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PLD Global Logistic Properties To Invest $1 Billion In China

Posted By mfrank On March 3, 2009 @ 11:43 am In Press Releases | No Comments

Global Logistic Properties will invest around $1 billion in China in the coming two years, GLP China President Mei Zhiming said.

The logistics company was formed in December after Singapore sovereign wealth fund unit GIC Real Estate Pte. Ltd. acquired U.S. warehouse developer ProLogis’ (PLD) Asian operations.

“We will continue to focus on mainland China’s first- and second-tier cities,” Mei told reporters on the sidelines of a press conference in Shanghai, without elaborating.

Prior to the acquisition by the property investment arm of Government of Singapore Investment Corp., ProLogis invested $300 million-$500 million annually in China, he said.

ProLogis entered the Chinese market in 2003, one year before Beijing deregulated the logistics sector under the terms of its World Trade Organization membership.

The company provided warehousing or distribution services across 18 Chinese cities for multinational companies, many of which export to and from China.