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

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

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