U.S. AMB Property, a major global owner and developer of warehouses and distribution centres, has launched an industrial real estate project in eastern China as part of its planned expansion.
AMB Beilun Port Distribution Center is located in the Ningbo Economic and Technological Development Zone. The 37,000-sq-meter distribution center project has just started in the eastern port city of Ningbo, near Shanghai and will be completed by mid-2008.
Hamid Moghadam, AMB's chairman and chief executive, said, "China represents an important part of AMB's expanding global platform. The center paves the way for future development of port distribution property supporting China's booming seaport trade."
He said China is on track to overtake Japan as AMB's largest market in Asia in three years in terms of development area and in 5 to 7 years in terms of portfolio value.
Other AMB properties in China include a 31,800-sq-meter distribution center in Shanghai and a 96,700-sq-meter distribution center, which has been leased to global express delivery and logistics provider DHL.
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