CapitaLand Commercial C-REIT to List on Shanghai Bourse

Singapore’s CapitaLand Commercial C-REIT (CLCR) has received approval from the China Securities Regulatory Commission (CSRC) to register for its listing on the Shanghai Stock Exchange. CLCR is expected to raise approximately $292 million through the issuance of 400 million units.

This marks a significant milestone for CapitaLand Investment Limited (CLI) as CLCR will become China’s first international-sponsored retail C-REIT upon listing, which is expected to take place by end of this year.

CLCR will be CLI’s eighth listed fund, expanding its REIT management platform to China and strengthening CLI’s leading position as Asia Pacific’s largest REIT manager by market capitalisation.  The listing aligns with CLI’s domestic-for-domestic fund strategy to tap onshore capital and grow its funds under management and recurring fee income.

High Quality Seed Portfolio

CLCR will invest in operating retail assets in China, benefiting from the Chinese government’s policies to stimulate domestic consumption. 

The initial portfolio comprises two well-located retail assets – CapitaMall SKY+ Gunazhou and CapitaMall Yuhuating, Changsa – in Tier-1 and strong Tier-2 cities, with a combined gross floor area of 168,405 sq. m. and an overall occupancy rate of 96% as at 31 March 2025:

While CapitaMall SKY+, Guangzhou is a lifestyle destination in the Baiyun Central Business District, directly connected to Baiyun Park subway station.  It caters to a vibrant residential and commercial catchment, CapitaMall Yuhuating, Changsha is an established community mall in Yuhua District with easy access to two subway lines and a future direct connection to Line 7.  It serves a dense population of residents and office workers.

These assets provide stable rental income, supported by a diversified tenant base and experienced on-the-ground asset management teams with a strong track record in reconfiguring retail spaces to maximise returns and curating experiential environments. 

Supported by Strong Sponsors

As strategic investors, CLI, CLCT and CLD will collectively hold at least a 20% interest in CLCR.  As the sponsor and asset manager of CLCR, CLI will continue to operate CapitaMall SKY+ and CapitaMall Yuhuating post-listing. Additionally, CLI will support the growth of CLCR and CLCT through its ability to offer a quality pipeline of potential assets.

As the largest REIT manager in Asia Pacific with a total market capitalisation of $29.59 billion as at 30 June 2025, CLI brings deep REIT and China market expertise to CLCR.

CLI launched Singapore’s first S-REIT in 2002, now known as CapitaLand Integrated Commercial Trust, Singapore’s largest REIT. It holds stakes in seven listed funds: five in Singapore, one in Malaysia and one in Japan and its Singapore-listed REITs and business trusts account for about one-third of the total market capitalisation of all REITs and business trusts in Singapore as at 30 June 2025.

CLI has over 30 years of experience operating in China and manages 43 operational retail properties across 18 cities with total retail assets under management of approximately $14.02 billion in China.