CapitaLand Investment Limited (CLI) has closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), which is expected to raise RMB1.48 bn (€170m), with commitments from several onshore Chinese institutions together with equity commitment from the CLI RMB Master Fund.
The new sub-fund comes under the CLI RMB Master Fund, and when fully deployed, it will contribute RMB1.48bn to CLI’s funds under management.
With this close, CLI has raised nearly RMB55bn of domestic capital across nine onshore funds since 2021, reflecting the depth of investor demand in China.
The new sub-fund will be seeded with CapitaMall Xinduxin, a fully-leased, prime urban retail asset in Qingdao, a city in Shandong Province in Eastern China.
Puah Tze Shyang, CEO of CLI (China), said: “Since launching our RMB Master Fund in May, we have received strong investor endorsement with the close of two sub-funds in quick succession. CRF I offers investment opportunities in a well-located, quality retail asset with strong catchment, a curated tenant mix, and active asset management to capture growth. We will continue to leverage CLI’s deep market insights to build scalable platforms and deliver tailored fund solutions that align with investors’ risk-return expectations.”
Kara Wang, CIO of CLI (China), said: “Since the start of the year, we have recapitalised approximately RMB6.7bn (S$1.2bn) of assets in China, unlocking capital for reinvestment into new growth opportunities. CLI remains focused on expanding our RMB funds platform while driving capital efficiency and long-term value creation.”
CLI’s first sub-fund under the Master Fund was the China Business Park RMB Fund IV, which owns Dalian Ascendas IT Park and closed in September 2025 with total equity commitment of RMB1.74bn.
The group said it had “a robust pipeline” of retail, business park, logistics and rental housing assets across tier one and top tier two cities to support future sub-funds of the RMB Master Fund.
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