Singapore's Global Logistic Properties (GLP), which owns warehouses and other logistic assets, has entered into a joint venture to develop a logistics park in Suzhou, China worth a total of US$156.79 million, reported Reuters.

    The park will be jointly developed with Suzhou New District Bonded Logistic Centre Development, who owns 10 percent of the joint venture, while GLP owns the remaining 90 percent.

    "This new venture will further strengthen our portfolio in Suzhou by addressing demand for modern logistics facilities driven by fast-growing domestic consumption," said Ming Mei, CEO of GLP.

    GLP, which owns logistic assets in China and Japan, is a unit of Singapore sovereign wealth fund GIC.

(Source:http://www.cargonewsasia.com)