China approved Friday a deep water container terminal project at the port of Xiamen in southeast Fujian Province. It involves investment from CMA CGM, the world's third largest container shipping group which is based in France.
The French company said the project had been approved by China's National Development and Reform Commission, the country's top economic planner, and Ministry of Commerce.
CMA CGM, New World Services Holding Ltd., based in Hong Kong, and Xiamen Haicang Investment General Co. jointly invested in the construction and management of the project scheduled to be operational in 2010.
The amount of investment wasn't released, however, CMA CGM will own 30 percent stake in the two-berth terminal for 50 years.
The project will be CMA CGM's first port investment project in China. Previously, it invested in railway container station construction since its presence in the country which started in 1992.
Source:Xinhua
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