GLP inks 210k sqm in Chinese lease agreements

It's expanding to meet growing Chinese consumer demand.

The investment holding company upped its leasing momentum in China as it secured deals in two servings, one totalling 90k sqm with five customers to meet their demand for business expansion, and another totalling 126k sqm with Best Logistics and SF Express, two of GLP's largest customers in the country.

According to a report by OCBC, GLP's five customers in its 90k sqm deals were in industries driven by domestic consumption demand, such as food manufacturing, auto parts and third-party logistics providers, while four of them were repeat customers.

Meanwhile, its two customers in its 126k sqm lease agreements are partnering with GLP to meet the rising Chinese demand for express delivery services driven by e-commerce.

However, OCBC notes, as with other blue-chip developers with notable exposure to China, GLP's share price has been lackluster in a volatile market plagued by fears of a Chinese hard landing.