Deloitte China assists listing of CapitaLand Commercial C-REIT on SSE
China's 1st international-sponsored retail C-REIT
Deloitte China successfully assisted the listing of CapitaLand Commercial C-REIT (CLCR, fund code: 508091) on Shanghai Stock Exchange (SSE) on 19 September 2025. Following this listing, CLCR has become China's 1st international-sponsored retail C-REIT.
CLCR has raised RMB2.29 billion by issuing 400 million units at RMB5.718 per unit, exceeding the initial estimate of RMB2.14 billion.
CLCR's sponsor and operational manager, CapitaLand Investment (CLI), is the earliest REIT manager in Singapore. By market capitalization, it is also the largest REIT manager in Singapore, where its five REITs and business trusts account for about one-third of the total market capitalization of all REITs. CLCR's successful listing sets a milestone in the internationalization and diversification of China's public REIT market.
CapitaLand Commercial C-REIT's listing ceremony at SSE.
(from left) Allen Wang, Audit & Assurance (A&A) senior manager; Lee Hui San, CFO of CapitaLand Investment (China); Puan Tze Shyang, CEO of CapitaLand Investment (China); Dick Kay, National leader of Capital Market Services Group; and Neo Lin, Eastern Region leader of A&A of Deloitte China attend the CapitaLand Commercial C-REIT listing ceremony in SSE.
(from left) Allen Wang, Dick Kay and Neo Lin attend the CapitaLand Commercial C-REIT listing ceremony in SSE.
Client overview
CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha are the two underlying assets of the CLCR. These two assets form a portfolio that combines a Tier 1 city with a core city, and include a community-type shopping mall and a regional shopping mall.
Deloitte's role
As the audit professional service provider for CLI and the auditor for the underlying asset transfer of CLCR, Deloitte achieved seamless collaboration between its China and Singapore teams during the project, demonstrating its extensive industry experience and outstanding technical expertise in REITs while efficiently completing all the tasks.
Deloitte's huge contribution to professional expertise in listing infrastructure REITs
Since the launch of publicly traded infrastructure REITs in China four years ago, Deloitte China has been the leader in professional services for this sector. We have assisted the listings of the Hua'an Zhangjiang, Shekou Industrial Park, Shekou Industrial Park, Guojin Railway Construction Chongqing Suining Expressway, ICBC Hebei Expressway, China AMC Shenzhen International, CM Fund Shekou Rental Housing, CM Expressway, and CICC Fund Vipshop Outlet REITs, and the expansion of Shekou Industrial Park REIT. Furthermore, Deloitte China has been retained as the annual report auditor of the Jinmao Commercial, JiaShi JD Warehousing and Southern S.F. Logistics listed REITs.
Deloitte China has also assisted several publicly traded infrastructure REIT projects with their listing applications. Their diverse underlying assets include consumer infrastructure, rental housing, transportation facilities, industrial parks, warehousing logistics, environmental protection facilities, municipal infrastructure, and cultural and tourism scenic spots assets. As a specialist in publicly traded infrastructure REITs, many partners of Deloitte China has participated in research and discussions initiated by regulatory and approval authorities including the National Development and Reform Commission, the China Securities Regulatory Commission, Ministry of Finance, and stock exchanges in Shanghai and Shenzhen.
Looking ahead, Deloitte China will continue to adhere to the philosophy of “locally rooted, globally connected”, blending Chinese characteristics and international practical experience. We will unwaveringly serve at the forefront of China's reform and opening-up, economic construction, and innovative financial products, committed to contributing our professional wisdom and strength to the healthy development of a multi-level REIT market with publicly traded infrastructure REITs at its core.
We once again congratulate CapitaLand Commercial C-REIT on its successful debut on SSE. We will continue to provide high quality professional services and outstanding resources integration to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected firm with deep roots locally, owned by our partners in China. With over 20,000 professionals across 31 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit, tax and consulting services.
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