Dec. 25, 2025 — CapitaLand Investment Limited stock (SGX:9CI), better known to many investors as CLI, heads into the year-end stretch with markets digesting a flurry of late-2025 corporate updates that speak to its core playbook: raise capital, recycle assets, grow fee income, repeat.
With Singapore markets shut for Christmas Day, the most recent reference point is the last traded close. On Dec. 24, 2025, 9CI finished at S$2.69. [1]
That price sits inside a narrative investors know well by now: CLI is less “buy buildings and hope rents rise” and more “build platforms that generate recurring fees”—spanning listed REIT management, private funds, lodging (Ascott), and a growing alternatives footprint. MarketScreener’s profile of CLI also reflects this mix, describing the company’s activities across fee income-related businesses and real estate investment operations. [2]
What’s changed into late 2025 is the tempo—particularly in China onshore fundraising and a renewed spotlight on India.
What’s new in December 2025: China onshore capital, and a balance-sheet “tidy-up”
1) CLI closes a second onshore China sub-fund under its RMB Master Fund
The headline December development is CLI’s announcement that it has closed its second onshore sub-fund, China Retail RMB Fund I (CRF I), under the CLI RMB Master Fund.
Key points CLI disclosed:
- Total fund size:RMB 1 billion (about S$183 million). [3]
- Expected contribution to FUM when fully deployed:RMB 1.48 billion (about S$271 million). [4]
- Seed asset:CapitaMall Xinduxin in Qingdao, with ~99.6% committed occupancy and 141,000 sqm gross floor area (as stated in the release). [5]
- Capital raising track record: CLI said it has raised nearly RMB55 billion of domestic capital across nine onshore funds since 2021. [6]
- Capital recycling angle: CLI framed the move as part of its “domestic-for-domestic” approach, also noting it had recapitalised approximately RMB6.7 billion of assets in China since the start of the year (per the release). [7]
Local business coverage echoed the core headline number: that the sub-fund close brought the total fund size to 1 billion yuan and sits under the RMB Master Fund structure. [8]
Why it matters for CapitaLand Investment stock:
This is classic CLI: moving stabilised assets into capital vehicles it manages, while retaining management roles that can generate recurring fees. For equity investors, the strategic bet is that fee streams deserve a steadier (and potentially higher) market multiple than pure property beta—especially when fundraising remains active.
2) CLI announces voluntary liquidation of dormant U.S. subsidiaries
The other notable December disclosure is decidedly less glamorous, but still informative: CLI announced that a list of subsidiaries incorporated in the United States were placed under members’ voluntary liquidation.
CLI stated the subsidiaries had ceased business activities and had been dormant, and that the liquidation is not expected to have any material impact on the group’s net tangible assets or earnings per share for the financial year ending 31 Dec 2025. [9]
Investor takeaway:
This reads as housekeeping—simplifying the corporate structure and trimming dead branches. It’s not a growth catalyst by itself, but it can reduce administrative drag and signals internal discipline around capital allocation.
The bigger 2025 storyline: fundraising momentum across lodging, China onshore platforms, and new channels for capital
CLARA II lodging fund closes above target, adding to FUM
In early November, Reuters reported that CLI closed its value-add lodging private fund, CapitaLand Ascott Residence Asia Fund II (CLARA II), with US$650 million in total commitments—above the US$600 million target.
Reuters said:
- CLARA II would add about US$1.6 billion to total funds under management. [10]
- About half of the committed equity had been deployed across three assets in Japan and Singapore. [11]
- CLI’s total funds under management were S$117 billion as of Aug. 13 (as referenced in the Reuters report). [12]
This matters because lodging management (via Ascott) is one of CLI’s signature fee engines: it’s operationally intensive, brand-driven, and potentially less correlated to traditional office cycles.
RMB Master Fund launch in China: the platform behind December’s sub-fund close
The December sub-fund close also fits into a broader Reuters-covered move earlier in the year: in May 2025, Reuters reported CLI launched its first onshore master fund in China—the CLI RMB Master Fund—supported by an equity commitment of 5 billion yuan, with a stated plan to invest across business parks, retail, rental housing, and serviced residences, and a projection to add 20 billion yuan to funds under management when fully deployed. [13]
Put simply: December’s sub-fund news is not a one-off; it’s a platform strategy being executed in tranches.
A new China retail REIT route: CapitaLand Commercial C-REIT IPO in Shanghai
Reuters also reported in September 2025 that CapitaLand Commercial C-REIT raised 2.29 billion yuan in a Shanghai Stock Exchange IPO and was expected to begin trading by end-September. Reuters noted strong institutional demand and that CapitaLand Investment retained a 20% stake, framing it within the domestic-for-domestic strategy to tap onshore capital and grow recurring fee income. [14]
For CLI equity investors, these steps collectively reinforce a central thesis: CLI is expanding the number of “pipes” through which it can raise capital (private funds, onshore funds, listed vehicles) and earn fees for deploying and managing that capital.
Leadership and India: why “Alternatives + India” has become a key CLI watchpoint
New CEO for Alternatives, Private Funds; India chair role
CLI appointed Kishore Kamlesh Moorjani as CEO, Alternatives, Private Funds, and Chairman, CLI India, effective 18 Nov 2025, stating he will spearhead and expand the alternatives business including credit strategies. [15]
That’s not a minor org chart change. Alternatives (including private credit) are where global asset managers often earn some of their stickiest, highest-margin fees—if they can scale without blowing up risk controls.
