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Domestic capital reshapes China real estate deals as asset managers redirect to ‘China-for-China’ play

Mapletree exploring first renminbi fund with Chinese insurers, while CapitaLand eyes second C-Reit with 4.8b yuan IPO in coming months

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Chong Xin Wei

Chong Xin Wei

Published Sun, May 31, 2026 · 04:00 PM
    • Regulatory changes supporting initiatives such as private Reits have improved liquidity for quality assets, with both local and foreign investors starting to use such structures as pathways to generating liquidity.
    • Regulatory changes supporting initiatives such as private Reits have improved liquidity for quality assets, with both local and foreign investors starting to use such structures as pathways to generating liquidity. PHOTO: BT FILE

    [SINGAPORE] Asset managers are increasingly turning to China’s domestic capital markets to recycle assets, raise funds and seek exits, with valuations yet to recover and foreign capital steering shy of the Chinese real estate economy.

    International fund managers are establishing yuan-denominated real estate funds that raise capital from Chinese institutional investors, insurance companies, high-net-worth individuals and state-owned enterprises (SOEs), said Ada Choi, CBRE Asia-Pacific head of research.

    “These RMB (renminbi) funds are dedicated solely to investments in China, while pan-Asia Pacific and global real estate funds exclude China, effectively ring-fencing capital into two separate pools,” she added.

    ChinaPropertyMapletree InvestmentsCapitaLand Investment

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