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Magazines Archives - 2009 May GLP continues investment in China GLOBAL LOGISTIC PROPERTIES (GLP), formerly the Asian arm of USbased warehouse developer ProLogis, said it plans to invest about US$1 billion in Chinas logistic sector over the next two years, focusing on the countrys first- and second-tier cities. The group, which has a presence in 18 major Chinese cities, including Shanghai and Beijing, intends to continue investing US$300 million to US$500 million yearly, and hopes to leverage the RMB4-trillion (US$585.9-billion) government stimulus package meant for boosting domestic consumption. Being Asias largest industrial and logistic infrastructure provider, GLP is well positioned to service the long-term needs of its fast-growing and diverse customer base. We believe strongly in the growth of the logistic business in China and that GLP will play a significant role in its progress and development, said Dr Seek Ngee Huat, president of GIC RE, the real-estate investment arm of the Government of Singapore Investment Corporation, which acquired ProLogis Chinese operations last January. In addition, rental rates in some Chinese cities are falling in favour of the groups investment plans. The rental rates here are not rising as fast as they were in the past. But if you look at China relative to the rest of the world, it is by far the strongest market globally, Jeffery Schwartz, GLPs chairman, said. GLP has also acquired over 50% stake in real-estate developer Genway Groups 676,000sqm industrial portfolio, which currently serves global customers such as Philips, Panasonic and Samsung, among others.
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