Singapore-listed Sasseur REIT shuts China malls as Wuhan virus spreads

Sasseur Real Estate Investment Trust

28/01/2020 02:06

SINGAPORE, Jan 28 (Reuters) - Sasseur Real Estate Investment
Trust  SASS.SI  said on Tuesday it has temporarily closed its
four outlet malls in China to help prevent the spread of a
coronavirus that has killed over 100 people. 
    The REIT's units were down 8% on Tuesday morning, while the
broader market  .STI  was down more than 2%. Its malls in China
are in Chongqing, Bishan, Hefei and Kunming. 
    Seven other outlet malls owned or managed by Sasseur Cayman
Holding Ltd - Sasseur REIT's majority shareholder - in Hangzhou,
Changsha, Nanjing, Lanzhou, Xian, Guiyang and Changchun have
also been progressively closed from Jan. 26. 
    While local authorities have not imposed any regulations to
direct the closures of malls, the manager of the REIT said
Sasseur decided the outlets should be temporarily closed due to
the severity of virus. 
    Sasseur said that while it could not ascertain the financial
hit of the crisis on its financial performance, the impact
should not be material if it was resolved in the short term. 
    It said it will aim to re-open the malls as soon as it is
appropriate. 

 (Reporting by Aradhana Aravindan in Singapore; Editing by Tom
Hogue)
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659;))