India as a growth engine — and a possible India REIT
In a Dec. 1, 2025 interview, The Economic Times reported Moorjani describing India as central to CLI’s growth ambitions, including discussion of:
- the goal to double global funds under management,
- the scale of CLI’s India footprint (assets on the ground, business parks, logistics, and data centres under development), and
- that an India REIT is being actively evaluated as a potential milestone. [16]
This is strategically important because REIT platforms can function like “permanent-ish capital” channels, and India’s commercial real estate market has been maturing fast—making it more plausible to build scalable listed vehicles.
The Mapletree “merger” chatter: what’s been reported, and what investors should do with it
In early November, multiple outlets reported that CapitaLand Investment and Mapletree Investments were considering a potential business combination that could create a very large real estate investment manager (often framed around US$150+ billion AUM).
The Business Times, referencing a Dow Jones report, described the possibility of a merger that could create one of Asia’s largest real estate firms by assets under management. [17]
Company commentary has been cautious. A TipRanks write-up summarised CLI’s response as emphasising long-term shareholder value while noting it regularly evaluates opportunities but does not comment on speculation, and would disclose as required under SGX rules. [18]
How to treat this as a stock investor (without falling into rumor-as-reality):
Until there is a formal announcement, this remains non-binding narrative. That said, the mere existence of credible press coverage can influence near-term sentiment—especially for investors trying to price optionality around scale, synergies, and platform consolidation.
CapitaLand Investment stock forecast: what analysts are saying as of late December 2025
Forecasts vary by platform and by how many analysts are included—but the broad theme is consistent: many covering analysts see upside from the high-S$2.6x / S$2.7x level.
MarketScreener: “BUY” consensus, average target S$3.428
MarketScreener’s consensus snapshot lists:
- Mean consensus:BUY
- Number of analysts:15
- Last close price:S$2.700
- Average target price:S$3.428
- Implied upside:+26.96% (as shown in the snapshot) [19]
DBS research: BUY, target price S$3.65 (as of Aug 15, 2025 publication)
DBS’s equity write-up shows:
- Recommendation:BUY
- Target price:S$3.65
- Publication date:2025-08-15
- and includes forward estimates for revenue, net profit, valuation multiples, and dividend yield (as presented in the DBS snapshot). [20]
TipRanks: average target S$3.38 (range S$2.63 to S$4.30)
TipRanks lists:
- Average price target:S$3.38
- High forecast:S$4.30
- Low forecast:S$2.63
- described as based on 5 analysts and representing ~25.65% upside from the cited last price. [21]
Other consensus trackers: why numbers differ
Different services can show different “consensus” targets depending on coverage universe and update cadence. For example, Growbeansprout shows a consensus target of S$3.75 (and frames it as of late December 2025). [22]
SGinvestors’ target-price page also shows an average target price around the mid-S$3.5 range based on a smaller set of institutions. [23]
Practical interpretation: treat price targets as ranges, not prophecies. The more durable signal is what analysts cite as drivers: fundraising, fee income growth, capital recycling, and the ability to scale new strategies (especially in China onshore and India).
What could move CapitaLand Investment Limited stock in 2026
Here’s the investor-grade “watch list” that logically follows from the late-2025 news flow:
1) More onshore RMB fund launches (and more asset recycling in China)
CLI’s December sub-fund close shows it can continue scaling onshore vehicles, with seed assets and institutional participation. [24]
If additional sub-funds close in 2026, the market may reward the visibility of fee streams—especially if fundraising remains resilient.
2) Lodging strategy execution and fee expansion
CLARA II’s close above target provides a datapoint on investor appetite for Asia-Pacific lodging and housing themes. [25]
In 2026, investors will watch whether deployments translate into fee income growth without excessive risk.
3) India optionality: platform scaling + REIT pathways
With leadership emphasis on India and active evaluation of an India REIT, investors will look for concrete steps: acquisitions, forward-purchase deals, data centre expansion milestones, or any new capital-market vehicle that “locks in” recurring management fees. [26]
4) Corporate structure and portfolio optimisation
The U.S. subsidiary liquidations were disclosed as immaterial financially, but they fit a broader theme: simplify, recycle, redeploy. [27]
If that discipline extends to larger divestments or platform reshaping, it could become a catalyst.
5) Consolidation headlines (if they ever become real)
Merger talk can fade—or crystallise. Until it’s formal, it’s speculative. But it can still affect how investors think about strategic value and scale. [28]
Where 9CI stands heading into year-end
CapitaLand Investment Limited stock enters the final trading sessions of 2025 with shares around S$2.69 on the last close before Christmas Day, according to price history data. [29]
MarketScreener’s quote snapshot shows a modest positive move versus the start of the year (as presented on the platform’s performance line). [30]
The bigger question for 2026 isn’t whether CLI owns good real estate—its ecosystem spans listed and private vehicles across multiple countries. The sharper question is whether the market increasingly prices CLI like a scaled real-asset manager (fees, fundraising, platform optionality) rather than a traditional property proxy.
If late 2025 is any guide, CLI is trying hard to make that distinction impossible to ignore.
References
1. stockanalysis.com, 2. www.marketscreener.com, 3. repository.shareinvestor.com, 4. repository.shareinvestor.com, 5. repository.shareinvestor.com, 6. repository.shareinvestor.com, 7. repository.shareinvestor.com, 8. www.businesstimes.com.sg, 9. www.marketscreener.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.marketscreener.com, 16. m.economictimes.com, 17. www.businesstimes.com.sg, 18. www.tipranks.com, 19. www.marketscreener.com, 20. www.dbs.com.sg, 21. www.tipranks.com, 22. growbeansprout.com, 23. sginvestors.io, 24. repository.shareinvestor.com, 25. www.reuters.com, 26. m.economictimes.com, 27. www.marketscreener.com, 28. www.businesstimes.com.sg, 29. stockanalysis.com, 30. www.marketscreener.com
