The mainland's largest warehousing service provider, China Material Storage and Transportation Corporation (CMST), has signed a strategic co-operation agreement with one of the world's leading distribution and logistics services providers, Prologis China Development, Xinhua New Agency reported.Under the agreement, the two parties will set up a joint venture to provide and operate logistics facilities and share each other's resources, including client bases.
The 50-50 joint venture will involve CMST providing land for the project, while Prologis with finance the deal, according to a report in the mainland publication China Securities Daily. CMST board chairman Han Tielin said the two sides were still discussing details of the joint venture. He said the parties might build a logistics park or a large distribution centre. However, the location of the project was not known, but Mr Han he indicated that it was likely to be sited in Tianjin's New Seaside Region.
The 50-50 joint venture will involve CMST providing land for the project, while Prologis with finance the deal, according to a report in the mainland publication China Securities Daily. CMST board chairman Han Tielin said the two sides were still discussing details of the joint venture. He said the parties might build a logistics park or a large distribution centre. However, the location of the project was not known, but Mr Han he indicated that it was likely to be sited in Tianjin's New Seaside Region.