Sep. 10, 2012 (China Knowledge) - Alibaba Group, the parent company of China's top online retailer Alibaba.com Ltd<1688
>, plans to acquire several logistics companies with a total investment of US$100 million within the year.
This is part of effort that the company made to deal with the logistics problems, said Zeng Ming, chief of staff of Alibaba Group, at the company's annual Alifest summit.
At present, the company had acquired three pieces of land in Shanghai
to build large warehousing facilities, and the group aims to set up six to eight regional warehouse centers, Zeng added.
It is expected that the transaction value of Alibaba's tmall.com and taobao.com to exceed RMB 1 trillion this year.