Shun Tak Holdings has joined forces with Shenzhen airport to invest in developing a logistics centre at the airport. According to Shenzhen-based www.sznews.com , the Hong Kong-listed shipping and property conglomerate has signed an agreement with the airport, marking the company's first move into China's air-freight and logistics-centre market. Shun Tak was not available for comment yesterday. The company has previously shown an interest in expanding into logistics centres. Last year, Shun Tak formed a consortium with China Travel International and businessman Henry Fok Ying-tung to bid for a five-year licence to operate a 1.4-hectare marine-cargo terminal on the northeast corner of Chek Lap Kok airport. The terminal had been planned to facilitate vessel services between the Pearl River basin and the airport. However, the licence was secured by Chu Kong Air-Sea Union Transportation, a subsidiary of Chu Kong Shipping Enterprises, which is backed by the Guangdong provincial government. Analysts said sentiment in the ailing property market had forced many companies to diversify to enhance competitiveness. Shun Tak's passenger ferry services and tourism business in Macau have been hit by the increase in crime, while its tourism business has had to face increased competition from southern China. Other business sectors including hotel and property investment were under pressure due to a cautious buying attitude in the housing market. The logistics-centre business is expected to see fast growth due to more economic integration between Hong Kong, Shenzhen and the Pearl River Delta. Shun Tak is also planning to build transport facilities near Shenzhen airport to aid its logistics-centre development.