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Report links Link REIT to HK$163M of unpaid waiver fees

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Report links Link REIT to HK$163M of unpaid waiver fees

Link Real Estate Investment Trust rented parking spaces to nonresidents of its public housing estates in Hong Kong, breaching the terms of its contracts with the Housing Authority, FactWire News Agency reported.

According to the investigative news agency, the alleged offense involves 192 car parks out of the 217 the company owns, which Link REIT should be letting on a per-hour basis to public housing residents and their guests only, under lease terms with the authority.

However, the report found that the 14,500 hourly parking units in the 192 car parks were also let to outsiders. Renting to outsiders requires Link REIT pay the necessary waiver fees to lift the lease restrictions, the report noted, citing current land regulations.

FactWire noted that the REIT may have evaded to pay HK$163 million in waiver fees for the past eight years, as it, nor its management firms, had not taken any steps to restrict the use of the involved parking lots.

Link REIT replied to the agency's query, saying its fee tables clearly state that only bonafide persons are allowed to park and long-stay parking privileges must only be given to users who meet the eligibility requirements mentioned in the land leases and deeds.