Hong Kong company in Xiamen port development

PUBLISHED : Wednesday, 21 August, 1996, 12:00am
UPDATED : Wednesday, 21 August, 1996, 12:00am

Fairyoung Holdings, an investment holding company, has signed a 500 million yuan (about HK$465 million) joint venture agreement to develop two berths in the port of Xiamen.

The Hong Kong company said three of its subsidiaries would each take a 20 per cent stake in a project to develop berths 13 and 14 in Dongdu harbour.

The Chinese partners, Xiamen Port Bureau and Xiamen Xiangyu Free Trade Zone Construction Co, will supply the remaining 200 million yuan investment by contributing land and fees. The venture will develop, build and operate the new berths, providing cargo-loading, warehousing, shipment, customs and other services.