A new valuation will need to be undertaken for the re-launch of the Link Real Estate Investment Trust since the three-month validity period of the previous valuation has expired.

In a paper submitted to the Legislative Council today, the Housing, Planning & Lands Bureau said the authority has been working with its advisors to prepare for the new valuation. The same methodology and the same independent property valuer will be used for the valuation.

The Housing Authority stressed it will not sell the properties cheaply, adding the valuation will be made in accordance with Hong Kong and international standards.

Divestment plan unchanged

The bureau said the Court of Final Appeal will hear Lo Siu-lan's appeal regarding the authority's divestment on July 5 and 6. The authority has made contingent preparations for the re-launch as soon as practicable after the legal proceedings are completed.

The bureau said the decision to effect the divestment by the initial public offering of the Link REIT remains unchanged. The 180 properties in the divestment portfolio will also remain unchanged.

Since March 1, the Link Management, the manager of the Link REIT, has taken over from the authority the day-to-day management of the 180 retail and car-parking facilities within the divestment portfolio. It has also taken measures to improve the management of those facilities

Up to the end of May, 26 civil servants and 43 contract employees of the authority have joined the Link, representing 27% of the Link's staff establishment.