Fighting against the online onslaught
• Retail sales in China posted a V-shaped recovery to reach above pre-pandemic levels by Sep’20
• E-commerce contributed to 27.2% of total retail sales (4M21) with big ticket items such as automobile and luxury being less affected
• Tier 1 cities showed a reversal in occupancy in 3Q20 with promising signs of an uptick in rents
• Diversified REITs a safer China play; Prefer Sasseur REIT for its outlet mall exposure