For most Hong Kongers, Link REIT (SEHK: 0823) needs no introduction.. Link REIT’s IPO back in 2005 privatized the retail properties owned by the Hong Kong Housing Authority. In other words, Link REIT gets to keep all the good retail assets from the government. Profitable malls hiding in plain sight Many of these properties are “neighbourhood malls” located in the older, urban district areas — where they capture the nearby residential population. These retail malls are well served by Hong Kong’s highly efficient bus and MTR transport system. Neighbourhoods malls tend to be more resilient than the city’s main shopping districts. Many of the shoppers are local residents which still shop at nearby malls for their daily essentials. In fact, “supermarket and foodstuff” tenants had positive sales growth even during the COVID-19 pandemic. Source: Company’s Presentation Because Link’s retail malls are located in heavily-built areas, it’s harder for new retail developments to enter these sites....