Shenzhen Chiwan to develop container terminal

Shenzhen Chiwan Wharf Holdings, the port operator of Chiwan Container Terminal in Shenzhen, said it would acquire 75 per cent share in Qingdao Shengtong Coast Real Estate Development Co. for US$70.52 million.

By purchasing a controlling stake in Shengtong, Shenzhen Chiwan acquired the right to develop a new container terminal in Qingdao's Sifang port area as Shengtong owns a large piece of port land with 2,190-metres of waterfront, reported a daily.

After the acquisition, Shenzhen Chiwan will develop six 100,000-tonne container berths with annual capacity of three million TEU. According to the general plan of Qingdao port, Sifang port area is one of the three new port areas in Qingdao and will mainly develop container and bulk cargo terminals.

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