China Resources Land announced that on 28 April 2026 it submitted spin-off applications to the Shenzhen Stock Exchange and the China Securities Regulatory Commission to list a publicly offered real-estate investment trust (REIT) backed by two shopping malls in Nantong (Jiangsu) and Linyi (Shandong).

The proposed REIT, structured as a public fund managed by China Asset Management Co. and with CITIC Securities as ABS manager, aims to raise about RMB5.41 billion. Upon listing, a wholly-owned subsidiary of China Resources Land will subscribe for 20%–30% of the fund units as a strategic investor, fulfilling regulatory requirements for original asset owners to hold at least 20% of the units for 60 months.

Proceeds from the fund will be used to purchase 100% of the equity in the two project companies, after which the shopping-mall assets will no longer be consolidated into China Resources Land’s financial statements. The transaction constitutes both a disposal of assets and a subscription for REIT units; all applicable percentage ratios under Hong Kong Listing Rule 14.07 are below 5%, so the spin-off does not trigger shareholders’ approval or additional reporting thresholds.

China Resources Land cites four benefits from the deal: 1. Diversification of funding channels away from traditional debt, enhancing capital recycling and improving long-term performance. 2. Ongoing participation in the REIT’s distribution stream, enabling continued economic exposure to the two malls. 3. A demonstration of innovative financing that may elevate the group’s market profile. 4. Creation of a separate PRC-listed platform with direct access to domestic capital for future expansion.

Because PRC regulations restrict preferential allocation of REIT units to non-qualified investors, the company has applied for a waiver from Hong Kong Listing Rule PN15’s assured-entitlement requirement.

Completion of the spin-off remains subject to prevailing market conditions, Hong Kong Stock Exchange approval of the PN15 application, and review and registration by the Shenzhen Stock Exchange and the CSRC. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities until further announcements are made.