A Chinese consortium has been picked as the preferred bidder to buy Singapore-listed logistics firm Global Logistics Properties for around $10B, according to Bloomberg.

The Chinese consortium is fronted by GLP CEO Ming Mei and includes private equity firms Hillhouse Capital Management and Hopu Investment Management.

Logistics has become a major target for Chinese firms in recent months, with Chinese e-commerce firms looking to expand globally and the government looking to increase investment in overseas infrastructure as part of its belt and road initiative.

Earlier this year, Chinese sovereign wealth fund China Investment Corp. paid Blackstone €12B for European logistics firm Logicor.

CIC had previously been reported as part of the Chinese consortium bidding for GLP.

GLP had a market capitalization of around $9.6B on close of trading Wednesday. The company has assets under management of $41B totaling 592M SF, and it manages funds and syndicates the equity for its purchases.

Its portfolio is located 57% in China, 26% in Japan, 9% in the U.S. and 8% in Brazil.