Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

Thematic (Sector/Industry)

<ul><li>Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).</li><li>Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.</li><li>Even here, CML is of the view that their performance is lacklustre.</li></ul>

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return more money to unitholders than the equity they raised (i.e. Return OF Capital or R-OF-C), and only 10 provided a return ON capital (or R-ON-C).Another 13 can be said to have provided a return if the increase in net asset value (NAV) is taken into consideration.Even here, CML is of the view that their performance is lacklustre.

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li><p>Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked participation.</p></li><li><p>The structure provides greater near-term income visibility than a conventional turnover-rent model, but DPU remains sensitive to outlet sales, RMB translation and the Sponsor-related operating framework.</p></li><li><p>Earnings have entered a recovery phase. FY25 DPU stabilised at 6.138 cents, while 1H26 portfolio sales rose 7.4% YoY, operating EMA income increased 6.8% and DPU grew 10.2% to 3.366 cents.</p></li></ul>

Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked participation.The structure provides greater near-term income visibility than a conventional turnover-rent model, but DPU remains sensitive to outlet sales, RMB translation and the Sponsor-related operating framework.Earnings have entered a recovery phase. FY25 DPU stabilised at 6.138 cents, while 1H26 portfolio sales rose 7.4% YoY, operating EMA income increased 6.8% and DPU grew 10.2% to 3.366 cents.

Sasseur REIT: DPU Recovery Gains Traction as Financing Costs Fall

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>Smartkarma hosted the Sasseur REIT management team and Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.</p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/gptxG5j9By4?si=OgBBVa7oLwF1UJ3Y" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.</p>
<p>In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/garreth-elston-a6ea37dd-f490-4307-8a92-697849e0a23c/research" target="_blank" rel="noopener">Garreth Elston</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86052600179" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About Sasseur REIT</h3>
<p>Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors<br>the unique opportunity to invest in the fast-growing retail outlet mall sector in China through<br>its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing<br>Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of<br>310,241 square metres.</p>
<p>Sasseur REIT was established with the investment strategy to invest principally, directly or<br>indirectly, in a diversified portfolio of income-producing real estate which is used primarily for<br>retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,<br>with an initial focus on Asia.</p>
<p>You can view their latest factsheet <a href="https://investor.sasseurreit.com/misc/Factsheet_1Q2025%20.pdf" target="_blank" rel="noopener">here</a>.</p>
<p>For more information on Sasseur REIT, please visit <a href="http://www.sasseurreit.com/" target="_blank" rel="noopener">http://www.sasseurreit.com/</a></p>

Smartkarma hosted the Sasseur REIT management team and Insight Provider, Garreth Elston, in an exclusive Corporate Webinar on 25 June '25. They dove deep into how the company is navigating the market in China, and charting their path to future growth.
Catch the full discussion below: 


For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations &amp; Capital Markets, Ms. Helen Qiu.
In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&amp;A session.
The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.












Register for the Webinar here












About Sasseur REIT
Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors the unique opportunity to invest in the fast-growing retail outlet mall sector in China through its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of 310,241 square metres.
Sasseur REIT was established with the investment strategy to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing, with an initial focus on Asia.
You can view their latest factsheet here.
For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

<ul>
  <li>
<a href="https://smartkarma.com/entities/sasseur-real-estate-investment-trust">Sasseur</a> REIT offers a unique, pure-play exposure to China's fast-growing outlet mall sector, which is benefiting from a rising middle class and value-conscious consumers.</li>
  <li>The REIT's Entrusted Management Agreement (EMA) model, with its mix of fixed and variable rent components tied to tenant sales, aligns its interests with tenants but also introduces revenue volatility and is heavily dependent on Chinese consumer sentiment.</li>
  <li>While the REIT boasts a high dividend yield and a strong sponsor, its complete concentration in China exposes it to significant macroeconomic, regulatory, and foreign exchange risks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Sasseur REIT offers a unique, pure-play exposure to China's fast-growing outlet mall sector, which is benefiting from a rising middle class and value-conscious consumers.
  The REIT's Entrusted Management Agreement (EMA) model, with its mix of fixed and variable rent components tied to tenant sales, aligns its interests with tenants but also introduces revenue volatility and is heavily dependent on Chinese consumer sentiment.
  While the REIT boasts a high dividend yield and a strong sponsor, its complete concentration in China exposes it to significant macroeconomic, regulatory, and foreign exchange risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Sasseur REIT operates with a dual income structure: fixed rent and variable component tied to outlet sales performance.</li><li>The REIT's Entrusted Management Agreement model aligns interests by basing over 90% of leases on turnover rent.</li><li>Sasseur REIT's growth strategy includes exploring acquisitions among sponsor's managed outlets, focusing on yield threshold compliance.</li></ul>

Sasseur REIT operates with a dual income structure: fixed rent and variable component tied to outlet sales performance.The REIT's Entrusted Management Agreement model aligns interests by basing over 90% of leases on turnover rent.Sasseur REIT's growth strategy includes exploring acquisitions among sponsor's managed outlets, focusing on yield threshold compliance.

kopi-C with Sasseur REIT CEO: "We only win when our tenants win"

Singapore

Sasseur Real Estate Investment Trust is a Singapore-based real estate investment trust that invests in a diversified portfolio of income-producing retail outlet malls and related real estate assets, primarily in China. Its portfolio includes four outlet malls located in Chongqing, Hefei, and Kunming. The company was founded in Singapore in 2017.

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Sasseur (SASSR SP)

Singapore Reit and Business Trust Sector: What Really Caused the Poor Performance?

Corporate Monitor Ltd’s(CML) 4th report on the REIT sector concluded that overall performance of REITs is poor, as 15 of the 38 failed to return...

Corporate Monitor Limited

Sasseur REIT: DPU Recovery Gains Traction as Financing Costs Fall

Sasseur REIT owns four outlet malls in China through an Entrusted Management Agreement structure that combines fixed income with sales-linked...

uSMART Securities

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China's Retail Outlet Industry

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Xie Jianfeng, Head of Asset Management, Cheng Hsing Yuen, and Head of...

Smartkarma Research

Primer: Sasseur (SASSR SP) - May 2026

Sasseur REIT offers a unique, pure-play exposure to China's fast-growing outlet mall sector, which is benefiting from a rising middle class and...

αSK Primers

kopi-C with Sasseur REIT CEO: "We only win when our tenants win"

Sasseur REIT operates with a dual income structure: fixed rent and variable component tied to outlet sales performance. The REIT's Entrusted...

Singapore Exchange Ltd (SGX)

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