China Merchants Holdings (International) and Citic Group announced they would jointly develop a new port in Daxie to capitalise on the long-term export growth potential in the Yangtze River region, the South China Morning Post reported.
Analysts predicted a total investment of US$529.1 million in the port, known as Port Zone C and located in Ningbo Daxie Development Zone, which will have a quay length of 1,600 metres and accommodate three or four container berths.
China Merchants will hold 20 percent of the joint venture, while Shanghai Citic Port Investment will hold 41 per cent. Ningbo Port will have 39 per cent, according to the website of China Merchants.
The port is adjacent to the China Merchants International Terminal Ningbo Daxie, 45 percent owned by China Merchants.
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