Capitaland Commercial C-REIT Listed on Shanghai Bourse

CapitaLand Investment Limited (CLI), a leading global real asset manager, on Monday 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 19.6% above its initial public offering (IPO) price of $0.80 per share and CLCR strengthened 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 $32.56 billion.

CLCR has raised $317.04 million by issuing 400 million IPO shares at $0.80 per share exceeding the initial estimate of $296.11 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 China CEO Puah Tze Shyang said that 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, they were building a high-quality C-REIT platform that delivers long-term value to investors, Shyang said.

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 $698.41 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,” he added.

Strong Investor Demand

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 shares 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 shares. CLI and CLD have divested CapitaMall SKY+ in Guangzhou and CLCT is divesting CapitaMall Yuhuating in Changsha into CLCR as seed assets.

CapitaLand China Trust Management Limited CEO and manager of CLCT Gerry Chan said that our strategic participation in CLCR positions CLCT to capitalise on the rapid growth of China’s C-REIT market, further enhancing returns for shareholders.

“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,” Chan added.

CLI Closes First Sub-Fund

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 $713.91 million in total equity commitment and invests in a series of sub-funds that acquire income-producing assets with long-term growth potential.

China Business Park RMB Fund IV has closed with an equity commitment of $73.64 million 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 $125.57 million.

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 $7.75 billion across its eight onshore funds.