Chinese conglomerate Fosun International Ltd (0656.HK) said it has teamed up with Alibaba Group Holding Ltd ALIAB.UL and other parties in a logistics project valued at about 5 billion yuan ($816 million).
Fosun is required to contribute 500 million yuan for its 10 percent interest, the company said in a filing late on Wednesday, implying that the total value of the project is around 5 billion yuan.
Alibaba, China's largest e-commerce services provider, established the consortium which will invest as much as 100 billion yuan ($16.34 billion) over the next five to eight years to develop logistics to improve delivery in China's booming e-commerce sector, the South China Morning Post reported. (Reuters)