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Investing.com -- JD.com (NASDAQ:JD) stock fell 3.5% following Reuters reporting that its property investment arm is planning to launch a Singapore-based real estate investment trust (REIT) valued at potentially over $1 billion.
JD Property, the unlisted infrastructure investment and asset management platform of the Chinese e-commerce giant, is reportedly setting up the REIT in partnership with Swiss investment firm Partners Group and EZA Hill Property, which is backed by Asian investment firm Hillhouse. The REIT could be listed on the Singapore Exchange as soon as next year, according to Reuters, citing sources familiar with the matter.
The three partners are currently finalizing the REIT’s asset composition, which is expected to include industrial properties in Singapore. This follows their recent joint acquisition of four logistics assets from CapitaLand Ascendas REIT for S$306 million ($238.56 million).
If successful, the JD Property-backed REIT would represent one of the largest new entrants in Singapore’s REIT market in more than a year. The move signals growing confidence in the sector and highlights the increasing role of Chinese capital in Southeast Asia.
The development comes as JD.com continues to diversify its business operations beyond its core e-commerce platform. JD Property was established as the company’s infrastructure investment and asset management arm to handle its real estate portfolio and related investments.
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