AsianFin -- The property investment arm of Chinese e-commerce giant JD.Com, along with Swiss investment firm Partners Group and EZA Hill Property—backed by Asian investor Hillhouse—are planning to launch a Singapore-based real estate investment trust (REIT) valued at over $1 billion, Reuters reported on Wednesday, citing sources familiar with the matter.

JD Property, JD.Com’s unlisted infrastructure investment and asset management platform, is leading the initiative. The planned REIT could potentially list on the Singapore Exchange as early as next year, the sources said, who requested anonymity due to the private nature of the discussions. The development has not been previously reported.

If launched successfully, the JD Property-backed REIT would be among the largest new entrants in Singapore’s REIT market in more than a year, reflecting growing confidence in the sector and the expanding role of Chinese capital in Southeast Asia.

The move follows a recent joint purchase by JD Property, Partners Group, and EZA Hill of four logistics assets from CapitaLand Ascendas REIT for S$306 million ($238.6 million). The three investors are finalizing the REIT’s asset portfolio, which is expected to include the industrial properties acquired from CapitaLand.