August 19, 2018 / 4:30 AM / in 8 months

Tiandihui, Vailog set up 5 billion yuan China logistics fund

BEIJING, Aug 19 (Reuters) -

* Chinese online road transport operator Tiandihui Group and Italy’s Vailog on Saturday agreed to set up a 5 billion yuan ($727.38 million) fund and joint venture focused on the logistics industry in China.

* Fund aims to “transform the ecology of highway ports and to open up a new chapter for the development of China’s road logistics,” according to a Tiandihui statement.

* Tiandihui operates an online platform that matches trucks with cargoes in China.

* Vailog, owned by U.K. real estate investment trust Segro PLC , already has a logistics and warehouse network in China covering the Yangtze River and Pearl River Deltas, the Beijing-Tianjin-Bohai Bay region and other areas.

* The two firms have now “teamed up” the management personnel for their JV, on which no further details were provided, after inking a framework cooperation agreement in May. ($1 = 6.8740 Chinese yuan renminbi) (Reporting by Tom Daly in BEIJING and Brenda Goh in SHANGHAI)

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