Annual Report 2007 - The Link REIT

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16 The Link Real Estate Investment Trust Annual Report 2007 CEO’s Report We have also launched programmes to increase carpark utilisation to tap new business opportunities brought about by new tourist attractions and transport facilities such as the Hong Kong Wetland Park and Tuen Mun-Zhuhai ferry services. We have started to introduce Wi-Fi at our shopping centres and we will roll out a programme to enhance 30 shopping centres with such a service during the coming year. ■ Customers can surf on the internet through the Wi-Fi network available at selected shopping centres. Marketing and Promotion We believe that promotions are not just a cost item, but can be profitable in themselves. Our promotional programmes, which include festive decorations and entertaining stage events, have encouraged shoppers to visit our centres more and boosted our corporate image as an innovative and customer-focused manager. These programmes also created a more lively and enjoyable shopping experience for our shoppers whilst generating extra promotional venue income for us. To create more synergy between our facilities, we launched a series of incentive parking promotions to award free parking hours for spending in our centres. Approximately 1.8 million hours of free parking costing HK$19 million was offered to shoppers during thefinancial year. Going forward, we will continue to use free carparking as a promotional tool to enhance utilisation and patronage of our shopping centres. Refinancing During the year, we successfully refi nanced The Link REIT’s HK$12.5 billion bridging loan facility with the outstanding amount fully repaid in November 2006. We have extended the maturity profile of The Link REIT’s debt with the average life of the outstanding debt facilities being 38 months as at the year end. ■ Food fairs at our promotion venues offer delicacies and accessories during festive periods. ■ Attractive festive decorations were set up at the entrance of the Lung Cheung Mall to celebrate Chinese New Year. ■ The “Haunted Castle” at the Tsz Wan Shan Shopping Centre was a “must visit” spot for kids and students from surrounding schools during Halloween.
Annual Report 2007 The Link Real Estate Investment Trust 17 CEO’s Report Future Prospects Our prospects remain exciting and challenging. We have successfully implemented operational enhancements and are continuing to work to reduce operating costs. We are also progressively increasing income through rental reversion, introduction of new trades to provide more choices for customers and through asset enhancements. We will continue to implement these business strategies. This will feed through into income over time, as leases revert through the leasing cycle. Asset enhancement will be managed with care to avoid undue disruption. The benefits of our work can be seen in the three completed projects which have all been very well received by customers and tenants alike. Strong customer support for our completed asset enhancement projects as demonstrated by an increase in shopper patronage and positive customer feedback is testimony to the potential of The Link’s portfolio and serves as a key motivating force for the management team. Building on our success, we will continue to implement our various business initiatives and meet customers’ calls for a more inviting leisure and shopping experience in our properties. I am very pleased with the success and progress we have achieved so far. Our Board of Directors, management and employees form an integral part to the continuing prosperity of The Link. We will continue to strive to achieve the best for our unitholders, tenants and the community. Victor SO Hing Woh JP Chief Executive Officer The Link Management Limited as Manager of The Link Real Estate Investment Trust 8 June 2007
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Annual Report 2007 - The Link REIT

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