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Alibaba affiliate's JV allots US$1.53B for Hong Kong logistics project

Alibaba Group Holding Ltd. affiliate Cainiao Smart Logistics Network Ltd. said it will lead a joint venture that will invest US$1.53 billion in the development of a new logistics center at Hong Kong's airport, Reuters reported June 6.

Cainiao Smart will be respectively joined in the 51/35/14 joint venture by China National Aviation Corp. and YTO Express.

The planned logistics hub will have an estimated gross floor area of 380,000 square meters and the capacity to handle 1.7 million tonnes of cargo annually once it opens in 2023. Cainiao Smart President Wan Lin told Reuters that the project will help the company to achieve its 72-hour global delivery target.

Alibaba earlier said it would spend 100 billion yuan over five years to expand the logistics network of Cainiao Smart, which also plans to open logistics centers in Dubai; Kuala Lumpur; Moscow; Hangzhou, China; and Liege, Belgium, the news agency added.

As of June 6, US$1 was equivalent to 6.39 Chinese yuan.