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Goodman Group (GMG) said it has signed a Memorandum of Understanding with the Langfang Municipal Government to participate in the development of a business and logistics hub in northern China. The group expects to deliver the project over the next seven years and receive a fee for service role.

CEO, Greg Goodman, said the announcement marks an important step in the continued development of the group’s Asian business and is a further indication of its growing and long-term commitment to the Chinese market.

”Goodman expects to generate fee income over the life of the project and will also consider further investments for itself and its investment partners in the development of logistics and business park product at the site on a case by case basis,” he said.

Goodman manages a total portfolio value of around US$1.6 billion in Greater China.

As at 1039 AEST, Goodman shares were down 0.5c to 63c.