Deloitte China assists listing of CICC Vipshop Commercial REIT on SSE
Deloitte China successfully assisted the listing of the CICC Vipshop Commercial Real Estate Closed-End Commercial Real Estate Investment Trust (“CICC Vipshop Commercial REIT”, fund code: 508603) on the Shanghai Stock Exchange (“SSE”) on 18 June 2026.
CICC Vipshop Commercial REIT raised a total of RMB7.696 billion, making it the largest commercial real estate REIT in terms of fundraising scale among the 1st batch of commercial REITs listed on the capital market. It marks a strategic leap for Vipshop Holdings Ltd. (“Vipshop”), a brand discount e-commerce platform and integrated e-commerce player in China, expanding from consumer infrastructure REITs into the broader commercial REIT arena. The transaction sets a benchmark for private enterprises that are seeking to revitalize premium commercial assets.
Representatives of Deloitte China and Vipshop attend CICC Vipshop Commercial REIT’s listing ceremony at SSE.
(from left) Robert Ma, Southern Region Offering Services partner of Capital Market Services Group (CMSG) of Deloitte China; David Yu, growth officer of Audit & Assurance (A&A); and Simon He, A&A manager, attend the listing ceremony of CICC Vipshop Commercial REIT at SSE.
Client overview
The underlying assets of CICC Vipshop Commercial REIT comprise the Zhengzhou Shanshan Outlets store in Zhongmu County, Henan Province, and Harbin Shanshan Outlets in Heilongjiang Province. The original equity holder, Shanshan Commercial Group Co., Ltd., is a domestic outlet operator with years of deep industry expertise, specializing in the development, construction, operation, and management of outlet malls. The asset sponsor, Vipshop, focuses on operating discounted “brand flash sale” merchandise.
Deloitte's role
As Vipshop’s auditor and one of the core intermediaries for this project, Deloitte China was deeply involved throughout the entire listing process of CICC Vipshop Commercial REIT within an extremely tight filing window. Against the backdrop of the newly launched commercial REIT pilot scheme, concentrated filings of first batch projects, and intensive regulatory review timelines, the Deloitte team rose to the challenge—completing comprehensive audits of the underlying real estate project companies in a short timeframe. Our services included audits of the financial statements of the commercial projects, review of the fund’s distributable income calculation schedules, and audits of the financial statements of the project delivery financial statements.
During the project, the professional service team of Deloitte China worked collaboratively, leveraging their vast professional expertise and industry experience, and working prudently and diligently to deliver world-class services. The team also worked with other intermediaries to resolve various difficulties encountered during the listing process and completed the work with great efficiency and high quality. Their efforts were highly regarded by the issuer, fund manager, and other intermediaries.
Deloitte's Extensive Contributions to Public Infrastructure and Commercial REITs
Deloitte China has long been a leader in professional services for public infrastructure REITs. As the audit firm, we have supported the successful listing of the Guojin China Railway Construction REIT, ICBC Hebei Expressway REIT, China AMC Shenzhen International REIT, China Merchants Fund Shekou Rental Housing REIT, China Merchants Expressway REIT, China Merchants Sci-Tech Innovation REIT, China AMC CapitaLand Commercial REIT, and CICC Vipshop Commercial REIT, and serve as their ongoing annual report auditors. We also assisted the Bosera Shekou Industrial Park REIT in completing its follow-on offering.
As a tax advisor, Deloitte China supported the listings of the China AMC Huarun Youcha REIT and AVIC Esr Logistics REIT, further underscore our leading position in the public infrastructure REIT arena.
In addition, we have been appointed as the annual report auditor for the listed China AMC Jinmao Commercial REIT and Harvest JD Logistics REIT. We are also designated as the annual report auditor for the newly listed Southern Runze Technology Data Center REIT and Southern World-Union Data Center REIT.
Since the rollout of the commercial REIT pilot on 31 December 2025, Deloitte China has actively participated in related professional services, serving as the auditor for both CICC Vipshop Commercial REIT and China AMC CapitaLand Commercial REIT—two inaugural commercial REIT offerings.
As specialists on publicly traded infrastructure REITs, many partners of Deloitte China have participated in research and discussions initiated by regulatory and approval authorities including the National Development and Reform Commission, 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, 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.
Deloitte China extends our warmest congratulations to CICC Vipshop Commercial REIT on its successful listing on the SSE. As always, we will continue to deliver high-quality professional services and superior resource integration capabilities to help more clients secure a competitive edge in today’s increasingly complex and dynamic business landscape.
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