ProLogis to sell China interests for $1.3 billion

ProLogis, the world's largest industrial property and warehouse developer, will sell all its operations in China for nearly $1.3 billion to raise cash to pay down debt, the company said, reversing its previous aggressive expansion drive in the country.

The Denver, US-based company will sell its China business to GIC Real Estate (GIC RE), the property investment arm of the Government of Singapore Investment Corp, which will assume the liabilities of the assets, it said in a statement.

The China assets to be sold include 1.92 million sq m of completed properties and properties under development as well as its interest in five joint ventures and a property fund, the company said.