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CHINA Merchants Holdings International (CMHI) announced that it will buy 45 per cent of Zhanjiang Port Group for CYN1.62 billion (US$215.8 million) after the port's reorganisation, Xinhau reported.
The state-owned Zhanjiang Assets Supervision and Administration Commission will invest CNY1.98 billion for a 55 per cent stake.@FAXTEXT =The Port of Zhanjiang, located in western Guangdong province, is the most important gateway to southwest China. It handled more than 50 million tons of cargo last year.
The port now has two areas, Xiashan and Tiaoshundao, with a total quay length of 6,627 metres and 36 operational berths. Its navigation channel, now 19.6 metres will be deepened to 21.6 metres.
A source in Zhanjiang Port Group said the group will concentrate on the development of its two new areas of Baoman and Donghaodao over the next five years. Construction in underway at the Baoman port area and it will have two 50,000-ton berths built when complete.
China Merchants' focus has been on the Pearl River Delta, the Yangtze River Delta and northeast China's Bohai Rim, the investment in the Zhangjian Port Group will be the first time it has invested in the southwest, said the report. Since Zhanjiang is the feeder port for CMHI's terminals in western Shenzhen, the investment will further benefit China Merchants' container business.
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