Sasseur Reit hits record 276.1 million yuan Golden Week sales as China’s domestic consumption surges

Sasseur Real Estate Investment Trust’s (Sasseur Reit) manager reported record-high aggregate sales of 276.1 million yuan (S$51 million) across its four outlets in China over the seven-day Golden Week holidays from Oct 1 to 7, in a filing with the Singapore Exchange on Monday (Oct 14).

The sales amount is inclusive of non-Reit shop units for Sasseur Hefei Outlet. The Reit’s share of shop units is around 81 per cent based on total gross floor area.

The Reit, a major operator in China’s outlet market, saw a significant increase in portfolio outlet sales of nearly 28 per cent year on year, and a rise of nearly 55 per cent compared with pre-pandemic levels in 2019. Out of all outlets, its Chongqing (Liangjiang) outlet brought in the most sales at 145.3 million yuan, representing a year-on-year jump nearing 45 per cent. 

The Reit’s performance aligns with broader national trends reported. Recent data from China’s State Administration of Taxation showed a 25 per cent rise in daily average sales revenue in the country’s consumer-related sectors over Golden Week. This was driven by a resurgence in domestic consumption. Sasseur Reit’s outlet sales outperformed the overall national retail sales revenue which rose 9 per cent on the year. 

The sales growth is attributed to synchronising its outlet anniversary celebrations which started in September 2024 and continuing with Golden Week promotions, said Cecilia Tan, CEO of Sasseur Reit’s manager.

The Reit manager “collaborated closely with leading local and international brands to tailor pricing strategies and promotional activities”, she added. 

Units of the Reit fell 0.7 per cent or S$0.005 to S$0.705 on Friday.