CMA CGM is to invest in the construction of a US$307 million deepwater container port at Xiamen's port of Haicang.
The investment, the French company's first in a Chinese port terminal, will strengthen its position in Xiamen, which it plans to establish as its transhipment hub for the whole of southern China. CMA CGM has a 30 percent stake in the consortium that is to build the new terminal, alongside Xiamen Haicang Investment and Hong Kong-based port infrastructure specialist New World Services. The French group said that the project will be finalized shortly, with the objective of bringing the new terminal into service in 2009.
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