JD Property, the property investment arm ofJD.com, is working with Swiss investment firm Partners Group and EZA Hill Property to set up a Singapore-based real estate investment trust (REIT), according to sources familiar with the matter.

The planned REIT could be valued at over US$1 billion and may list on the Singapore Exchange as soon as 2026.

EZA Hill Property is backed by Hillhouse, an Asian investment firm.

The three firms recently bought four logistics assets in Singapore from CapitaLand Ascendas REIT for S$306 million (US$238.6 million).

Sources said the REIT is expected to include these newly acquired industrial properties, with the asset mix still being finalized.

The consortium aims to expand the REIT across Southeast Asia through further acquisitions.

JD Property has been growing its global footprint, operating over 50 projects in nine countries.

The company is also pursuing a separate IPO in Hong Kong, but regulatory approval is still pending.

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🔗 Source: Reuters

🧠 Food for thought

1️⃣ Chinese companies leverage Singapore’s REIT market for regional expansion

JD Property’s planned billion-dollar REIT reflects a broader trend of Chinese companies using Singapore as a capital-raising platform for Southeast Asian growth.

Singapore’s established REIT market has consistently attracted international capital, with foreign investors holding 40% of the total market capitalization as of 2019 1. This international appeal makes Singapore an ideal listing venue for Chinese companies seeking to access global capital markets.

The timing aligns with surging cross-border investment activity in Asia Pacific, which reached $6.7 billion in Q2 2025, an 86% year-over-year increase 2. This demonstrates growing investor appetite for regional real estate opportunities.

JD Property already operates 39 projects across Europe and Asia Pacific 3, positioning the company to use Singapore-raised capital for further expansion across Southeast Asia’s growing logistics and industrial markets.

2️⃣ E-commerce growth drives institutional appetite for logistics real estate

The focus on industrial and logistics assets reflects the strategic value these properties hold in the modern economy, particularly for companies with significant e-commerce operations.

JD.com’s parent company generated $158.8 billion in revenue in 2024 and plans to double its overseas warehouse space by the end of 2025 4, highlighting how logistics infrastructure directly supports business growth.

The consortium’s recent $238 million acquisition of logistics assets from CapitaLand demonstrates active institutional demand for these properties in Singapore’s market. Industrial and logistics centers have become increasingly valuable as supply chain shifts and e-commerce expansion drive demand across the region 5.

This institutional focus on logistics real estate provides stable, predictable returns while supporting the infrastructure needs of Asia’s rapidly growing digital economy.

Recent JD.Com developments

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