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Chile's Parque Arauco shopping centers affected by unrest

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Chile's Parque Arauco shopping centers affected by unrest

Chilean property company Parque Arauco SA said several of its shopping malls were damaged in anti-government demonstrations.

The company, which has 29 assets in the country, said some were affected by property damage, vandalism and store looting. Arauco Quilicura and Arauco Coronel were most affected, and the company does not have an accurate estimate of the extent of their damage, or the time or investment needed for their re-opening.

The assets are covered by insurance, Parque Arauco said.

Operations at Parque Arauco's regional malls, outlets and strip centers were suspended Oct. 20 and 21, and shops were gradually opened with reduced operating hours starting Oct. 22.

A proposed increase in subway fare in the capital Santiago sparked massive demonstrations over social inequality, some of which turned violent. President Sebastian Piñera declared a state of emergency Saturday and deployed troops onto the streets.