Asian Tech Press (SEP 22) -- Private equity-backed logistics operator and investor GLP (Global Logistic Properties) plans to raise $2.5 billion for a new China logistics fund, betting that Chinese consumer spending will support demand for modern warehouses.

The Singapore-based asset manager said the GLP China Logistics Fund III raised a total of $1.75 billion over the weekend. GLP China Logistics Fund III is the firm's third fund focused on the logistics business in China.

Based in Singapore, GLP is a global real estate logistics provider and investment manager. Its warehouses serve logistics service providers, manufacturers, retailers, and e-commerce companies like Amazon and JD.com.