CMA CGM Group, one of the world's leading container operators, announced last Friday its port joint venture in Xiamen, Fujian Province has won approval from China's National Development and Reform Commission (NDRC) and Ministry of Commerce (MOC), according to sources.
The Xiamen port JV, with a 50-year operating period and two container berths, will be set up by CMA CGM Group, Hong Kong-based NWS Holdings Ltd and Xiamen Haicang Investment General Co and is expected to start operation in 2010.
Last November, the three parties achieved an agreement to form the joint venture, in which CMA CGM will hold 30% stake.
The French company entered the Chinese market in 1992 and has already participated in projects such as Tianjin Port and CRIntermodal.
The Xiamen port JV, with a 50-year operating period and two container berths, will be set up by CMA CGM Group, Hong Kong-based NWS Holdings Ltd and Xiamen Haicang Investment General Co and is expected to start operation in 2010.
Last November, the three parties achieved an agreement to form the joint venture, in which CMA CGM will hold 30% stake.
The French company entered the Chinese market in 1992 and has already participated in projects such as Tianjin Port and CRIntermodal.