Hot stock: Sasseur Reit slides 11% following mall closures on virus fears

UNITS of Sasseur Real Estate Investment Trust (Sasseur Reit) tumbled on Tuesday morning after its manager announced it has temporarily closed the trust's four outlet malls in China.

The counter had fallen nine Singapore cents or 10.3 per cent to 78.5 cents as at 11.40am, with some eight million units changing hands.

Earlier in the day, the units had sunk to 77.5 cents, a decline of 10 cents or 11.4 per cent from Friday's closing price, at around 9.16am.

The closure of the four malls was a precautionary measure in response to the spread of the coronavirus in China, Sasseur Reit's manager said in a filing before the market opened.

The trust's sponsor also owns or manages seven other outlet malls in the country, and these seven properties have also been progressively closed from Sunday.

The reopening dates of all 11 malls will be announced in due course.