Milan developer to spend US$900 million into Chongqing logistics park

MILAN-based real estate developer Vailog will spend US$90 million on building a international logistics base in Chongqing's Liangjiang New Area to be developed into the local European trade centre, reports Xinhua.

According to the investment agreement, the facility will cover 21.8 hectares and have 170,000 square metres of floor space, including warehouses and buildings for other services. The facility is targeted at freight forwarders specialised in auto parts, luxury goods and high-end imported food.

Vailog plans to attract world-famous freight forwarders to set up branches at the facility after it has been completed.