplied data and<br />
subsequent conclusions related to such data. CB Richard Ellis has no reason to believe that the information is not fair and<br />
reasonable, or that material facts have been withheld. However the inquiries of CB Richard Ellis are necessarily limited by the<br />
nature of its role and CB Richard Ellis does not warrant that its inquiries have identified or verified all of the matters which a full<br />
audit, extensive examination or due diligence investigation might disclose. For the purposes of our valuation assessment, we<br />
have assumed that this information is correct.
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