Hong Kong

WHEN US private equity heavyweight Warburg Pincus started looking at China's logistics sector in late 2009, there were more modern warehouses in Boston than in the whole of the world's most populous country.

But as Chinese consumers embarked on an online shopping spree, demand has soared from appliance makers, express delivery firms and e-commerce companies such as Alibaba Group Holding Ltd and JD.com Inc, far outpacing supply and prompting a parallel binge in investment in warehouses and logistics businesses.