September 14, 2012
The companies will focus on the development of specialised industrial parks in China, starting with Chengdu, Tianjin and Shanghai.
Home appliance maker Haier Group will enter into partnership with Singapore-based Global Logistics Properties (GLP) to develop specialised industrial parks throughout the country.
The agreement between the corporations involves GLP operating and developing logistics facilities for Haier across China. In addition, GLP will collaborate with Qingdao Haier Industrial Development Co, the industrial facilities arm of Haier, to integrate strategic resources, including management, capital and land sourcing expertise.
The joint-venture will commence with initial works on three projects in Chengdu, Tianjin and Shanghai, before eventually expanding into other cities.
"Haier and GLP are both market leaders in China," said Ming Mei, Chief Executive Officer of GLP.
"Combining GLP's market leadership and expertise with Haier's relationships with home appliance distributors, we will further accelerate our network expansion and will be able to provide enhanced services to both Haier and our other customers," he said.
GLP said that the deal is non-exclusive, meaning that the Singaporean company would be free to work with other customers.
As of 30 June, 17% of GLP's total leased area in China contains electronic and high-tech products.
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