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|  | | Wal-Mart Subsidiary Eyes China¡¯s Warehouse Needs |
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¡¡¡¡Gazeley Properties Ltd, a wholly owned unit of Wal-Mart Stores Inc, plans to invest US$1 billion over three years to build warehouses in China, capitalizing on the nation¡¯s retail and trade boom.
¡¡¡¡¡°We are establishing ourselves firmly in China, a market with an annual growth of about 30%,¡± Chief Executive Officer Patrick McGillycuddy said in Shanghai.
¡¡¡¡It will deliver its first project - a 42,000-square-meter distribution center in China¡¯s northern city of Tianjin - to its clients in September.
¡¡¡¡Meanwhile, construction of a 40,000-square-meter distribution facility in Jiaxing in Zhejiang Province neighboring Shanghai is scheduled to be finished in January next year. |
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