Bei Gang Logistics is located in the west of Chongxian New City, north of Hangzhou and comprises the Stage 1 Properties and the Stage 2 Properties. It is one of the largest e-commerce developments in the Yangtze River Delta. The Stage 1 Properties are part of the IPO Portfolio, and Hangzhou Bei Gang Logistics Co., Ltd. has a call option to acquire the right of use and economic benefits of the Stage 2 Properties (which comprises Buildings No. 9 to No. 17) from the Sponsor. Stage 1 Bei Gang Logistics comprise eight buildings (Buildings No. 1 to No. 8) of which, Building No. 1 is a 15-storey building, Building No. 2 is a four-storey building, and Buildings No. 3 to No. 8 are five-storey buildings. The properties serve as a logistics hub to enhance the e-commerce ecosystem in Zhejiang province and could offer huge potential for retail space and other commercial businesses. The Stage 1 Properties have a total NLA of approximately 120,449 sq m.