- Logistics asset-backed fund moves to securities regulator after NDRC clearance
- Deal could become Zhejiang’s first warehouse REIT sponsored by a private company
A public REIT (Real Estate Investment Trust) backed by a logistics park owned by Cainiao, Alibaba Group’s logistics arm, has cleared review by China’s top economic planner and been submitted to the securities regulator.
This move brings it a step closer to becoming Zhejiang’s first warehouse and logistics REIT sponsored by a private enterprise.
The project, backed by Cainiao’s logistics park in Jiaxing, has been forwarded to the China Securities Regulatory Commission after obtaining approval from the National Development and Reform Commission.
It must still pass exchange review and receive final regulatory registration before issuance.
Real estate asset securitization
Infrastructure REITs allow investors to gain exposure to income-generating assets such as industrial parks, warehouses and logistics facilities through publicly traded fund units.
The underlying asset is Cainiao’s Jiaxing logistics park, a key distribution hub in the Yangtze River Delta that supports warehousing and fulfillment operations across Shanghai, Hangzhou, Ningbo and surrounding cities.
The site also serves as the East China headquarters warehouse for business-to-consumer e-commerce platform Tmall, supporting rapid-delivery services including same-day and half-day fulfillment.
The park has maintained stable occupancy and cash flow through long-term leasing arrangements with affiliates of Cainiao’s supply-chain services business.
Cainiao is the sponsor of the REIT, while CICC Fund Management will serve as the public fund manager. The underlying assets are held by Jiaxing Chuanyun and Jiaxing Chuanxiang, two indirect wholly owned subsidiaries of Alibaba Group.
According to earlier disclosures, the REIT is expected to raise about 1.48 billion yuan ($218 million). The proposed spin-off received approval from the Hong Kong Stock Exchange in April.
Cainiao withdrew its Hong Kong IPO application on March 26, 2026, after first filing for a listing in September 2023.
Upgrades to warehousing network
Chief Financial Officer Zheng Haining said net proceeds from the raise would primarily fund fixed-asset investments, including upgrades to Cainiao’s smart warehousing network and logistics infrastructure.
Since China launched its infrastructure REIT pilot program in 2020, Zhejiang has listed eight such products with a combined issuance size of 28.8 billion yuan, accounting for 13.6% of the national total and ranking third among provinces.
If approved, the Cainiao transaction could provide a template for other private-sector companies seeking to monetize infrastructure assets through the REIT market.
