Mapletree Completes S$23 Million Logistics Park In Wuxi, China

Mapletree Completes S$23 Million Logistics Park In Wuxi, China

Singapore – Mapletree is pleased to announce today the completion of its second logistics park in China with a ceremony to launch the S$23 million logistics hub in Wuxi, Jiangsu Province. The non-bonded logistics development is one of five logistics developments in China which Mapletree, as the Sponsor, is currently undertaking as part of the development pipeline for the listed Mapletree Logistics Trust (MapletreeLog).

Speaking at an opening ceremony of the Mapletree Wuxi Logistics Park, Mr Richard Lai, Deputy CEO and Chief Financial Officer of the Mapletree Logistics Trust Management Ltd said, “Mapletree is excited to be in Wuxi, one of the most vibrant cities within the Jiangsu Province, and a major manufacturing hub for automobile parts, electronics and IT for the international market. Wuxi is well-positioned for continued long term growth into the future. The Mapletree Wuxi Logistics Park is an opportunity for us to showcase our extensive experience in managing airport logistics parks. We look forward to contributing towards Wuxi Airport Industrial Park’s development into a world-class logistics hub.”

He added, “Although the economic climate is challenging, Mapletree is a long-term player and we are confident of the growth of Wuxi and China. Hence, we are committed to fostering strong partnerships here, with logistics operators, with the Wuxi government, with the Wuxi community and with our other business partners in the contracting, property, finance and operations fields.”

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About Xi’an

Xi’an is a historical and economically dynamic city located within the Shaanxi Province. It was the capital of 13 dynasties. Today, Xi’an is one of China’s seven major regional cities. It is strategically located in the central part of the country, between the Weihe River in the north and Qinling Mountains in the south. The city lies at the crossroads of several of China’s main inland arteries, and is a key point in the country’s most important east-west trading route which runs from Lianyungang on the Yellow Sea, to Kazakhstan via Urumqi. It is thus chosen as a key city in China’s “Go West” policy.

With aggressive promotion by the municipal government, combined with central government’s “Go West” policy and the arrival of new large domestic and international companies, Xi’an is the most important city in north-west China expected to consolidate its position as one of China’s key rising urban stars.

With its rapid development, Xi’an has become a leading financial hub and the centre of technology, finance and commerce. The major industrial zones in Xi’an include the Xi’an Economic & Technological Development Zone and the Xi’an High-tech Industries Development Zone.

Xi’an has a GDP (2008) of RMB219 million, and a population of more than 8 million in 2008, with GDP per capita at RMB26,259.