The biggest mall operator in the US, Simon Group, announced this week that it will open dozens of locations across the
US. With Macy's and other retailers following suit in states where restrictions have been relaxed, investors, consumers
and retailers will be watching with interest to see how soon visitor numbers begin to recover.

One indicator of customer appetite for returning to stores in the US is to look at how foot traffic to malls in China
has fared since restrictions began to be lifted in late February and early March.

Our China Mall index includes a representative sample of the biggest malls in mainland China. Following a steep decline
in traffic numbers in January, visitor numbers to malls has been increasing very gradually but with a clear upward
trend. By mid-April, foot traffic was trending towards almost 30% of that seen in December 2019, before the pandemic had
hit.

We will be watching with interest as an increasing number of retailers begin to reopen and customers become more
comfortable with going back to shopping, albeit in a much changed environment.