Asia’s largest logistic facilities provider, Global Logistic Properties (GLP), says the booming e-commerce market is helping it to weather China’s economic slowdown.
Online retail sales in China have doubled every year for the last five years.
GLP, a unit of the Government of Singapore Investment Corporation (GIC), is on an expansion drive to provide more warehouses in Chinese cities like Chengdu, Chongquing, Xi-An and Wuhan.
These warehouses will provide facilities for e-commerce retailers such as 360.buy and Alibaba.
CEO of GLP Ming Z Mei said: “In China, the domestic consumption makes up 80 per cent 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 per cent for the first six months of the year.”
GLP said its completed portfolio in China measured 6.4 million square metres in area as of the end of March 2012, up from 4 million square metres last year.
Source : Channel NewsAsia – 20 Jul 2012