Singapore’s CapitaLand Investment is set to make its debut as the world’s largest listed real estate investment managers.
CapitaLand, the developer behind US $3.8bn Raffles Chongqing mega project has now split into public and private entities. The real estate investment management business has gone public with $88bn of assets under management, of which more than 80% are located in Asia. A second development company, CapitaLand Development, will remain private.
CapitaLand’s Chongqing development is made up of six vertical and one “horizontal” skyscrapers, including two 350m-high apartment towers that are China’s tallest residential buildings.
Miguel Ko, chairman of CLI, said: “The ride ahead is an exciting one, filled with opportunities and potential as more global capital flows into Asia and the market increasingly appreciates the value of Asia-based real estate investment managers.
“While challenges are inevitable, we are confident that the indomitable winning mindset of the ONE CapitaLand ecosystem will set us apart from all our peers. We will continually innovate and thrive amid adversities, as seen in how we have persevered to complete this major restructuring during and in spite of Covid-19.”