Logistics park and toll-road operator Shenzhen International, which owns 380,000 square meters of land in Qianhai, has signed a cooperation agreement with New World Development to explore investment opportunities in the special economic zone. Chairman Gao Lei said the alliance with New World would largely involve logistics investments in Qianhai and other cities. He also said Shenzhen International would take a majority stake in logistics projects, but he did not rule out the possibility of allowing the joint-venture partner to take a bigger interest in residential and office developments. The firm formed a consulting company with Shenzhen government-backed Shenzhen Investment in a 50-50 joint venture. The consulting firm would work with the municipal authorities in Shenzhen on the land-use conversion rights for its Western Logistic Park in Qianhai. The park will span 400,000 sq m in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. Currently being used for warehousing and logistical purposes, the site will be converted to commercial and residential use. Gao said Shenzhen International planned to expand its logistics business to 30 cities over the next five to 10 years in view of the strong demand for such services. He did not give an estimated investment amount but said the land cost for each project would be at least CNY1 billion. Shenzhen International announced net profit attributable to shareholders rose 6.54% to HKD857.35 million for the six months to June. Turnover declined 2.1% to HKD2.79 billion as toll revenue fell because of a policy change.