CapitaLand Investment Limited (CLI) has successfully closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), under its RMB Master Fund. This new sub-fund, which includes contributions from several onshore institutional investors, has reached a total fund size of RMB1b ($183m). CRF I is projected to add RMB1.48b ($271m) to CLI’s funds under management when fully deployed.
The sub-fund will be seeded with CapitaMall Xinduxin, a prime retail asset located in Qingdao’s Shibei District. This shopping mall, boasting a gross floor area of 141,000 square metres and a committed occupancy of approximately 99.6%, is directly connected to Qingdao’s subway line 3. CLI will continue to manage the property, ensuring ongoing fee income.
Puah Tze Shyang, CEO of CLI (China), highlighted the swift success of the RMB Master Fund, stating, “Since launching our RMB Master Fund in May, we have received strong investor endorsement with the close of two sub-funds in quick succession.” He emphasised the investment opportunities presented by CRF I in a well-located retail asset with a strong catchment area.
Kara Wang, CIO of CLI (China), noted the strategic approach of recycling quality assets into RMB funds, saying, “The recapitalisation of CapitaMall Xinduxin reflects our disciplined approach to recycling quality assets into RMB funds under our domestic-for-domestic strategy.”
CLI’s first sub-fund, China Business Park RMB Fund IV, closed in September 2025 with a total equity commitment of RMB1.74b ($318m). With a robust pipeline of assets across Tier one and top Tier two cities, CLI is poised to support future sub-funds under its RMB Master Fund.
