On February 24, JD Property, the trendy infrastructure improvement and administration platform below JD.com, formally submitted its A1 itemizing utility to the Hong Kong Inventory Trade, marking a significant step towards a Hong Kong IPO. Leveraging three core strengths—world growth, a transition towards an asset-light mannequin, and powerful ecosystem help—JD Property goals to attain a valuation leap from a home logistics actual property operator to a worldwide infrastructure asset administration platform.
As of September 30, 2025, JD Property had deployed 285 infrastructure belongings throughout 29 provincial-level areas in China and 10 abroad international locations and areas, with complete belongings below administration (AUM) reaching USD 17.642 billion. These belongings embody 259 logistics parks, 20 industrial parks, and 6 knowledge facilities.
From 2023 to the primary 9 months of 2025, the corporate recorded revenues of USD 416 million, USD 496 million, and USD 436 million, respectively, representing a mean annual progress price of roughly 20%. Adjusted internet revenue for the primary 9 months of 2025 reached USD 119 million, up 77% year-on-year. With a valuation of USD 7.913 billion, JD Property ranked among the many high 100 corporations on the 2025 International Unicorn Record, and has beforehand attracted investments from establishments together with Hillhouse Capital and BlackRock.
JD Property started deploying high-standard logistics infrastructure in key abroad logistics hubs as early as 2020. In 2023, it accomplished the acquisition of a logistics park in Coventry, which achieved close to 100% occupancy shortly after completion. In July and November 2025, the corporate signed cooperation agreements with the Abu Dhabi Airports Free Zone and entered right into a strategic memorandum of cooperation with MODON.
JD Property’s worldwide growth is accelerating. The proportion of abroad AUM rose from 3.7% in early 2023 to 12.8%, with greater than 50 logistics parks globally and a world staff of almost 600 professionals. On the identical time, the corporate has superior its asset-light transformation, with administration charge revenue posting a 30% CAGR from 2020 to 2024. Its present fund administration scale stands at USD 5.953 billion, accounting for 33.7% of complete AUM. Supported by the JD ecosystem, accomplished home belongings preserve a mean occupancy price of over 90%, whereas 62.5% of infrastructure resolution revenues now come from exterior purchasers.
It’s reported that GLP can be making ready for a Hong Kong itemizing, probably bringing two main gamers constructed on the “improvement + funds + REITs” mannequin to the Hong Kong market. With its differentiated benefit in serving Chinese language enterprises increasing abroad, JD Property is poised to change into a brand new valuation benchmark for the worldwide ambitions of China’s next-generation infrastructure corporations.
Supply: IPOzaozhidao
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