CapitaLand Investment Closes Second Onshore Sub-Fund Under RMB Master Fund, Targeting RMB1.48 Billion in FUM

Singapore, 11 December 2025 – CapitaLand Investment Limited (CLI), a leading global real asset manager, has successfully closed its second onshore sub-fund under the CLI RMB Master Fund. The newly closed China Retail RMB Fund I (CRF I) strengthens CLI’s “domestic-for-domestic” fund strategy in China.

Strong Investor Demand and Fund Performance

CRF I secured commitments from multiple onshore institutional investors alongside equity from the Master Fund, bringing its total fund size to RMB1 billion (S$183 million). Once fully deployed, the sub-fund is expected to contribute RMB1.48 billion (S$271 million) to CLI’s funds under management (FUM).

This milestone underscores sustained investor confidence in CLI. Since 2021, the firm has raised nearly RMB55 billion (S$10 billion) across nine onshore funds, highlighting robust demand and strong local partnerships.

Seed Asset: CapitaMall Xinduxin Recapitalisation

CRF I will be seeded with the recapitalisation of CapitaMall Xinduxin, enabling CLI to unlock value through the asset’s sale to the fund.

Key highlights of the mall:

• Location: Shibei District, Qingdao

• Gross Floor Area: 141,000 sqm

• Committed Occupancy: ~99.6%

• Connectivity: Direct link to Qingdao Subway Line 3

• Management: CLI will continue managing the mall, ensuring recurring fee income

Capital Recycling and Growth Strategy

The recapitalisation aligns with CLI’s disciplined capital recycling approach. In 2025 alone, CLI has recapitalised approximately RMB6.7 billion (S$1.2 billion) worth of assets in China. The released capital will be channelled into new growth opportunities.

Ms. Kara Wang, CIO of CLI (China), reaffirmed the company’s focus on scaling its RMB funds platform, improving capital efficiency, and building long-term value.

Expanding the RMB Master Fund Platform

CRF I follows the successful first sub-fund under the Master Fund — the China Business Park RMB Fund IV, which closed in September 2025 with RMB1.74 billion (S$318 million) in FUM and was seeded with Dalian Ascendas IT Park.

CLI maintains a strong pipeline to support future sub-funds, covering:

• Retail assets

• Business parks

• Logistics facilities

• Rental housing

These assets span Tier 1 and leading Tier 2 cities across China.

Mr. Puah Tze Shyang, CEO of CLI (China), noted that the rapid close of two sub-funds since the Master Fund’s launch in May demonstrates strong investor endorsement. He added that CLI will continue leveraging market insights to build scalable investment platforms and deliver solutions that meet investors’ risk-return expectations.