First-Half Rental Growth Expected to be Resilient for Champion REIT
Our fair value estimate of HKD 5 is reaffirmed for Champion REIT as key underlying fundamentals for the narrow-moat trust are unchanged. We expect strong rental growth for offices for 3 Garden Road and Langham Place though retail sales will likely be weaker against a strong 2018. The latter should see the variable sales of the rental component, which made up 23% of the property’s retail rental last year, softening. Year to date retail environment is generally weak in Hong Kong. Despite an increa...Champion Real Estate Investment Trust and its subsidiaries are engaged in owning and investing in income-producing commercial properties in Hong Kong with the objective of producing stable and sustainable distributions to unitholders and to achieve long term growth in the net asset value per unit.
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