Jingdong Property, referred to hereafter as JD Property, has filed a fresh application for an IPO in Hong Kong, reviving a listing plan that stalled in 2023 while awaiting regulatory approval, according to Reuters.
The logistics and industrial real estate manager did not disclose the size or timing of the proposed offering. If completed, IPO proceeds would be used to expand its overseas infrastructure asset network, deepen its presence in key Chinese cities, upgrade services, and fund general corporate purposes, according to its filing.
JD Property is majority owned by JD.com, which holds about 75% of the company and would remain its controlling shareholder following the proposed listing.
The renewed IPO attempt comes as JD Property reports improved operating performance. Revenue for the first nine months of 2025 rose 21% year-on-year to about RMB 30 billion (USD 4.2 billion), while net losses narrowed sharply from the same period a year earlier.
As of September 30, 2025, JD Property managed around 270 infrastructure projects in China and overseas. Assets outside China accounted for about 12.8% of total assets under management, according to its prospectus.
The filing identifies overseas expansion as a stated use of IPO proceeds, although it does not name specific markets or projects. Public disclosures over recent years show the company has added logistics and industrial assets across the Asia Pacific, Middle East, and Europe.
In the Middle East, JD Property has invested in logistics facilities in Saudi Arabia and the UAE, including projects in Riyadh and Dubai, as well as partnerships with local authorities. In Europe, it expanded its UK footprint in December 2025 with the acquisition of logistics assets near Leicester, following an earlier investment in Milton Keynes in 2022.
The company has said these projects are intended to support demand for modern, high-standard warehousing and logistics infrastructure across multiple sectors.
Singapore is also part of JD Property’s overseas portfolio. In August, Reuters reported that the company was working with EZA Hill Property Management and Partners Group on a potential Singapore-listed industrial REIT (real estate investment trust).
The proposed trust was reported to be valued at more than USD 1 billion and could be listed as early as this year, subject to market conditions and final asset composition. JD Property has not publicly confirmed a listing timeline.
Since 2023, JD Property and EZA Hill have acquired nine industrial properties in Singapore. The most recent transaction closed last month, when the partners bought a four-property logistics portfolio for SGD 306 million (USD 242.5 million). The assets were aligned with a disposal by CapitaLand Ascendas REIT.
The renewed IPO effort follows other capital markets activity within the JD.com group. Last month, Jingdong Industrials, also referred to as JD Industrials, completed its Hong Kong listing, raising about HKD 2.8 billion (USD 358.9 million).
JD.com has previously listed logistics-related assets through real estate investment trusts in mainland China, according to public disclosures.
JD Property said details of the Hong Kong offering, including pricing and timing, would remain subject to regulatory review and market conditions.