China's First Foreign-Invested Consumer REITs Project Listed On Shanghai Stock Exchange

On the occasion of the 35th anniversary of the establishment of diplomatic relations between China and Singapore, the CapitaLand Commercial REIT was listed on the Shanghai Stock Exchange (SSE) on September 29. It is the first consumer REIT in China initiated and established by an international asset management company. This represents a concrete practice and vivid example of the SSE, under the guidance of the China Securities Regulatory Commission (CSRC), in continuously advancing the opening-up of China's capital market. It marks a key step in the internationalization and diversification of China's REITs market and provides an exemplary model for foreign institutions to participate deeply in China's REITs market. The controlling shareholder of the primary originator of the CapitaLand Commercial REIT, CapitaLand Investment Limited (CLI), is an internationally renowned real estate asset management company founded in Singapore. The underlying assets of this REITs product are two mature shopping centers located in the core business districts of Guangzhou and Changsha, both demonstrating strong operational performance. These assets offer domestic capital market investors a new option for allocating consumer-oriented real estate. The funds recovered from the project will mainly be used for the construction and acquisition of high-quality assets within China, playing an active role in enhancing consumer supply capacity and boosting and expanding consumption. CLI manages more than 40 retail properties across 18 cities in China, with assets exceeding RMB 80 billion, providing a rich reserve of assets for future additional issuances of REITs products. As of now, the SSE has seen 51 REITs projects successfully launched, raising a total of RMB 134.39 billion. The types of underlying assets continue to expand, market participants have become more diverse, and investor profiles are increasingly varied, creating a strong scale effect and demonstration effect. Looking ahead, the SSE will earnestly implement the work deployment of the CSRC, remain committed to serving the real economy and national strategies, actively advance the opening-up of the capital market, and promote the continuous optimization of the REITs market ecosystem. These efforts will ensure stable and orderly market operations, enhance the sense of gain among market participants, and better support the high-quality development of the real economy.