Chinese e-commerce giant JD.com’s property investment arm is working with Swiss private-equity firm Partners Group and Hillhouse-backed EZA Hill Property to create a Singapore-based real-estate investment trust with assets expected to exceed US$1 billion, according to people familiar with the plan. The consortium aims to complete the REIT’s establishment by October and is considering an initial public offering on the Singapore Exchange as early as next year. Asset composition is still being finalised but is likely to include four Singapore industrial and logistics properties the trio bought this month from CapitaLand Ascendas REIT for S$306 million (US$239 million). If launched, the vehicle would be one of the city-state’s largest new REITs in more than a year, underscoring renewed investor appetite after a lull in listings since 2021. The partners also intend to expand the portfolio across Southeast Asia through further acquisitions of industrial and logistics assets. The move comes as JD Property pursues its own separate Hong Kong initial public offering, filed in March 2023 but still awaiting regulatory clearance.