Mapletree Greater China Commercial Trust - 2017 AGM

 Source: MGCCT FY17 Annual report

1. Festival Walk, Hong Kong:
- Best of class mall, is one of the top ten malls in Hong Kong (HK)
- Decline in sales due to cinema closure in 1H16, but footfall has increased
- Undergoing AEI
- Festival Walk is more reliant on domestic consumption as it is surrounded by good residential households
- No competing mall in the vicinity for Festival Walk
- Due to small housing size, HK residents spend a lot of time outside of their homes, such as malls

2. Gateway Plaza, Beijing:
- Grade A office, also undergoing AEI

3. Sandhill Plaza, Shanghai:
- Business park for IT, hi-tech, R&D sector
- Situated near to Shanghai Pudong Airport
- Described as an "opportunistic acquisition"

4. On future acquisitions:
- Acquisitions in China will be prudent as asking prices are high
- Heavy supply of malls leading to increased competition

5. Challenges in Hong Kong:
- Weak business sentiment
- Decline in China tourists and domestic retail market
- The board expects an uptake in retail sales in Festival Walk the next year, due to optimistic factors like increasing property prices, rising stock market and the bond connect with China, 

6. Challenges in China:
- Weak business growth prospects among MNCs
- Local SMEs are however faring better


Note: I no longer hold MGCCT shares. Bought at 0.97, sold off at 1.11
Bought Dairy Farm for my exposure to Hong Kong and China retail