China’s First International-Sponsored Retail REIT Debuts on Shanghai Stock Exchange
Cushman & Wakefield has successfully advised on the initial public offering (IPO) of CapitaLand Commercial China-REIT (C-REIT), which was officially listed on the Shanghai Stock Exchange on September 29, 2025. This marks a significant milestone as China’s first publicly offered retail infrastructure securities investment fund sponsored by an international firm.
Cushman & Wakefield provided comprehensive services, including asset valuation, market research, and due diligence, to support the landmark issuance. The listing is a groundbreaking achievement, setting a new benchmark for international capital participation in China’s real estate securitization market. As the first foreign-backed consumer infrastructure public REIT, its strategic value extends beyond financial returns, paving the way for further industry innovation and strengthening connectivity with global capital markets. Cushman & Wakefield’s role underscores its leadership and expertise in the rapidly developing public REITs sector.
Hu Feng, Managing Director, North China Region, Cushman & Wakefield, said, "Warm congratulations on the successful listing and issuance of CapitaLand Commercial C-REIT! Cushman & Wakefield is honored to have supported this groundbreaking launch. We extend our gratitude to China AMC and CapitaLand for their trust and support. Cushman & Wakefield is actively committed to the public REIT sector, and we will continue to leverage our industry leading practical experience and unrivaled expertise to drive the vigorous development of the public REIT market."
Liu Hui, Senior Director, Head of Real Estate Finance at Cushman & Wakefield, added, "This debut breaks new ground for foreign investment in China's consumer infrastructure public REIT market. As the inaugural foreign-backed consumer public REIT, its strategic value far exceeds financial returns, driving industry innovation and international capital connectivity. Cushman & Wakefield is proud to have contributed to this milestone and remains committed to empowering the REIT market's future growth."
The C-REIT’s underlying assets comprises two high-quality retail properties: Changsha CapitaMall SKY+ and Guangzhou CapitaMall Yunshang. Changsha CapitaMall SKY+ is a mature, community-oriented shopping center that has operated for more than 19 years in the core of the Dongtang commercial district. Guangzhou CapitaMall Yunshang is a regional shopping center located in the Baiyun New City CBD, serving a population of 1.1 million within a 3 km radius.
The REIT’s portfolio combines the stability of a mature asset with the growth potential of a regional one, located in tier-one and strong tier-two cities. This strategy effectively diversifies investment risk and offers investors a premium option that balances stable returns with long-term growth. The successful transition of the Changsha project from a Singapore REIT to a domestic C-REIT also establishes a new model for cross-border linkage between China’s public REITs and mature overseas markets.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
