(Yicai Global) June 13 -- Link Real Estate Investment Trust has contradicted a media report that said Asia’s largest REIT plans to sell seven properties in the Chinese mainland.

The report was groundless, Link REIT, managed by Link Asset Management, told Yicai Global yesterday, adding that there is no news that the Hong Kong-based firm should have disclosed.

The Paper reported on June 10 that Link REIT intended to offload six retail properties and one office building in the mainland, without providing any further details.

Hong Kong-listed Link REIT acquired them for about CNY28.3 billion (USD4 billion) between 2015 and 2021. Two are in Beijing, two in Shanghai, two in Guangzhou, and one in Shenzhen.

The value of Link REIT’s mainland properties was around HKD35.2 billion (USD4.5 billion) as of March 31, down 8.5 percent, or 3.7 percent if calculated in Chinese yuan, from a year earlier, according to its own data.

It invests in and manages commercial properties. In the fiscal year ended March 31, Link REIT had revenue of HKD12.2 billion. Its rental income from retail properties, offices, and logistics centers in the mainland fell 9 percent to HKD1.3 billion (USD160.3 million).

Link REIT [HKG: 0823] fell 0.4 percent to end at HKD47.20 (USD6.05) today. It has fallen about 25 percent since closing at HKD62.83 on Feb. 3, the highest level so far this year.

Editor: Futura Costaglione