The China-proposed Belt and Road initiative (B&R) has spurred outbound mergers and acquisitions (M&As) involving logistics facilities, according to a statement accounting firm PricewaterhouseCoopers (PwC) sent to the Global Times on Wednesday.
According to the statement, in the first six months of 2017, there were 12 outbound M&As involving logistics property with a total value of .99 billion, accounting for more than 40 percent of the total outbound deal value in China in the first half of this year.
Franklin Zhai, the leader of real estate deals at PwC, told the Global Times on Wednesday that the value and number of logistics property M&As in the first half amounted to "several times more than" in the year-earlier period, although he didn't give exact figures.
The first-half deals included the acquisition of Singapore-listed logistics company CWT by HNA Group in April and the acquisition of Blackstone Group's European logistics real estate company Logicor by China Investment Corp in June.
According to Zhai, the B&R initiative, which boosts connectivity between China and many other countries and regions, has been an important stimulus to logistics property M&As.
The PwC statement also noted that outbound real estate M&As increased swiftly this year in markets that have participated in the B&R initiative, such as Malaysia.
Zhai said that the rapid development of e-commerce in China has also pushed forward development in the logistics sector.