CapitaLand Investment lists China’s first international-sponsored retail C-REIT

CLCR opened at $1.23 per unit, 19.6% above its IPO price.

CapitaLand Investment Limited (CLI) has listed CapitaLand Commercial C-REIT (CLCR) on the Shanghai Stock Exchange, China’s first international-sponsored retail C-REIT.

CLCR began trading under the stock code 508091 at $1.23(RMB6.84) per unit, 19.6% above its initial public offering (IPO) price of RMB5.718 per unit.

The IPO raised $409m (RMB2.29b) through the issuance of 400 million units, exceeding initial estimates of $382m (RMB2.14b) by 7%.

Based on the IPO price, CLCR’s forecast distribution yield is 4.40% for FY 2025 and 4.53% for FY 2026.

The listing strengthens CLI’s position as the largest REIT manager in Asia Pacific and expands its REIT platform into China.

CLI now has stakes in eight listed funds across Singapore, China, Malaysia, and Japan, with a combined market capitalisation of $42b.

Separately, CLI closed the first sub-fund under its CLI RMB Master Fund, China Business Park RMB Fund IV, with an equity commitment of $95m (RMB529m).

The Master Fund has $921m (RMB5b) in total equity and targets income-producing assets. A second sub-fund focused on retail assets is planned for Q4 2025, targeting $162m (RMB900m).

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia