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Acquisition of The Link REIT by MPF Funds
The Mandatory Provident Fund Schemes Authority (MPFA) announced today (Monday, 6 December 2004) that after discussions with various parties and having reviewed legal opinions, the Authority is of the view that the MPF legislation does not prevent the acquisition of units in The Link Real Estate Investment Trust (The Link REIT) through the International Offering in the current offer exercise.
A spokesperson for the MPFA said: "Since the announcement of the offer of The Link REIT, the MPFA has actively considered ways for MPF funds to acquire units in The Link REIT in the current offer exercise."
"We have discussed the issue with various parties and have reviewed legal opinions. The Authority is of the view that under the MPF legislation, MPF schemes may not subscribe for units in The Link REIT through the Hong Kong Public Offering, but the MPF legislation does not prevent the acquisition of units in The Link REIT through the International Offering."
However, the spokesperson stressed, whether individual MPF funds will acquire units in The Link REIT is entirely at the discretion of individual fund managers in accordance with the governing rules of MPF schemes and funds.
A letter has been sent to all 19 MPF approved trustees today to inform them of this decision.
The spokesperson pointed out that Real Estate Investment Trusts (REITs) are permissible investments for MPF purposes.
"The Management Board of the MPFA has in April this year approved the inclusion of REITs as permissible MPF investment products. The relevant guidelines have subsequently been amended to include REITs authorised by the Securities and Futures Commission (SFC) as permissible products. This amendment has been communicated to all MPF approved trustees in August 2004."
The spokesperson added that the MPFA has already proposed to amend the legislation with a new section that covers all subscriptions for MPF permissible investments, including the REITs authorised by the Securities and Futures Commission (SFC).
End/Monday, 6 December 2004
A spokesperson for the MPFA said: "Since the announcement of the offer of The Link REIT, the MPFA has actively considered ways for MPF funds to acquire units in The Link REIT in the current offer exercise."
"We have discussed the issue with various parties and have reviewed legal opinions. The Authority is of the view that under the MPF legislation, MPF schemes may not subscribe for units in The Link REIT through the Hong Kong Public Offering, but the MPF legislation does not prevent the acquisition of units in The Link REIT through the International Offering."
However, the spokesperson stressed, whether individual MPF funds will acquire units in The Link REIT is entirely at the discretion of individual fund managers in accordance with the governing rules of MPF schemes and funds.
A letter has been sent to all 19 MPF approved trustees today to inform them of this decision.
The spokesperson pointed out that Real Estate Investment Trusts (REITs) are permissible investments for MPF purposes.
"The Management Board of the MPFA has in April this year approved the inclusion of REITs as permissible MPF investment products. The relevant guidelines have subsequently been amended to include REITs authorised by the Securities and Futures Commission (SFC) as permissible products. This amendment has been communicated to all MPF approved trustees in August 2004."
The spokesperson added that the MPFA has already proposed to amend the legislation with a new section that covers all subscriptions for MPF permissible investments, including the REITs authorised by the Securities and Futures Commission (SFC).
End/Monday, 6 December 2004
