SINGAPORE/HONG KONG, The property arm of Chinese e-commerce giant JD.com, together with two investment partners, is planning to launch a Singapore-based real estate investment trust (REIT) that could be valued at more than $1 billion, according to two people familiar with the matter.
JD Property, JD.com’s unlisted infrastructure investment and asset management arm, is working with Swiss private equity firm Partners Group and EZA Hill Property, which is backed by Asian investment firm Hillhouse, the sources said.
The REIT could be listed on the Singapore Exchange as early as next year, making it one of the largest new listings in the city’s REIT sector in over a year. If completed, it would also highlight the growing role of Chinese capital in Southeast Asia.
The move follows JD Property, Partners Group, and EZA Hill’s recent purchase of four logistics assets from CapitaLand Ascendas REIT for S$306 million ($239 million). The properties are expected to form part of the REIT’s portfolio, which will mainly focus on industrial and logistics assets in Singapore and across Southeast Asia.
The three firms are finalising the REIT’s asset mix, with plans to complete the structure by October. The eventual valuation will depend on the portfolio size, the sources added.
EZA Hill, one of the partners, is backed by Rava Partners, the real assets investment arm of Hillhouse, which has been actively acquiring logistics and industrial properties in the region.
JD Property, majority-owned by JD.com, has been expanding internationally over the past three years and now operates more than 50 projects across nine countries, including Japan, Indonesia, and the United Arab Emirates. The company has also raised funds alongside global investors such as Singapore’s GIC and Abu Dhabi’s Mubadala. Meanwhile, JD Property is still pursuing a separate Hong Kong IPO, first filed in March 2023, though approval has yet to be granted.
The Singapore REIT market has seen few new listings in recent years due to higher interest rates and economic uncertainty. But signs of recovery have emerged, including the recent IPO of NTT DC REIT, the largest since 2021, and a rally in Singapore’s benchmark stock index.
