After the Gong Sounds: Strategic Logic and Value Revaluation Behind the Listing of Sasseur (Xi’an) Outlets

ChongqingJune 22, 2026 /PRNewswire/ — On June 18, 2026, following the sounding of a gong at the Shanghai Stock Exchange, the Sasseur Group ushered in a historic moment — the successful listing of Guotai Haitong Sasseur Commercial REIT (508602). With an effective subscription multiple of 103.82 times during the offline inquiry phase, a subscription multiple of 330.20 times during the public offering phase, and total raised funds of approximately 5.531 billion yuan… What exactly is the capital market seeing behind these numbers?

The answer lies within the 141,300 square meters of architecture in Xi’an’s Chanba area, and in our nearly two decades of operational expertise.

And at the core of all this is Sasseur’s unwavering belief — to reshape the form and experience of commerce with the power of art. From the coffee shop named “Sasseur” on the campus of Southwest University in Chongqing in 1989, to the opening of the nation’s first outlet in 2008, and to today’s super outlet matrix, art has always been the driving theme propelling Sasseur forward. Because of art, we see not just a marketplace for selling goods, but an “aesthetic living space” that embodies taste, emotion, and social interaction.

How Was the “Top Outlet in Northwest China” Forged?

The underlying asset of this listing — Sasseur (Xi’an) Outlet — is located in the core area of Xi’an’s Chanba International Port, with a commercial building area of 141,300 square meters. Its status as the “top in the Northwest” was not built in a day, but is the result of the combined effects of city scale, locational advantages, business model, operational capability, and member ecosystem.

But more importantly, Sasseur has always adhered to a unique commercial path — reshaping the outlet with the power of art. In 2016, we globally launched the Super Outlet strategy for the first time, distilling four core mindsets: emotion, aesthetics, scene, and capital, and creating the unique “A×(1+N)×DT×S” Super Outlet model, encompassing three major IP scenarios: Super Sports, Super Kids, and Super Farm. This established Sasseur’s unique “art commerce” philosophy. That year, the Italian Class CNBC flagship dialogue program “Partita Doppia” conducted an in-depth interview with Mr. Xu Rongcan, founder of the Sasseur Group, titled “Sasseur: China’s Super Outlet Leading Global Trends“. In the program, Mr. Xu elaborated on the core concept of the Super Outlet: “connecting commerce with consumers through social scenarios.” Honorary Chairman of the National Chamber for Italian Fashion, Mario Boselli, commented: “The Super Outlet is a unique and innovative concept that successfully differentiates itself from competitors and stands out.” Ravi Thakran, Chairman of L Catterton Asia (LVMH), stated bluntly: “Investing in Sasseur was one of the best choices we’ve made.” This international authoritative recognition validates the creativity and leadership of Sasseur’s super business model. Xi’an was the first fully realized project after the release of this “art commerce” system — its success is the inevitable outcome of Sasseur’s two-decade-long art commerce DNA.

Below, we break it down from six dimensions.

1. City Scale: Riding the Wave of a Commercial First-Tier City

Xi’an is a national central city and the economic hub of Northwest China. In 2025, Xi’an ranked 6th among China’s new first-tier cities, with a commercial resource concentration ranking 9th nationally, and it is the only pilot city in central and western China for “international consumption environment construction.” Being rooted in Xi’an means we naturally stand at the forefront of the consumption upgrade in the Northwest.

2. Locational Advantage: An Irreplaceable Traffic Gateway

The project is located in the core of the national-level ecological zone — Chanba International Port. Surrounding residential areas have increased from 285 to 496, with a permanent population of approximately 750,000. It seamlessly connects with Metro Line 3, radiating to a 300-kilometer radius covering 60 million people. This dual advantage of “deep local customer base + wide regional radiation” is rare among national outlets.

3. Business Model: Xi’an is the Birthplace of the “Super Outlet”

The Xi’an project is precisely the first fully realized work where Sasseur applied its four mindsets and three major scenarios. It epitomizes the three key elements of Sasseur’s “art commerce” creation — local culture, scarce ecology, and modern commerce. The project draws inspiration from the farming culture of the Guanzhong region, integrating the form of cave dwellings into the modern commercial space (local culture). Situated in the national-level Chanba Ecological Zone (scarce ecology), it has created a composite living space integrating shopping, parenting, sports, and social interaction (modern commerce), meeting contemporary consumers’ dual pursuit of quality and experience. It is the organic fusion of these three elements that has completely broken the homogenization dilemma of the traditional “pure marketplace” outlet, making the Xi’an project a template for our national replication.

