CapitaLand Commercial C-REIT gets approval for Shanghai listing

The listing is expected in Q4 2025.

CapitaLand Commercial C-REIT (CLCR) has secured approval from the China Securities Regulatory Commission (CSRC) to register for listing on the Shanghai Stock Exchange, making it China’s first international-sponsored retail C-REIT. The listing is expected in the fourth quarter of 2025.

CLCR is CLI’s eighth listed fund and marks its expansion into China, supporting CLI’s strategy to tap onshore capital and grow recurring fee income.

The REIT is projected to raise approximately $375m (RMB 2.1b) through the issuance of 400 million units.

CLCR will primarily invest in operational retail assets in China, benefiting from government policies aimed at stimulating domestic consumption.

Its initial portfolio includes two retail assets. CapitaMall SKY+ in Guangzhou, located in Baiyun CBD and connected to Baiyun Park subway station, serves a busy residential and commercial area. CapitaMall Yuhuating in Changsha, in Yuhua District, is accessible by two subway lines and a future Line 7 connection, serving a dense population of residents and office workers.

Combined, the assets cover 168,405 sq m with 96% occupancy as of 31 March 2025.

Strategic investors CLI, CLCT, and CLD will collectively hold at least a 20% stake in CLCR. CLI will continue managing both malls post-listing and leverage its experience to expand CLCR’s portfolio.

CLI, Asia Pacific’s largest REIT manager with $38b in market capitalisation, has over 30 years in China, managing 43 retail properties across 18 cities with total assets of S$18 billion.