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TIANJIN, CHINA-ProLogis has formed an 80-20 joint venture with a subsidiary of the Tianjin Economic-Technological Development Area to develop a 1.4-million-sf bonded logistics park within its boundaries. The JV is expected to invest a total of approximately $45 million in the multiphase joint venture. Phase I of ProLogis Park TEDA will consist of four facilities totaling 594,300 sf. Construction will begin in the third quarter of this year and completion is expected in the second quarter of 2006. Phase II is expected to consist of an additional 793,270 sf of distribution space. As one of only eight Type B Bonded Logistics Parks in China, ProLogis Park TEDA will enjoy an efficient export custom tax refund policy, in which cargo is considered already exported at the time that it enters the park, thus allowing tax refunds to be available sooner. Additionally, ProLogis has the right of first refusal to be the developer of any future logistics parks at TEDA. Tianjin is the second-largest city in northern China and a key port city. Its 10 million citizens trails only Beijing. Container throughput in Tianjin totaled 3.8 million TEUs in 2004. TEDA, located three miles from Tianjin Port, was established in 1984 with a total planned area of nearly 9,900 acres and has become one of China’s more successful industrial parks. TEDA has had the greatest amount of exports and highest GDP of any of the country’s economic zones for the past seven years, according to China’s Ministry of Commerce. By the end of 2004, there were more than 3,800 foreign investment projects in TEDA with a cumulative foreign direct investment of $12.1 billion, according to the CMC. Of the 100 of Fortune 500 companies that have investments in Tianjin, 44 of have invested in TEDA, including Motorola, Coca-Cola, Samsung, Toyota, Kraft and Bridgestone.

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