Alibaba's delivery arm, Cainiao Network, announced Wednesday that it will lead a joint venture to build a new logistics center at Hong Kong International Airport to enhance its global logistics capabilities.
Cainiao Network, China National Aviation Corp, and courier YTO Express will invest 1.53 billion U.S. dollars in the logistics center.
The interior of a logistics warehouse of Cainiao Network, Alibaba's delivery arm, is seen in Huiyang city, south China's Guangdong province, October 17, 2017. [File photo: IC]
The three companies will take a 51 percent, 35 percent, and 14 percent stake, respectively, in the joint venture, YTO Express said in a statement.
The center, which will cover an estimated gross floor area of 380,000 square meters, is expected to handle tens of millions of cross-border e-commerce parcels after it opens in 2023.
Cainiao said the Hong Kong hub will help achieve its goal of 72-hour global delivery.
In May, Cainiao announced plans to open five logistics hubs in Asia, Europe, and the Middle East as part of its efforts to expand its global delivery network.
Award-winning photos show poverty reduction achievements in NE China's Jilin province
People dance to greet advent of New Year in Ameiqituo Town, Guizhou
Fire brigade in Shanghai holds group wedding
Tourists enjoy ice sculptures in Datan Town, north China
Sunset scenery of Dayan Pagoda in Xi'an
Tourists have fun at scenic spot in Nanlong Town, NW China
Harbin attracts tourists by making best use of ice in winter
In pics: FIS Alpine Ski Women's World Cup Slalom
Black-necked cranes rest at reservoir in Lhunzhub County, Lhasa
China's FAST telescope will be available to foreign scientists in April
