A SUBSIDIARY of JD.com Inc. agreed to buy a controlling stake in China Logistics Property Holdings Co. in a deal valuing the firm at about HK$16.4 billion (US$2.1 billion). JD Property, the Chinese e-commerce giant’s infrastructure management unit, will pay HK$4.35 per share to buy China Logistics chairman Li Shifa’s stake of about 26 percent in the company, according to a statement to the Hong Kong stock exchange Friday. RRJ Capital, Joy Orient Investments Ltd. and Anbang Investment Holdings Co. have given irrevocable offerings for their own shares and convertible bonds. The buyer will be required to launch a mandatory tender offer for China Logistics as the combined equity holding will cross the threshold. Assuming that all the bonds are converted and the offer is accepted in full, the maximum price of the acquisition is about HK$16.4 billion, the statement shows. The proposed offer price represents a premium of about 7 percent above the company’s closing price Wednesday of HK$4.05. China Logistics shares will resume trading today. The deal reflects the increasing competition to dominate e-commerce in China, with assets like warehouses in high demand from firms vying to capitalize on the rising prosperity of the country’s consumers. Chinese companies have been investing heavily in warehouses and logistics infrastructure, as the coronavirus pandemic accelerated the shift to e-commerce. (SD-Agencies) | 