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CapitaLand Investment closes second onshore sub-fund under RMB Master Fund

EdgeProp Singapore

/ EdgeProp Singapore

December 11, 2025 8:41 AM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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CapitaLand Investment has closed its second sub-fund, China Retail RMB Fund I, under its RMB Master Fund with CapitaMall Xinduxin (pictured) as the seed asset (Picture: CapitaLand Investment)

CapitaLand Investment has closed its second sub-fund, China Retail RMB Fund I, under its RMB Master Fund with CapitaMall Xinduxin (pictured) as the seed asset (Picture: CapitaLand Investment)

SINGAPORE (EDGEPROP) - CapitaLand Investment (CLI) has closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), under the CLI RMB Master Fund, securing a total fund size of RMB1 billion ($183 million) from both the Master Fund and several onshore institutional investors.

The sub-fund is expected to add RMB1.48 billion ($271 million) to CLI's funds under management (FUM) when fully deployed. CLI will recapitalise CapitaMall Xinduxin, a retail asset in Qingdao, as the seed asset for CRF I. It will continue to manage the property and earn recurring fee income.

CEO of CLI (China), Puah Tze Shyang, highlights the strong investor endorsement for the RMB Master Fund, stating, “CRF I offers investment opportunities in a well-located, quality retail asset with strong catchment, a curated tenant mix, and active asset management to capture growth.”

Read also: CapitaLand Investment to collaborate with Malaysia's Coronade Properties on mall in JS-SEZ

CIO of CLI (China) Kara Wang adds, “The recapitalisation of CapitaMall Xinduxin reflects our disciplined approach to recycling quality assets into RMB funds under our domestic-for-domestic strategy. Since the start of the year, we have recapitalised approximately RMB6.7 billion ($1.2 billion) of assets in China, unlocking capital for reinvestment into new growth opportunities."

CLI’s first sub-fund under the Master Fund was the China Business Park RMB Fund IV, which closed in September 2025 with a total FUM of RMB1.74 billion ($318 million) and Dalian Ascendas IT Park as its seed asset.

With the close of CRF I, CLI has raised nearly RMB55 billion ($10 billion) of domestic capital across nine onshore funds since 2021.

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