SINGAPORE — The race to buy Global Logistic Properties is now between a Chinese consortium backed by the company's management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the $10 billion (£8 billion)-valued firm.

The acquisition offers a chance for bidders to grab control of Asia's biggest warehouse operator which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

It could rank as one of the biggest private equity backed deals in Asia.

Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser.

GLP's shares have since soared nearly 50 percent to the highest in more than three years.

After months of negotiations with a special committee of GLP's independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said.

GLP, GIC, Warburg Pincus, Hopu and Hillhouse declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorised to speak about the deal.

By Anshuman Daga, Kane Wu, Carol Zhong, additional reporting by Julie Zhu; editor: Muralikumar Anantharaman.