News this week: Bloomberg reports that Hangzhou-based Alibaba Group and its partners are planning to invest up to US$4.6 billion to build a network of warehouses across China. A reported total of three million sqm of warehouses will be located near Beijing, Shanghai and Guangzhou.
Bloomberg reports that the company’s chief strategy officer, Zeng Ming, revealed that the proposed investment will be spent over a three to five year period. Alibaba will reportedly provide one third of the funds, with the remaining two thirds coming from its financing partners.
Jack Ma, chairman and chief executive of the group, was quoted in the press, “Hopefully within ten years’ time, anyone placing an order online from anywhere in China will receive their goods within eight hours, allowing for the virtual urbanisation of every village across China.”
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