Singapore’s GLP to Reportedly Sell Some China Assets to State-Backed China Logistics by Year’s End
Zhang Yushuo
DATE:  Sep 20 2023
/ SOURCE:  Yicai
Singapore’s GLP to Reportedly Sell Some China Assets to State-Backed China Logistics by Year’s End Singapore’s GLP to Reportedly Sell Some China Assets to State-Backed China Logistics by Year’s End

(Yicai) Sept. 20 -- State-backed China Logistics Group will reportedly purchase some assets of GLP, a Singaporean warehousing firm that counts Amazon and JD.Com among its clients, by the end of the year.

GLP told investors that China Logistics has completed the due diligence to buy some of its assets in China, The Paper reported yesterday.

Neither GLP nor China Logistics have responded to the news.

GLP said in a conference call in May that it planned to sell some Chinese assets to reduce its leverage ratio and buy back debt. According to an earlier Bloomberg report, 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 provincial-level 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.

China Logistics is a central state-owned enterprise under the State-Owned Assets Supervision and Administration Commission of the State Council, with businesses in China and worldwide, international trains running between Asia and Europe, and a solid competitive edge in the global logistics market. It has four listed logistics subsidiaries.

Editor: Futura Costaglione

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Keywords:   GLP,China Logistics Group,logistics