(Yicai) Oct. 20 -- Singaporean real estate logistics provider GLP has reportedly made notable progress in selling part of its Chinese assets.

The news was reported yesterday by Chinese media outlet The Paper, which cited a source who learned about it from a conference call GLP held on Oct. 18.

GLP told investors that state-backed China Logistics Group had completed the due diligence to buy some of its assets in China, The Paper reported on Sept. 19. According to a Bloomberg report in May, GLP provided China Logistics with USD7 billion worth of assets in China to choose from.

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

GLP China achieved revenue of about USD640 million in the first half of the year, up 6.5 percent from a year earlier, according to the company’s latest earnings report. Revenue from the industrial logistics segment soared 66 percent to USD424 million in the period. By the end of June, GLP China’s interest-bearing debt amounted to USD6.1 billion.

Editor: Futura Costaglione