4. Brands and Categories: Recognized Leader in Northwest Outlets

The project houses approximately 400 brands, centered around top-tier A-category brands in each segment. In 2025, several brands achieved the highest sales nationally or in the Northwest. These figures indicate that in the Northwest outlet track, we are not only the sales leader but also the preferred cooperation platform recognized by brand owners.

5. Operations and Members: High-Viscosity Private Domain as a Performance Anchor

A unique “static value + dynamic value” merchandise management system, combined with original IP events like the “Spring Shopping Carnival,” “36-Hour Non-Stop Sale,” and “Red Fifth Season,” continuously improves sell-through rates and conversion. By the end of 2025, the Xi’an project had accumulated approximately 2.2 million members, with member sales contributing the vast majority of total sales. In Q1 2026, the number of members increased by 25.68% year-over-year, continuously strengthening the depth and activity of the private domain pool. This means performance growth does not rely on external traffic fluctuations but is built upon a highly loyal, frequently repurchasing private domain pool — providing predictable assurance for the REIT’s stable cash flow.

6. Footfall and Performance: Strategic Validation of the Six Dimensions

In 2025, the project attracted approximately 12.59 million visits, with sales of about 2.791 billion yuan, ranking first among Northwest outlets for several consecutive years and becoming the only outlet in the Northwest to enter the national TOP 10. Entering 2026, the growth momentum continues — Q1 total sales reached approximately 868 million yuan, a 14.64% year-over-year increase, with operating income and net operating income growing by 14.75% and 23.63% respectively. As the latest testament to this focus and strength, the project’s asset valuation is 5.028 billion yuan, representing a 459% increase over the initial investment; the average occupancy rate has been above 98% for three consecutive years; net income grew from 277 million yuan in 2023 to 313 million yuan in 2025.

It is the synergistic effect of these six dimensions that has forged the irreplicable competitive moat of Sasseur (Xi’an) Outlet. For the capital market, these numbers point to one conclusion: This is an “asset machine” proven over nine years, capable of generating stable and sustained cash flow. The 459% appreciation rate is the market’s quantitative recognition of our core ability to “operate an ordinary commercial property into a cash cow.”

II. Nearly Two Decades of Deep Cultivation: Sasseur’s Strategic Resolve and National Layout

The success of the Xi’an project is not an isolated case. Behind it lies the Group’s nearly two-decade-long unwavering strategic resolve — focusing on the outlet track, never deviating.

Since entering the outlet sector in 2008, Sasseur has remained steadfast in the main航道 of “Art Commerce • Super Outlet” for 18 years, regardless of industry cycles. This focus has allowed us to channel all resources and wisdom into one thing: how to reshape the outlet with art, and how to realize value through operations.

Art is the main theme running through Sasseur’s development. From the opening of our first store to today, we have insisted on infusing artistic DNA into commercial spaces: replacing rigid marketing with emotional connection, redesigning the shopping experience with aesthetic design, and connecting emotional needs with local culture. This path has received high praise and validation from authoritative international media.

Driven by focus and art, Sasseur has gradually built a national outlet footprint. As of the end of 2025, it has deployed 20 Super Outlets in 18 cities, including Chongqing, Hangzhou, Nanjing, Hefei, Kunming, Changchun, Xi’an, Guiyang, and Changsha, with 18 projects in operation, covering a total area of over 2.4161 million square meters (including under construction). Each city’s project follows the philosophy of “one city, one benchmark,” becoming the top choice for local consumers.

On the capital front, we are equally committed practitioners. Sasseur adheres to a “light and heavy asset combination” development model: benchmark projects in core cities are self-owned and operated to build capabilities, while leveraging the REIT platform for capital recycling. In 2018, Sasseur Real Estate Investment Trust was listed on the mainboard of the Singapore Exchange, becoming Asia’s first outlet REIT. It has operated smoothly for eight years, with a dividend yield of 8.9%, a leverage ratio of 25.1%, and an occupancy rate of 98.8%, proving the cross-cycle stability of outlet assets to the global market.

