Chinachem, a property developer based in Hong Kong, and ESR, an Asia focused real estate services and investment company, are set to form a $1.78bn joint venture to develop prime cold storage and logistics facility in Hong Kong. “In this new economy driven by the rising e-commerce industry and growing demand for imported food items and pharmaceuticals, our Kwai Chung project is poised to fulfil the growing demand for large-scale, cutting-edge logistics and cold storage space in Hong Kong while enabling Hong Kong to reinforce its leading position as a leading logistics hub to the world and to China. We are pleased to partner with Chinachem to develop an exceptional product that will unleash the full potential value of Kwai Chung and sustain the long-term development of the area by promoting job opportunities and thereby generate economic growth," Jeffrey Shen and Stuart Gibson, ESR Co-Founders and Co-CEOs.