SG Property Intelligence

Research evidence excerpt

SG Property Intelligence

J P M O R G A N Asia Pacific Equity Research

24 June 2026

CLI has secured approval to list its first China

commercial C-REIT

Singapore/ASEAN Property and

REITs

CLI has secured approval to list its first China commercial C-REIT seeded AC Terence M Khi

with Raffles City Shenzhen and CapitaMall Fucheng valued at RMB 4.81 bn (US

(65) 6882-1518

$710 m) across 340,046 sqm of GFA. CLI will remain the operating manager post terence.ml.khi@jpmorgan.com

listing and intends to hold 20% of the units as a strategic investor, keeping AC Mervin Song, CFA

economic alignment while recycling capital. The listing arrives as China’s first (65) 6882-7829

wave of commercial property REIT IPO debuts saw muted demand, versus a mervin.song@jpmorgan.com

stronger 12.6% first day move for CLI’s earlier mall-backed C-REIT launched J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

under the infrastructure REIT framework. (Source: Mingtiandi) Morgan Broking (Hong Kong) Limited

Singapore property sentiment turning cautious in 1Q26 with the Composite

Sentiment Index falling to 4.9 from 5.8 in 4Q25 as Middle East conflict risks lift

energy costs, inflation, and interest rates, according to NUS RESI survey. Both

Current and Future Sentiment weakened, to 4.9 (from 6.1) and 5.0 (from 5.5).

Housing conditions look steadier in the suburbs, which led all segments with +15%

current and +15% future net balances, and developers still expect firmer new

launch pricing (50%) with volumes largely stable (60%). Prime residential cooled

sharply with current net balance down to 5% from 41%, reflecting greater

sensitivity to global capital flows. Non-residential tone is softer, led by business