GLP buys into 2 Beijing investment firms for 448m yuan; its China president to quit

WAREHOUSE provider Global Logistic Properties (GLP) on Monday said it has bought an 89 per cent stake each in Beijing Youshan Hengrong Yanong Investment Management and Beijing Youshan Hengrong Shengyue Investment Management for 448 million yuan (S$92.5 million) in cash.

Separately, it also said that Kent Yang, president of GLP China, has decided to resign to pursue his own interests. He will stay on for nine months to hand the reins over to Teresa Zhuge and Victor Mok, who will serve as co-presidents of the China business.

"The dual leadership structure allows GLP to focus on strengthening operations and leasing while growing its development and fund management platform in China," it said.

"The leadership transition process will be seamless as Mr Yang will work closely with the co-presidents in his role as senior adviser over the next nine months," it added.