Shanghai courier YTO Express signed an investment agreement with Jiaxing, East China's Zhejiang Province, to build the company's new aviation logistics hub.

According to the agreement, the hub will be located at the Jiaxing Airport. The first phase of the project covers 96 hectares and is expected to cost 7.3 billion yuan ($1.08 billion).

Total investment is 12.2 billion yuan.

Construction is planned to start this year and the hub will be operational by 2021.

It will be YTO's global operations base, research and development center and settlement center.

According to company plan, by 2030, YTO plans to have 50 cargo planes at the Jiaxing Airport, with an annual air cargo capacity of 1.1 million tons.