AMB Property Corporation, a US-headed world leading developer of industrial real estate, kicked off building a harbour logistics distribution centre in Ningbo of East China's Zhejiang Province on October 25.
It is the first project of its kind that the US company is investing in China. AMB, which has branched out into North America, Europe and Asia, reveals that no less than $1 billion will be poured into China's logistics real estate in the near future.
Before AMB, Prologis, another world leading developer of industrial real estate, entered the Chinese market in 2003 with estimated investment of $2 billion in five years.
AMB's logistics distribution centre in Ningbo is 37,000 sq m large and is the first third-party-invested industrial real estate project in the city, whose port sees an annual 30 percent growth in container throughput.
Apart from the project in Ningbo, the US company has intended to set up an office in Chengdu in Southwest China's Sichuan Province in 2008 and its logistics assets in China will soar to $1 billion to $1.5 billion.
|
