JD.com's Property Arm Set to Launch REIT in Singapore

JD.com's property arm is launching a real estate investment trust (REIT) in Singapore, marking the company's expansion into the Singaporean real estate market. JD.com's REIT will allow investors to invest in a diversified portfolio of properties, providing a new investment opportunity in the region.

JD.com's property investment arm, JD Property, is set to launch a real estate investment trust (REIT) in Singapore, marking the company's expansion into the Singaporean real estate market. The REIT, which is being established in collaboration with Swiss investment firm Partners Group and EZA Hill Property, is expected to be listed on the Singapore Exchange as soon as next year [1].

The planned REIT, with assets potentially valued at over US$1 billion, will include industrial properties in Singapore that the consortium acquired from CapitaLand Ascendas REIT for S$306 million (US$238.56 million) this month [1]. This acquisition signals growing confidence in the Singaporean REIT sector and underscores the increasing role of Chinese capital in Southeast Asia.

The REIT is expected to be one of the largest new entrants in Singapore's REIT space in more than a year. The recent acquisition of logistics assets from CapitaLand Ascendas REIT is a key step in the REIT's formation. The three investors, JD Property, Partners Group, and EZA Hill, are currently finalizing the REIT's asset composition, which will include the industrial properties acquired from CapitaLand [1].

JD Property, majority-owned by JD.com, has been expanding globally over the past three years, operating more than 50 projects across nine countries, including Japan, Indonesia, and the United Arab Emirates [2]. The company has partnered with sovereign wealth funds such as Singapore's GIC and Abu Dhabi's Mubadala to raise billions of yuan for logistics developments. The Singapore REIT listing plan also comes as JD Property is pursuing a separate market listing for itself via a Hong Kong IPO [2].

The latest REIT plan in Singapore comes amid a tentative revival in the city's REIT market, which had seen a lull in new listings since 2021 due to rising interest rates and macroeconomic uncertainty [2]. The recent initial public offering of NTT DC REIT, Singapore's largest listing since 2021, and the surge in the benchmark index (STI) to record highs since late July show renewed investor appetite amid efforts by the city-state to boost its equities market [2].

References:
[1] https://www.scmp.com/business/banking-finance/article/3323417/jdcoms-property-unit-joins-two-firms-us1-billion-singapore-reit-sources-say?module=latest&pgtype=homepage
[2] https://www.reuters.com/business/retail-consumer/china-tech-giant-jdcom-unit-two-other-firms-plan-1-billion-singapore-reit-2025-08-27/