(Yicai Global) May 10 -- GLP, a Singapore-based warehousing firm that counts Amazon and JD.Com as some of its clients, intends to sell some of its Chinese assets to pay off debt.

The supply chain management firm signed a memorandum of understanding with an investor to unload some Chinese assets, and due diligence is underway, The Paper reported today, citing an executive talking during a recent earnings call.

Revenue of GLP China fell 4 percent to USD1.2 billion last year from 2021, according to the disclosed performance data. As of Dec. 31, 2022, debts tallied USD20.3 billion, resulting in a debt ratio of nearly 52.7 percent. The parent founded its first Chinese investment management unit as early as 2004.

GLP China runs over 450 facilities for logistics, research & development, data storage, as well as new energy infrastructure in 70 Chinese regions. The firm manages USD72 billion worth of assets in China, allocating resources to private equity funds onshore and offshore.

Editor: Emmi Laine, Xiao Yi