UPS and the Shanghai Airport Authority formally signed a lease agreement yesterday enabling the parcel delivery giant to establish a long-planned air hub at Pudong International Airport. UPS has been touting the Shanghai hub for some time and yesterday's signing ceremony, attended by US Transportation Secretary Mary Peters, set the parameters for its construction. The new hub will be built on 1 million sq. ft. of land, with "rapid expansion" likely to follow, the company said in a statement. ...

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