---
title: "CapitaLand Commercial C-REIT IPO: Strong Demand Fuels Record-Breaking Debut in China"
description: CapitaLand Commercial C-REIT (CLCR) has achieved a significant milestone by raising approximately RMB 2.29 billion (USD 322 million) through its initial public offering (IPO) on the Shanghai Stock Exchange
---

<https://www.thefinancialcoconut.com/blog>

# [CapitaLand Commercial C-REIT IPO: Strong Demand Fuels Record-Breaking Debut in China](https://www.thefinancialcoconut.com/blog/clcr-ipo-china-debut)

 Written by [The Financial Coconut](https://www.thefinancialcoconut.com/blog/author/the-financial-coconut) | Sep 24, 2025 10:55:47 AM

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CapitaLand Commercial C-REIT (CLCR) has achieved a significant milestone by raising approximately **RMB 2.29 billion (USD 322 million)** through its initial public offering (IPO) on the Shanghai Stock Exchange. The offering comprised 400 million units priced at **RMB 5.718 each**, surpassing the initial target by 7%.

### Record-Breaking Oversubscription

The IPO witnessed unprecedented investor interest:

- **Institutional Investors**: The offline tranche was oversubscribed by **254.5 times**, marking the highest subscription rate among retail C-REITs in China.
- **Retail Investors**: The public tranche closed ahead of schedule, with subscriptions oversubscribed by **535.2 times**, indicating strong retail demand.

### Portfolio Highlights

CLCR's initial portfolio includes two prime retail properties:

- **CapitaMall SKY+** in Guangzhou
- **CapitaMall Yuhuating** in Changsha

These malls collectively span **168,405 square meters** with a combined value of approximately **RMB 2.6 billion**, boasting a **96% occupancy rate** as of March 2025.

### Investor Allocation Breakdown

- **CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD)**: Jointly hold **20%** of the IPO units.
- **Cornerstone Investors**: Secured **40.11%** of the units.
- **Institutional Investors**: Allocated **27.92%**.
- **Public Investors**: Received **11.97%** of the units.

### Strategic Implications

This IPO positions CLCR as **China's first internationally sponsored retail REIT**, aligning with CapitaLand Investment's strategy to leverage onshore capital markets to expand assets under management and enhance recurring fee income.

### Trading Outlook

Trading for CLCR is set to commence on the Shanghai Stock Exchange under ticker **508091** by the end of September 2025.

#### References consulted:

1. **Reuters**. *Singapore’s CapitaLand Commercial C-REIT Raises $322 Million in Oversubscribed China IPO*. 
2. **Straits Times**. *CapitaLand Commercial C-REIT's Public Offer in Shanghai 535 Times Subscribed*.
3. **REITsWeek**. *CapitaLand Commercial C-REIT Sets Record with 254.5 Times Subscription in IPO*. 
4. **Marketscreener**. *CapitaLand China Trust Commercial C-REIT Sets Record with 254.5 Times Offline Institutional Subscription*. 
5. **SBR (Singapore Business Review)**. *CapitaLand Commercial C-REIT IPO Breaks Subscription Records in China*

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