Kerry Properties, a Hong Kong-based property investment and development company, has earmarked US$23.3 million to build logistics parks in Chengdu, Chongqing and Kunshan, according to the vice chairman of the firm’s logistics unit.
Kerry Properties chose the locations based on where the most goods are produced. The three parks, covering potential floor area of 700,000 square feet in total, will be completed in 2010.
Property Week.com also reports that Kerry Properties is aiming for a 31.6% increase in property sales to US$645 million this year from about US$500 million last year by selling more projects in Hong Kong and on the mainland.
Chief financial officer Louis Wong Chi-kong said that about US$500 million will come from Hong Kong and US$181 million from the mainland.
The sales target was unveiled when the developer announced last year’s profit fell 14% to US$288 million, excluding revaluation gains from investment properties.
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