Singapore $9.9 Billion Property Giant CapitaLand Asset Management Unit (CapitaLand Investment) Launches First China Onshore Master Fund (CLI RMB Master Fund) with $694 Million (CNY 5 Billion) Equity & Secured Major China Insurance Company to Invest for Majority Stake, Targets $2.7 Billion (CNY 20 Billion) Funds under Management When Fully Deployed, CLI RMB Master Fund Will Invest in Sub-Funds to Acquire High Quality, Income-Producing Assets with Long-Term Potential in Business Parks, Retail, Rental Housing & Serviced Residences in Tier 1 & Top Tier 2 Cities, Future Sub-Funds May Invest in Special Opportunities in Data Centres, Logistic Parks & Offices
22nd May 2025 | Hong Kong
Singapore property giant CapitaLand Group ($9.9 billion market value) asset management unit (CapitaLand Investment) has launched its first China onshore master fund (CLI RMB Master Fund) with $694 million (CNY 5 billion) equity & secured a major China insurance company to invest for a majority stake. The CLI RMB Master Fund is targeting $2.7 billion (CNY 20 billion) funds under management when fully deployed. The CLI RMB Master Fund will invest in sub-funds to acquire high quality, income-producing assets with long-term potential in business parks, retail, rental housing & serviced residences in tier 1 & top tier 2 cities, with future sub-funds may invest in special opportunities in data centres, logistic parks & offices. Announcement (21/5/25): “CapitaLand Investment Limited (CLI), a leading global real asset manager, has established its first onshore master fund in China, CLI RMB Master Fund, with a total equity commitment of RMB5 billion (S$921 million). CLI has secured a major domestic insurance company to take up a majority stake in the master fund in line with its asset-light strategy to grow its funds under management (FUM). The master fund is expected to contribute RMB20 billion (S$3.7 billion)1 to CLI’s FUM when fully deployed. The master fund will invest in a series of sub-funds that will seek to acquire high-quality, income-producing assets with long-term growth potential. The sub-funds will invest in business parks, retail, rental housing and serviced residences across Tier one and top Tier two cities. Future sub-funds may also invest in special opportunities in other sectors such as data centres, logistics parks and offices.” In 2025 April, CapitaLand Investment filed for retail REIT (CapitaLand Commercial C-REIT) IPO in China on Shanghai Stock Exchange. CapitaLand Commercial C-REIT comprised of CapitaMall SKY+ in Guangzhou & CapitaMall Yuhuating in Changsha. CapitaLand was founded in 2000 with the merger of Pidemco Land & DBS Land.
“ Singapore $9.9 Billion Property Giant CapitaLand Asset Management Unit (CapitaLand Investment) Launches First China Onshore Master Fund (CLI RMB Master Fund) with $694 Million (CNY 5 Billion) Equity & Secured Major China Insurance Company to Invest for Majority Stake, Targets $2.7 Billion (CNY 20 Billion) Funds under Management When Fully Deployed, CLI RMB Master Fund Will Invest in Sub-Funds to Acquire High Quality, Income-Producing Assets with Long-Term Potential in Business Parks, Retail, Rental Housing & Serviced Residences in Tier 1 & Top Tier 2 Cities, Future Sub-Funds May Invest in Special Opportunities in Data Centres, Logistic Parks & Offices “
Puah Tze Shyang, Chief Executive Officer of CLI China: “Leveraging our over 30 years of experience in China and deep on-the-ground expertise, our first master fund in China demonstrates CLI’s capabilities in structuring and launching a diversified suite of RMB funds tailored to domestic investors’ needs. This allows us to tap into a rising trend of insurance companies increasing their capital allocation to real estate in China, providing them opportunities to invest in a diversified and resilient portfolio of stabilised assets with core returns. With a major domestic insurance company as a co-investor in the master fund, we are well-placed to attract other insurance firms to invest in the sub-funds and rapidly expand our domestic investor base. With this new fund, we have successfully raised RMB54 billion across seven RMB funds since 2021, demonstrating the strong momentum of our domestic-for-domestic fund strategy to grow FUM and recurring fee income.”
Kara Wang, Chief Investment Officer of CLI China: “CLI’s strong balance sheet enables us to co-invest in our private funds, aligning our interests with those of our capital partners. The master fund’s strategy of investing in asset classes such as business parks, retail, rental housing and serviced residences aligns closely with China’s national priorities, supporting its transition into a consumption- and innovation-driven economy.”
Singapore $9.8 Billion Property Giant CapitaLand Asset Management Unit (CapitaLand Investment) Files for Retail REIT (CapitaLand Commercial C-REIT) IPO in China on Shanghai Stock Exchange, CapitaLand Commercial C-REIT Comprised of CapitaMall SKY+ in Guangzhou & CapitaMall Yuhuating in Changsha, CapitaLand Founded in 2000 with Merger of Pidemco Land & DBS Land
18th April 2025 – Singapore property giant CapitaLand Group ($9.8 billion market value) asset management unit (CapitaLand Investment) has filed for retail REIT (CapitaLand Commercial C-REIT) IPO in China on Shanghai Stock Exchange. CapitaLand Commercial C-REIT comprised of CapitaMall SKY+ in Guangzhou & CapitaMall Yuhuating in Changsha. CapitaLand was founded in 2000 with the merger of Pidemco Land & DBS Land. Announcement (17/4/25): “CapitaLand Investment Limited (CLI), a leading global real asset manager, today announced that it has applied for the registration and listing of its first real estate investment trust in China, to be named CapitaLand Commercial C-REIT (CLCR), with the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE). The listing would mark the first international-sponsored retail C-REIT and the first such C-REIT by a Singapore-based company once approved. This would increase funds under management of CLI’s listed funds platform, strengthening its leading position as Asia Pacific’s largest REIT sponsor-manager by market capitalisation. CLCR will invest in operating retail assets in China, benefiting from the Chinese government’s policies to stimulate domestic consumption. It will be seeded with two high-quality mature assets, CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha. The properties have a combined value of approximately RMB2.8 billion and a total gross floor area of 168,405 square metres (sqm) with an aggregate committed occupancy of 97%. CapitaMall SKY+ is currently jointly owned by CLI and CapitaLand Development (CLD) while CapitaMall Yuhuating is under CapitaLand China Trust (CLCT). As strategic investors, CLI, CLCT and CLD will collectively hold at least a 20% interest in CLCR. As the sponsor as well as the asset manager of CLCR, CLI will continue to operate CapitaMall SKY+ and CapitaMall Yuhuating post-launch. Additionally, CLI will support the growth of CLCR and CLCT through its ability to offer a quality pipeline of potential assets. CLI manages 43 operational retail properties across 18 cities with total retail assets under management of approximately S$18 billion in China.”
CapitaMall SKY+, a lifestyle hub located in Baiyun Central Business District in Guangzhou, serves a dense catchment of residential communities and office buildings. Directly connected to the Baiyun Park subway station on Line 2, the property is uniquely surrounded by two parks, offering a harmonious blend of nature and urban conveniences. A popular spot for social gatherings, the property boasts a trendy tenant mix that caters to shoppers’ varied needs, including cultural experiences, quality education, and a healthy lifestyle.
CapitaMall Yuhuating, an established community mall located in Yuhua District in Changsha, serves a high concentration of residential and office buildings. The property is conveniently accessible via two adjacent subway stations on Line 1 and Line 4 and will be directly connected to the future Yuhuating subway station on Line 7 (operational in 2027). In March 2023, CapitaMall Yuhuating completed an asset enhancement initiative, and was repositioned to include more lifestyle offerings and experiences to better cater to the local population.
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