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 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.
