SINGAPORE (Mar 26): Xu Rongcan, chairman of shopping mall operator and owner Sasseur Cayman Holding, built an outlet mall in Chongqing in 2008. It was only the second such property in China at the time. Since then, Sasseur has gone on to operate eight more outlet malls in other second-tier cities in China to tap the growth of the country’s middle class and booming sales of fashion brands. Now, Xu is packaging some of these assets into a real estate investment trust (REIT) that will be listed on the Mainboard of the Singapore Exchange.

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