Ascott Residence Trust (SGX:HMN) (ART) announced a gradual pick-up in recovery in the quarter ended 30 September 2020 (3Q 2020), as portfolio revenue per available unit increased 27% from previous quarter. This was however still a drop of 70% year-on-year. More properties reopened with 93% of properties operational as at 29 October 2020. Countries with long stays and recovery in domestic demands for large markets such as China helped pushed average portfolio occupancy to c.40%. increase of 10% from previous quarter. In Australia, 3Q 2020 RevPAU decreased 63% to AUD 471 mainly due to softer performance of the hotels as most state borders remained closed and could remain closed until late 2021 or December 2020. The decline in tourist demand has been mitigated by block bookings from Australia’s government, military and healthcare workers at some properties with near-term demand expected to come from interstate leisure segment. Properties in China achieved above-market portfolio occupancy of 60% in 3Q 2020 due...