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Singapore, 21 May 2025 - CapitaLand Investment Limited (CLI), a leading global real asset manager, has established its first onshore master fund in China, CLI RMB Master Fund, with a total equity commitment of RMB5 billion (S$921 million)¹.  CLI has secured a major domestic insurance company to take up a majority stake in the master fund in line with its asset-light strategy to grow its funds under management (FUM).  The master fund is expected to contribute RMB20 billion (S$3.7 billion)¹ to CLI’s FUM when fully deployed. 

The master fund will invest in a series of sub-funds that will seek to acquire high-quality, income-producing assets with long-term growth potential.  The sub-funds will invest in business parks, retail, rental housing and serviced residences across Tier one and top Tier two cities.  Future sub-funds may also invest in special opportunities in other sectors such as data centres, logistics parks and offices.

CLI in China

CLI has a resilient and well-diversified portfolio of more than 300 properties across over 40 cities.  This includes office, retail, lodging, business parks, logistics and data centres in five core Tier one and two city clusters².

The launch of the master fund follows CLI’s announcement in April 2025 that it has applied to list its first real estate investment trust in China, to be named CapitaLand Commercial C-REIT³.  The first international-sponsored retail C-REIT will broaden CLI’s access to domestic capital and further grow its recurring fee income.

^Notes

^{1. Based on exchange rate of RMB1 to S$0.184250.}

^{2. CLI’s five core city clusters in China to focus its growth on are Beijing / Tianjin; Shanghai / Hangzhou / Suzhou / Ningbo; Guangzhou / Shenzhen; Chengdu / Chongqing / Xi’an and Wuhan.}

^{3. Refer to news release “CapitaLand Investment announces application to launch inaugural onshore REIT in China with RMB2.8 billion of assets” dated 17 April 2025 for more details.}