Retail uplift improves Fortune REIT results

Retail landlord Fortune REIT had a lift in its results for the six months to June 30, which it attributes to a slight improvement in Hong Kong’s retail sector.

Its gross revenue rose 2.5 per cent to HK$1 billion (US$128 million) while its net property income grew 3 per cent to $727 million from the same period last year.

Fortune REIT’s properties include Fortune City One, Fortune Kingswood and Ma On Shan Plaza.

The group says the occupancy rate of its portfolio was steady at 96.6 per cent, with an average passing rent of $42 a square foot.

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