Mainboard-listed Global Logistic Properties (GLP) said it has entered into a partnership with Vancl, one of the largest online apparel retailer in China.
Under the deal, GLP said it will address Vancl’s rapid growth and the need for logistic facilities.
GLP will work with the online retailer on site selection, project planning, and logistics facility leasing on a nationwide basis.
In a statement, Mr Kent Yang, Managing Director of GLP China, said GLP saw “significant demand for modern logistics facilities from China’s e-commerce sector, which witnessed explosive growth in recent years.”
As at end of May, Vancl has become GLP’s second largest tenant by leased area, with a total of 141,313 square metres in Beijing, Shanghai and Chengdu.
According to China’s E-commerce Research Centre, China’s online retail sales last year doubled from 2009 to reach US$77.89 billion.
This comes as the number of Chinese online users, which totalled 450 million in 2010, keeps growing.
GLP said there still remains a “critical lack” of modern logistic facilities to serve the rapidly expanding e-commerce market.
Source : Channel NewsAsia – 23 Jun 2011