CMHI establishes Qingdao JV

China Merchants Holdings International (CMHI), through its wholly-owned subsidiary CM Qingdao (CMT), has established a 50-year joint venture with the Qingdao Port Group (QPG) to construct, operate and manage a new bulk cargo terminal in the Chinese port of Qingdao.
 

The new joint venture, named Qingdao Qianwan West Port United Terminal (QQTU), has a registered capital of RMB 500m ($73.2m) and represents a total investment worth RMB 1.1bn, with QPG owning a majority 51% stake.
 

QQTU’s assets include two CMT bulk cargo berths and five QPG bulk cargo berths in addition to ancillary facilities covering a total shore line of 1,326 m in the Qianwan Harbour District.
 

“It is expected that by utilising and consolidating the extensive management experience and expertise of each of CMT and Qingdao Port Group, the bulk cargo terminal, which is in close proximity to the container terminal QQCTU, shall provide high quality, integrated and comprehensive port and terminal services in Qingdao,” CMHI says.
 

Furthermore, the strategic cooperation between CMHI and Qingdao Port Group will “enhance the import and export trade of Qingdao Port, accelerate the progress of constructing Qingdao into a regional economic centre and [an] international shipping centre in north-eastern Asia and make [an] important contribution to the economic development of Qingdao and China”.
(Source:www.portfinanceinternational.com)