Back in June this year, I had written a post on Mapletree North Asia Commercial Trust (MNACT) in my “Inside The Bedokian’s Portfolio” series (see here). In it, I had mentioned about the crown jewel Festival Walk, a large retail and office property situated in Hong Kong, and itself was a prime concern due to the huge concentration in MNACT’s book value and revenue, which both stood at about 60-plus percent.

Last week, Festival Walk had sustained internal damages that warranted a full closure, after it was being targeted by protestor groups in the current unrest. With reopening, we are not very sure whether it may be subjected to further damages. This definitely has a huge impact in retail revenue from shoppers, which in turn rental revenue from Festival Walk tenants and eventually dividends to MNACT unitholders.

I had made an extensive analysis and prognosis of the Hong Kong situation, given the...