Sasseur REIT net income up 47.8% as Chinese malls recover

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Sales at malls owned by Sasseur REIT rebounded one year after they were temporarily closed shop due to the pandemic.

Sasseur REIT reported a net income of $23.6m for the first quarter, a 47.8% increase from the same quarter last year.

The firm owns four retail outlet malls in China, whose sales rebounded as high as 112.6% compared to the first quarter of 2020, when they were closed for seven weeks due to the pandemic.

Sasseur Asset Management Pte. Ltd CEO Anthony Ang said the company performed well during the pandemic.

"Looking ahead, the retail outlet industry will continue to beresilient during the pandemic asdemand from domestic consumers remain high in China. Sasseur’ssuperior operationalcompetence,combined with our efforts in enhancing our online presence willcontinue to help us capture a greater shareof the outlet marketin China," Ang said.