A subsidiary of JD.com Inc. agreed to buy a controlling stake in China Logistics Property Holdings Co. in a deal valuing the firm at about HK$16.4 billion ($2.1 billion). JD Property, the Chinese e-commerce giant’s infrastructure management unit, will pay HK$4.35 per share to buy China Logistics Chairman Li Shifa’s stake of about 26% in the company, according to a statement to the Hong Kong stock exchange Friday. RRJ Capital, Joy Orient Investments Ltd. and Anbang Investment Holdings Co. have given irrevocable offerings for their own shares and convertible bonds. The buyer will be required to launch a mandatory tender offer for China Logistics as the combined equity holding will cross the threshold. Assuming that all the bonds are converted and the offer is accepted in full, the maximum price of the acquisition is about HK$16.4 billion, the statement shows. The proposed offer price represents a premium of about 7% above the company’s closing price Wednesday of HK$4.05. China Logistics shares will resume trading on Sept. 6 at 9 a.m. local time. The deal reflects the increasing competition to dominate e-commerce in China, with assets like warehouses in high demand from firms vying to capitalize on the rising prosperity of the country’s consumers. Chinese companies have been investing heavily in warehouses and logistics infrastructure, as the coronavirus pandemic accelerated the shift to e-commerce. A boom in online groceries, fueled by the rise of so-called community group buying, has also spurred the need for cold-chain logistics to deliver fresh fruits, vegetables and meats to far-flung parts of the country. JD Logistics Inc., the e-commerce giant’s delivery arm, has been growing at a steady clip, increasing revenues by 54% in the first half, as it stepped up spending. The unit, which went public earlier this year, currently operates more than 1,200 warehouses, executives said last week on a post-earnings call. Bank of America Corp. advised JD Property on the deal, while UBS Group AG advised Li, according to the statement.