Hongkong International Terminals (HIT), a subsidiary of Hutchison Whampoa Limited, has increased its stake in a Yantian port joint venture project in Shenzhen from 41.67% to 65%.
Shenzhen's Yantian Harbour, part of the Yantian Port Group, has filed a statement with the Shenzhen stock exchange for the transfer of a 23.33% stake in the joint venture to HIT for an undisclosed amount.
The Yantian Harbour joint venture has a registered capital of $131 million and handled about 500,000 twenty-foot equivalent units (TEUs) last year.
Industry players believe that HIT is expanding its Shenzhen operations to tap deeper into the mainland's booming economy and China's growing international trade.
HIT also plans to expand to the west of Shenzhen and partner the A. P. Moller - Maersk Group in taking a majority stake in the Pearl River Delta's Dachan Bay Phase II container terminal.
The deal will mark HIT's first foothold on Shenzhen's west coast.
Shenzhen's Yantian Harbour, part of the Yantian Port Group, has filed a statement with the Shenzhen stock exchange for the transfer of a 23.33% stake in the joint venture to HIT for an undisclosed amount.
The Yantian Harbour joint venture has a registered capital of $131 million and handled about 500,000 twenty-foot equivalent units (TEUs) last year.
Industry players believe that HIT is expanding its Shenzhen operations to tap deeper into the mainland's booming economy and China's growing international trade.
HIT also plans to expand to the west of Shenzhen and partner the A. P. Moller - Maersk Group in taking a majority stake in the Pearl River Delta's Dachan Bay Phase II container terminal.
The deal will mark HIT's first foothold on Shenzhen's west coast.