"We also have other opportunities in the pipeline as our customers, both local Chinese groups (such as SinoTrans), and international companies decide where they want to have facilities," Mr Goodman said.
The latest project is with the Langfang municipal government in the greater Beijing-Tianjin area.
Its an opportunity to develop a satellite city to Beijing, Mr Goodman said after signing the agreement. "The urbanisation of China is presenting an enormous opportunity for a company like us. What we do is pretty simple. We buy land and build sheds on them."
Goodman will take a fee-for-service role and expects to generate fee income over the life of the project, with logistics being a key growth sector in China as the government pushes to develop the west of the country.
"This is the first major project for Goodman in China and highlights two important points: that the CIC relationship is opening some doors and that the business model is gaining momentum -- across a range of geographies," Morgan Stanley said in a note to clients.
"Today's announcement contains no colour on the financials (not that we'd expect that) and thus we won't be changing our forecasts. However, it should give investors increased confidence that Goodman can grow their development pipeline.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)