September 5, 2025 10:43 PM GMT Gaming, Lodging and Real Estate | Asia Pacific TWA#36/2025: Positive on Malls in China and India We believe Chinese luxury malls will benefit from rising inbound tourists. We upgraded HLP to OW. Indian malls should benefit from GST cuts on products sold in malls. We expect SJM's weaker position to continue. 3Q25 RevPAR rebound is leisure- driven, and 4Q25 might slip. China Hotels: • What's the outlook, post summer holiday? What's the outlook, post summer holiday? India Propert ...