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OCBC remains optimistic on MNACT despite extensive damage to Hong Kong property

Uma Devi
Uma Devi11/14/2019 03:35 PM GMT+08  • 3 min read
OCBC remains optimistic on MNACT despite extensive damage to Hong Kong property
Despite a significant fall in the REIT’s stock price after the incident, OCBC Research Team analysts remain sanguine on the REIT at large, citing sufficient insurance coverage to mitigate the damages caused.  In particular, they have identified two
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SINGAPORE (Nov 14): OCBC Investment Research is maintaining its “buy” call on Mapletree North Asia Commercial Trust (MNACT) despite “extensive damage” to its anchor asset Festival Walk mall in Hong Kong.

Protestors overran the mall located in the Kowloon Tong area on Nov 12. There were no reported injuries. However, the Singapore-based REIT’s manager says the rioters smashed the glass panels at entrances to the property and balustrades on various levels of the mall. They also set fire to a Christmas tree located in the atrium and an office lobby.

See: MNACT falls 4.9% as Hong Kong protestors torch key asset Festival Walk

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