Alibaba Announces New Logistics Hub in Hong Kong worth USD 1.5 billion
2018/09/23
Cainiao, Alibaba's logistic operator, announces to found a joint stock enterprise which will invest USD 1.5 billion into construction of a major logistic hub in Hong Kong International Airport, which is the biggest cargo airport in the world. According to Infranews, Cainiao will hold 51% joint stock's share, while shares of China National Aviation Corporation (Group) Limited and YTO Express will be 35% and 14% accordingly. Construction of the complex is supposed to be finished by 2023. The hub will include an air cargo handling site, sorting facility and a fulfillment center. 1.7 million tons cargo turnover is expected annually. The project is said to be a part of the Cainiao global logistics network enhancement worth USD 15.6 billion. Cainiao also plans to build hubs in Dubai, Hangzhou, Kuala Lumpur, Liege and Moscow. The main objective of the programme is to reduce internet orders delivery time to 24 hours within China and 72 hours worldwide.Get in touch