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GLP unit buys out Hong Kong project company

Global Logistic Properties Ltd.'s CLH (89) Pte. Ltd. acquired the remaining 5% interest it does not own in Vailog Hong Kong DC14 Ltd. for approximately 3.7 million Chinese yuan.

The price was arrived at on a willing buyer, willing seller basis taking into account the 3.8 million yuan book value of the purchased stake in Vailog.

Following the acquisition, CLH (89) now wholly owns Vailog, which owns Weilong (Nanjing) Storage Facilities Co. Ltd.

As of April 5, US$1 was equivalent to 6.90 Chinese yuan.