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CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
CapitaLand Commercial C-REIT debuts on Shanghai Stock Exchange as China’s first international-sponsored retail C-REIT
CLCR and CLI RMB Master Fund demonstrate continued momentum in CLI’s capital recycling and domestic-for-domestic fund strategy
29 Sep 2025
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CapitaLand Investment (CLI) marked the listing of CapitaLand Commercial C-REIT, China’s first international-sponsored retail C-REIT, on the Shanghai Stock Exchange (SSE) with a gong-striking ceremony. (From left to right) Mr Zou Ying Guang, Executive Director and General Manager, CITIC Securities; Mr Gerry Chan, CEO, CapitaLand China Trust Management Limited; Mr Lee Chee Koon, Group CEO, CLI; Mr Puah Tze Shyang, CEO, CLI (China); Mr Ben Lee, CEO, CapitaLand Development (China); and Ms Li Yi Mei, General Manager, China Asset Management, strike the gong to commemorate the occasion.
Singapore / Shanghai, 29 September 2025 – CapitaLand Investment Limited (CLI), a leading global real asset manager, today announced the successful listing of CapitaLand Commercial C-REIT (CLCR), China’s first international-sponsored retail C-REIT, on the Shanghai Stock Exchange.
CLCR opened trading under the stock code 508091 at RMB6.840 (S$1.23)[1], 19.6% above its initial public offering (IPO) price of RMB5.718 per unit. CLCR strengthens CLI’s position as Asia Pacific’s largest REIT manager by market capitalisation and expands its REIT management platform into China. With the successful listing of CLCR, CLI now holds stakes in eight listed funds in Singapore, China, Malaysia and Japan, with a total market capitalisation of about S$42 billion[2].
CLCR has raised RMB2.29 billion (S$409 million) by issuing 400 million IPO units at RMB5.718 per unit, exceeding the initial estimate of RMB2.14 billion (S$382 million) by 7%. Based on the IPO price, CLCR’s forecast distribution yield is 4.40% for FY 2025 and 4.53% for FY 2026.
CLI RMB Master Fund’s first sub-fund closes and acquires first asset
In addition to the listing of CLCR, CLI has closed the first sub-fund, China Business Park RMB Fund IV, under its inaugural onshore master fund in China, CLI RMB Master Fund. Established in May 2025 with a major domestic insurance company as co-investor, the Master Fund has RMB5 billion (S$921 million) in total equity commitment and invests in a series of sub-funds that acquire income-producing assets with long-term growth potential.
Mr Puah Tze Shyang, CEO of CLI China
China Business Park RMB Fund IV has closed with an equity commitment of RMB529 million (S$95 million[1]) from the Master Fund. As part of its capital recycling strategy, CLI has divested a business park into this sub-fund. CLI also plans to launch a second sub-fund focused on retail assets in 4Q 2025 with a target equity commitment of RMB900 million (S$162 million[1]). CLI has a pipeline of retail assets, logistics parks and rental housing across Tier one and top Tier two cities that could potentially provide growth opportunities for this platform. Since 2021, CLI has raised a total of RMB54 billion (S$10 billion[1]) across its eight onshore funds.
Mr Puah Tze Shyang, CEO of CLI China, said: “The successful listing of CLCR marks a watershed moment for both CLI and the C-REIT market. By bringing global best practices and over 30 years of experience in China, we are building a high-quality C-REIT platform that delivers long-term value to investors. The listing of CLCR and the continued growth of our RMB Master Fund demonstrate strong momentum in our capital recycling journey and pivot to asset-light business model. Year-to-date, we have recapitalised approximately RMB5 billion (S$901 million) of assets in the country. This will enable us to strengthen our balance sheet and redeploy capital into strategic opportunities aligned with China’s economic priorities. The listing of CLCR and our RMB funds also support our domestic-for-domestic fund strategy to tap into China’s substantial capital market to grow our funds under management and recurring fee income.”
