According to a Reuters report citing two sources, JD Property, the real estate investment arm of Chinese e-commerce giant JD.com (京东集团, 9618.HK), is working with Switzerland’s Partners Group and EZA Hill Property, backed by Hillhouse, to establish a real estate investment trust (REIT) in Singapore with assets potentially exceeding USD 1 billion.
The REIT could be listed on the Singapore Exchange (SGX) as early as next year. If successful, it would mark one of the largest new entrants to Singapore’s REIT market in over a year, signaling renewed investor confidence and underscoring the growing influence of Chinese capital in Southeast Asia.
The sources said JD Property, Partners Group, and EZA Hill previously acquired four logistics assets from CapitaLand’s Ascendas REIT for SGD 306 million (USD 239 million), which are expected to be included in the new REIT portfolio. The three parties are finalizing the asset composition, with plans to complete the REIT setup by October 2025. The final valuation will depend on asset allocation, and the REIT is expected to expand across Southeast Asia, focusing on industrial and logistics properties.
EZA Hill’s parent company, Rava Partners, is an alternative asset investment platform under Hillhouse, which has been actively acquiring logistics and industrial real estate in Southeast Asia in recent years.
JD Property, an infrastructure investment and asset management platform under JD.com, has advanced more than 50 projects across nine countries in the past three years, including Japan, Indonesia, and the UAE. It has also raised billions of RMB for logistics projects in partnership with sovereign funds such as Singapore’s GIC and Abu Dhabi’s Mubadala.
Separately, JD Property is preparing for a potential Hong Kong IPO, though approval has not yet been granted. The company filed its listing application on March 30, 2023, but the timetable for the IPO remains uncertain.