GLP expands logistics presence in China

0 Comment(s)Print E-mail Xinhua, July 21, 2012
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Global Logistic Properties (GLP) is on an expansion drive to provide more warehouses in Chinese cities, including those in the inland areas such as Chengdu, Chongqing, Xi'an and Wuhan, a Singapore television channel reported on Friday.

GLP, a unit of the sovereign wealth fund Government of Singapore Investment Corporation (GIC) and one of the key logistic facilities providers, said the booming e-commerce market in China is helping it to weather the slowdown in economic growth, Channel NewsAsia reported.

Online retail sales in China have doubled every year over the last five years.

"In China, the domestic consumption makes up 80 percent of the overall demand for our portfolio. We talk about a slowdown in China, but we still see a year-on-year retail growth of 14.4 percent for the first six months of the year," said Ming Z Mei, chief executive officer of GLP.

GLP said its completed portfolio in China measured 6.4 million square meters in area as of the end of March 2012, up from 4 million square meters last year.

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