Strong investor demand for CLCR
CLCR’s IPO has set a benchmark for CLI in the C-REIT market, achieving a record-breaking offline institutional subscription rate, the highest among retail C-REITs in China. The majority of the IPO units were allocated to insurance companies, strategic capital investors and securities firms. CLI, CapitaLand China Trust (CLCT) and CapitaLand Development (CLD) collectively hold a 20% interest in the IPO units. CLI and CLD have divested CapitaMall SKY+ in Guangzhou and CLCT is divesting CapitaMall Yuhuating[3] in Changsha into CLCR as seed assets.
Mr Gerry Chan, CEO of CapitaLand China Trust Management Limited, the manager of CLCT, said: “Our strategic participation in CLCR positions CLCT to capitalise on the rapid growth of China’s C-REIT market, further enhancing returns for unitholders. By divesting CapitaMall Yuhuating into CLCR at a premium, we are able to crystallise value from a mature asset while advancing our ongoing portfolio reconstitution strategy. CLCR also broadens our access to domestic capital, offering an additional platform to expand our investor base and enhance liquidity. As the only overseas REIT providing investors exposure to China’s C-REIT market, CLCT offers a distinctive value proposition. We will continue to pursue opportunities to strengthen CLCT’s diversified multi-asset class portfolio, providing global investors with access to quality assets in China’s key growth markets.”
Mr Ben Lee, CEO of CLD China, said: “Commercial real estate remains a key driver of China’s economic growth. The successful listing of CLCR, China’s first international-sponsored retail C-REIT, marks a milestone for CLD. It provides a platform to optimise CLD’s quality commercial assets portfolio in China while efficiently recycling capital for reinvestment. CLCR will support CLD’s long-term growth across China’s real estate sector by strategically repositioning assets to enhance operational performance and deliver greater value to stakeholders.”
CLCR’s high-quality portfolio
CLCR’s diversified portfolio supports stable returns, anchored by two well-located retail assets, CapitaMall SKY+ and CapitaMall Yuhuating, with a combined value of approximately RMB2.6 billion. The two malls span a total gross floor area of 168,405 square metres (sq m) and have an overall committed occupancy rate of 96%[4].
Mr Gerry Chan, CEO of CapitaLand China Trust Management Limited, the manager of CLCT
Mr Ben Lee, CEO of CLD China
With the successful listing of CLCR, CLI now holds stakes in eight listed funds in Singapore, China, Malaysia and Japan, with a total market capitalisation of about S$42 billion2.
CLCR opened trading at RMB6.84 (S$1.23)1, 19.6% above its initial public offering (IPO) price of RMB5.718 per unit.
CapitaLand Commercial C-REIT’s initial portfolio comprises two well-located retail assets, CapitaMall SKY+ (above) in Guangzhou and CapitaMall Yuhuating in Changsha. The properties have a combined value of approximately RMB2.6 billion and an aggregate committed occupancy of 96.0%.
CLCR focuses on high-quality income-producing retail assets in top-tier cities, leveraging the resilient mass consumer market and government policies aimed at driving domestic consumption. As the sponsor and the asset manager of CLCR, CLI will continue to operate CapitaMall SKY+ and CapitaMall Yuhuating, bringing CLI’s strong operational expertise, active asset management capabilities and extensive tenant network to unlock long-term value for investors.
Additionally, CLI will support the growth of CLCR and CLCT through its ability to offer a quality pipeline of potential assets. In China, CLI manages 43 operational retail properties across 18 cities with total retail assets under management of approximately S$18 billion[5].
Please refer to the Annex for more details on CapitaMall Sky+ and CapitaMall Yuhuating.
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NOTES
[1] Based on exchange rate of RMB1 to S$0.17985.
[2] Market capitalisation for CLI’s seven listed funds as at 23 September 2025. Includes Japan Hotel REIT (JHR) through CLI’s 40% stake in SC Capital Partners Group, the sponsor of JHR.
[3] Legal completion of the divestment is expected by end October 2025.
[4] As at 31 March 2025.
[5] As at 30 June 2025.
