The Link Reit Incident
In December 2004, the Housing Department bypassed the legislature and injected into the Link Real Estate Investment Trust (Link REIT) the commercial properties of public housing estates, including 150 public shopping malls and 80,000 car park spaces. It also launched an initial public offering and planned to list the Link REIT on the stock exchange on 16 December. Cheng opposed the listing on the grounds that the public assets were sold to the Link Reit at too low a price. He thus supported the attempt of a public housing estate resident, Lo Siu-lan, to prevent the Link REIT from being listed on the stock exchange by initiating a case in the High Court on 8 December, accusing the Housing Department of breaching the Housing Ordinance. Although the case was overruled by the Court of Final Appeal, the listing was withdrawn since the ?suit did not close before the listing date. The Link REIT was officially listed in 2005.
Cheng’s opposition to the listing of the Link REIT was then criticised for hindering others from reaping profits. In 2007, however, with the increasing number of complaints about the Link REIT, the public changed to support Cheng’s position. Cheng also stressed in his promotion materials his clear objection to the listing of the Link REIT in December 2004.
Read more about this topic: Albert Cheng
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