JD.com Inc. is in advanced talks to acquire a controlling stake in China Logistics Property Holdings Co., according to people familiar with the matter. The Chinese e-commerce giant is close to an agreement to acquire the stake in the Hong Kong-listed firm from the major shareholders, China Logistics chairman Li Shifa and RRJ Capital, the people said. China Logistics said in a statement to the stock exchange after trading was suspended Thursday that Li is in discussions about a possible sale of 26 percent of the company, though no formal agreements have been entered into. The stock declined 8 percent as of 10:20 a.m. Friday, after having fallen as much as 12 percent following the resumption of trading. The firm has a market value of about HK$13 billion (US$1.7 billion). Bank of America Corp. is advising JD.com on the talks, while UBS Group AG is advising the sellers, one of the people said. No final decision has been made and the deal could still fall apart, the person said. Representatives for China Logistics and JD.com did not immediately respond to written requests for comment, while RRJ Capital was not immediately available for comment. Representatives for Bank of America and UBS declined to comment. RRJ Capital, run by former Goldman Sachs Group Inc. partner Richard Ong, is seeking to cash out from the logistics firm after more than six years. The private equity firm and China Logistics’ Li have put more than 50 percent of the Shanghai-based company up for sale, seeking a valuation of about US$2 billion, people familiar with the matter have said. (SD-Agencies) | 