China’s Alibaba and partners to invest $16 billion in logistics network: report

An employee walks past a wall painted with logo of Alibaba (China) Technology Co. Ltd at its headquarters office on the outskirts of HangzhouSHANGHAI (Reuters) – Alibaba Group, which runs China's largest e-commerce platforms, and its partners will spend 100 billion yuan ($ 16.08 billion) in the first phase of investment to build a logistics network, a local newspaper reported on Friday. The unit will be chaired by Jack Ma, founder and chairman of Alibaba Group, and over the next 8-10 years aims to complete the network that would allow the delivery of products across China within 24 hours, Beijing News said. Once complete, the network will be able to support annual online sales of 10 trillion yuan, it said. …

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