CapitaLand Commercial C-REIT (CLCR) has received the green light from the China Securities Regulatory Commission (CSRC) to proceed with its listing on the Shanghai Stock Exchange. This landmark approval positions CLCR as China’s first international-sponsored retail C-REIT, with the listing anticipated by the fourth quarter of 2025. The move is set to raise approximately RMB2.1b (S$375m) through the issuance of 400 million units.
The listing of CLCR represents a strategic expansion for CapitaLand Investment Limited (CLI), which aims to strengthen its position as Asia Pacific’s largest REIT manager by market capitalisation. This initiative aligns with CLI’s domestic-for-domestic fund strategy, designed to tap into onshore capital and enhance its funds under management and recurring fee income.
CLCR’s initial portfolio will focus on high-quality retail assets in China, capitalising on government policies to boost domestic consumption. The portfolio includes CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, offering a combined gross floor area of 168,405 square metres and a 96% occupancy rate as of 31 March 2025. These assets promise stable rental income, supported by a diversified tenant base and experienced asset management teams.
CLI, along with strategic investors CLCT and CLD, will maintain at least a 20% interest in CLCR. CLI will continue to manage the assets post-listing, leveraging its extensive experience in the Chinese market, where it manages 43 retail properties across 18 cities. With a total market capitalisation of S$38b as of 30 June 2025, CLI’s expertise is expected to drive the growth of CLCR and its associated entities.
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