The role of Paul Cheng as Chairman of Link Management and a member of Deutsche Bank Asia Pacific Advisory Board has no conflict of interest as the bank was not involved in the Initial Public Offer preparatory work or in providing services to The Link or The Link REIT.

This was not material information that required disclosure in the Offering Circular, the Housing Authority said.

Mr Cheng was appointed Chairman of the The Link Board of Directors in April. After his appointment as advisor to the Deutsche Bank the same month, Mr Cheng informed the authority and the board of the appointment.

In respect of allocations to individual institutional subscribers, The Link's Board was involved in setting the principles of categorising institutional investors into different tiers for the purpose of allocation.

Specific allocations to individual institutions were made according to the recommendations by the Joint Global Co-ordinators for the Initial Public Offer and on the advice of the Financial Adviser to the authority.

The allocation principles were applied objectively to over 400 investors under the International Offering including the Deutsche Bank and Deutsche Asset Management, which were totally allocated some 13.5 million Link REIT units, or 0.63% of the total units in issue.