(March 31): A unit of e-commerce company JD.com Inc and partners have picked financial advisers including Bank of America Corp, DBS Group Holdings Ltd and UBS Group AG for an initial public offering (IPO) of their Singapore-based real estate investment trust (REIT), according to people with knowledge of the matter.
The REIT, which will feature Southeast Asian assets of JD Property Inc, Swiss investment firm Partners Group Holding AG and Hillhouse-backed EZA Hill Property Management Pte Ltd, could raise about $1 billion (US$775 million) in an IPO, the people said, asking not to be identified because the process is private.
The listing may take place as soon as this year, one of the people said. However, deliberations are ongoing and the details haven’t been finalised.
JD.com, Partners and EZA Hill didn’t respond to requests for comments. Representatives of Bank of America, DBS and UBS declined to comment.
A listing of the REIT would be a boost to Singapore’s IPO market, where US$829 million has been raised in listings so far this year, compared with nothing in the first quarter of 2025, data compiled by Bloomberg showed. In the end, US$1.9 billion was raised last year, the highest since 2019.
Reuters reported in August that JD Property, Partners and EZA Hill were potentially setting up a Singapore REIT and an IPO may happen this year.
See also: Robot maker Inovance said to hire banks for up to US$2 bil Hong Kong listing — Bloomberg
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