SINGAPORE (Mar 10): The manager of Sasseur Real Estate Investment Trust (Sasseur REIT) has announced that it has obtained approvals from authorities in China to reopen two of its outlet malls – in Kunming and Hefei – on March 11 and 13, respectively.
Sasseur REIT on Jan 28 announced it had closed all four retail outlet malls in its portfolio following the outbreak of the novel coronavirus (Covid-19).
See: Sasseur REIT shutters all 4 outlet malls in China until further notice amid Wuhan virus outbreak; shares plunge 10% on opening
The remaining two outlet malls in Chongqing and Bishan remain shut.
The REIT manager says it will work closely with sponsor Sasseur Cayman Holding to reopen these two outlet malls “as soon as it is appropriate to do so”.
It adds that a series of marketing and promotional activities will be rolled out to welcome shoppers back to the malls.
Online sales and promotional activities through web-based platforms such as WeMedia and Wechat, which started during the temporary closure period, will continue to be used as an added communication channel to reach out to shoppers.
Meanwhile, live broadcast through the Tik Tok platform will also be used to broadcast discounts and special offers.
The manager says its local team will continue to monitor the situation, step up on cleaning and disinfecting routines, and take any necessary precautions.
It adds that it is unable to ascertain the full financial impact of the crisis on the financial performance of Sasseur REIT, as the Covid-19 situation remains uncertain and fluid.
As at 2.41pm on Tuesday, units in Sasseur REIT are trading flat at 73 cents – some 20.7% lower than its recent peak of 92 cents on Jan 17, before the fallout.