From Chongqing Liangjiang to a footprint across 18 cities, from the SGX REIT to the SSE REIT, we have always insisted on using self-owned operations to build core capabilities and model innovation to navigate consumption changes — this is the key to consistently staying in the first tier of the outlet track for nearly two decades. The Xi’an project is the most mature fruit of this methodology.

III. The Significance of the Listing: More Than Just Sasseur’s Success

The value of this Guotai Haitang Sasseur Commercial REIT listing extends far beyond the company itself.

For the industry, Sasseur (Xi’an) Outlet provides a replicable model for commercial real estate securitization. It clearly answers three questions: What kind of assets are suitable for securitization? — Mature projects with solid operational data, stable cash flow, and long-term high occupancy rates. How can asset value be enhanced through operations? — Continuously injecting vitality through business format innovation, scene iteration, and refined member management. How can REITs feed back into physical commerce? — Through capital recycling, allowing operators more resources for existing project renovation and new project expansion. Our practice explores a replicable path of “operations-driven + capital exit” for peers.

For the city of Xi’an, Sasseur (Xi’an) Outlet is a benchmark for urban commercial upgrading. As a premier consumption landmark in Northwest China, Sasseur (Xi’an) Outlet leverages the superior location of the Chanba Ecological Zone and its unique art commerce space. It has not only become a regional commercial leader with annual sales approaching 2.8 billion yuan but has also continuously driven the overall commercial vitality of the Chanba Ecological Zone. The project has directly and indirectly created thousands of jobs and contributes stable tax revenue annually, becoming a significant boost to Xi’an’s construction of an international consumption center city.

For innovation in physical commerce, this listing sends a clear signal: The value of commercial real estate depends not on the foresight of land acquisition, but on the sustained operational effort invested. The 459% appreciation rate is powerful proof of this logic. As the industry enters the “deep waters” of the stock era, those who truly succeed will be the players who deeply cultivate operations, continuously innovate, and persistently create value for consumers.

IV. Future Outlook: Public REITs Empowering Asset Management Upgrades, Accelerating Light-Asset Expansion and Urban Renewal

We have formally established the core strategy of “light-asset expansion + urban renewal” dual-wheel drive. In terms of national store expansion, we will leverage the lightweight output of our brand, management, and resources, focusing on provincial capitals and high-potential prefecture-level cities to achieve low-cost, high-efficiency national scale deployment. In the field of urban renewal, we will deeply cultivate high-quality existing commercial resources in core cities. Through business format innovation, scene upgrades, and digital empowerment, we will transform old commercial properties into new urban commercial landmarks integrating trendy shopping, leisure socializing, and cultural tourism experiences. This effectively revitalizes existing assets while continuously supplying high-quality underlying assets for the public REIT platform, achieving a win-win situation between the company’s commercial value and the city’s social value.

From Xi’an Chanba to the Shanghai Securities Building, an outlet has completed the leap from a consumption landmark to a capital target. For Sasseur, this is just a new starting point. It is a significant milestone in Sasseur’s transition from an “outlet operator” to an “asset management platform,” and a benchmark example of the deep integration of private capital and professional operations in the process of China’s commercial real estate securitization.

But beneath all the grand narratives, Sasseur remains steadfast on two simple yet solid paths: Operations are the foundation of value creation; art is the soul of brand growth.

The “art commerce” that Sasseur consistently upholds is not a lofty concept but a daily practice — using AI to enhance efficiency, using art to bestow beauty, ensuring that what consumers gain at Sasseur is not just great value prices, but also a tangible and beautiful experience.

Sasseur will, as always, deliver on its promise of “leading global consumers towards a lifestyle of profound taste” with exceptional operational, product, and service capabilities.

From a coffee shop in 1989, to the global launch of the Super Outlet strategy in 2016, and to today’s dual REIT capital platform — Sasseur has connected the past, present, and future with the DNA of art commerce. This is Sasseur’s most profound echo.

We firmly believe that the sound of the gong will ring out in more cities and more projects in the future. But more enduring than the gong’s sound is Sasseur’s art commerce spirit, rooted in daily operations and growing upwards — using unchanging internal strength to navigate a changing market; facing every cycle with composure.