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GLP China, Shenzhen box maker CIMC tie-up to develop logistics properties
SHENZHEN's China International Marine Containers and Global Logistic Properties Investment Management (China) are teaming up to develop logistics-related properties.
Under the terms of the deal, CIMC will contribute its land reserves, and expertise in logistics equipment, manufacturing and transport services, while GLP (China) will add its experience in managing properties.
Both parties are planning to explore opportunities in logistics property development projects, provide a range of service packages to clients in logistics parks, and look to carry out equity-related ventures in the area of financial services, such as financing leasing and supply chain financing.
"The agreement was entered into to reflect the interest of both parties in co-operation, serving as the foundation for their further co-operation," CIMC said in a statement.
The move by the container manufacturing company, which has been hard hit by the protracted downturn in the container shipping industry, is regarded as a further attempt to diversify its businesses.
In June, CIMC Enric, its energy and chemical equipment unit, announced it will acquire the entire stake of UK-based Briggs Group to expand its products and services in the liquid food industry, with opportunities to diversify into the non-beer sectors of the liquid food industry, as well as the biofuel and pharmaceutical sectors.
Listed parent companies are China Ocean Shipping (Group) Company, China Merchants Group and China Cosco Shipping.
Under the terms of the deal, CIMC will contribute its land reserves, and expertise in logistics equipment, manufacturing and transport services, while GLP (China) will add its experience in managing properties.
Both parties are planning to explore opportunities in logistics property development projects, provide a range of service packages to clients in logistics parks, and look to carry out equity-related ventures in the area of financial services, such as financing leasing and supply chain financing.
"The agreement was entered into to reflect the interest of both parties in co-operation, serving as the foundation for their further co-operation," CIMC said in a statement.
The move by the container manufacturing company, which has been hard hit by the protracted downturn in the container shipping industry, is regarded as a further attempt to diversify its businesses.
In June, CIMC Enric, its energy and chemical equipment unit, announced it will acquire the entire stake of UK-based Briggs Group to expand its products and services in the liquid food industry, with opportunities to diversify into the non-beer sectors of the liquid food industry, as well as the biofuel and pharmaceutical sectors.
Listed parent companies are China Ocean Shipping (Group) Company, China Merchants Group and China Cosco Shipping.
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