GLP to invest in China warehouse giant

Global Logistic Properties (GLP.SI) is investing RMB2 billion (US$324 million) for a 15.3% stake in China’s largest state-owned warehouse logistics company, Reuters reported. The two firms will form a joint venture to be the exclusive vehicle for the Chinese company’s logistics development projects in the country. GLP and its partner China Materials Storage and Transportation Development Company are expected to invest over RMB3.6 billion to develop up to 1.3 million square meters of buildable area across China.