Business

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

Singapore-listed Sasseur Real Estate Investment Trust said yesterday it has temporarily closed its four outlet malls in China to help prevent the spread of the coronavirus that has killed more than 100 people.

Its malls in China are in Chongqing, Bishan, Hefei and Kunming.

Seven other outlet malls owned or managed by Sasseur Cayman Holding - Sasseur Reit's majority shareholder - in Hangzhou, Changsha, Nanjing, Lanzhou, Xian, Guiyang and Changchun have also progressively closed from Jan 26, Reuters reported.

Sasseur Reit's majority shareholder said it "will not hesitate to take all necessary short-term measures to safeguard the health and safety" of shoppers, customers, employees and the general public, according to the bourse filing.

In addition, a high-level management task force has been formed to closely monitor the situation.

While local authorities have not imposed any regulations to direct the closures of malls, Sasseur decided the outlets should be temporarily closed because of the severity of the virus, reported The Business Times.

Sasseur said that while it could not ascertain the financial hit of the crisis, the impact should not be material if it is resolved in the short term.

It said it will aim to re-open the malls as soon as it is appropriate.

BUSINESS & FINANCE