Report Summary

• Sasseur REIT continues to deliver resilient operational performance, with strong outlet sales growth, high occupancy rates, and improved tenant retention. The REIT benefits from a fully RMB-denominated, LPR-linked debt structure, resulting in lower borrowing costs and reduced FX risk.
• Despite macroeconomic softness in China, outlet malls are outperforming traditional retail formats as consumers shift towards value-driven shopping. Sasseur REIT is well-positioned for medium-term growth, supported by asset enhancement, potential accretive acquisitions, and structural policy tailwinds aiming to boost household consumption.