Global Logistic Properties (MC0.SG) +1.4% at $2.17 and it’s today’s most active stock on SGX, after the unit of Singapore’s GIC sovereign wealth fund says it will buy a 53% stake in China’s Airport City Development in a deal worth US$375 million ($483.6 million); ACD is the sole developer of air side cargo handling and bonded warehouse logistic facilities for BCIA; the completed, planned GFA of the facilities is around 793,000 square metres vs GLP’s 6.2 million square meters of completed GFA at June 30 2010. 

The news may be allaying some fears over competition in China after last month’s revelations of the existence of a non-competition pact with Prologis, which is due to expire in February, but it’s likely that expansion in the fast growing air freight market is the key driver here, given that GLP’s China GFA is around four times larger than that of its next largest China competitor. GLP to hold a briefing at 0300 GMT. Orderbook shows today’s high at $2.18 likely N/T cap.