— CapitaLand Investment (CLI) has established China Commercial Private REIT (CCPR) (stock code 269333) with an issue size of RMB3.15 billion, making it the largest private REIT sponsored by an international asset manager in China by issue size.
CCPR expands CLI’s onshore capital platform, complementing CapitaLand Consumption C-REIT which was listed in September 2025 and its RMB funds in China. Together, these investment vehicles provide CLI with additional avenues to recycle capital across its China portfolio and increase its recurring fee income.
The establishment of China Commercial Private REIT marks another milestone in advancing our domestic-for-domestic growth strategy and diversifying our capital recycling channels in China. From RMB funds and C-REITs to sustainability-linked panda bonds and private REITs, we continue to deepen domestic capital partnerships and expand our private and public fund offerings to serve different investor needs. This reinforces our ability to grow alongside China’s capital markets while unlocking value from quality assets with value-creation potential such as CapitaMall LuOne.
– Mr Puah Tze Shyang, CEO of CLI China –
Mr Puah Tze Shyang, CEO of CLI China
“China Commercial Private REIT has drawn strong reception from bank wealth management institutions, insurance companies, trust companies and securities firms. Of the 11 institutional investors who have subscribed to our private REIT, 10 are investing in CLI’s private fund products for the first time, demonstrating confidence in CLI as a trusted partner of choice. Looking ahead, we will continue to evaluate opportunities for our private REIT platform, offering investors more diversified capital allocation opportunities and deepening CLI’s partnerships with institutional investors in China,” Mr Puah added.
CCPR’s seed asset, CapitaMall LuOne
CCPR is seeded with CapitaMall LuOne, a flagship integrated development in Shanghai’s Xintiandi precinct. CLI will continue to manage CapitaMall LuOne, leveraging its over 30 years of operating and asset management expertise in China and international network of tenants to enhance the performance and long-term value of the asset.
Located in downtown Shanghai, CapitaMall LuOne is directly connected to two major metro lines and surrounded by established upscale residential neighbourhoods and key business districts. Designed by renowned architect Moshe Safdie, whose iconic works include Jewel Changi Airport and Raffles City Chongqing, CapitaMall LuOne integrates premium retail and office space with over 130,000 square metres of leasable area. With several surrounding residential projects expected to be completed over the next three years to support population growth, the property is expected to continue to see strong local demand.
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