'We have spent about US$130 million in the past two years developing our facilities in South America and Europe and we wouldn't be averse to spending a similar amount to establish our China portfolio if the right opportunities present themselves,' Mr Lo said.

ICTSI's facility in Suape, Brazil, was the only one to survive the international purge in June 2001. Last year, it added Baltic Container Terminals in Gdynia, Poland.

Mr Lo, who formerly worked for Hutchison's Yantian facility and Maersk Sealand, said ICTSI intended to develop a network of mainland ports from the northern Bohai rim area to the Pearl River Delta.

The delta is destined to become an even more crowded arena after China's state planners this month approved the development of at least another 11 berths for international trade, four of which will comprise the seven billion yuan first phase of the new Dachan Bay complex.

The flurry of approvals has again raised the spectre that Hong Kong's days as the region's premier port may be numbered, even given the robust projections for growth in regional cargo volumes.

According to Master Plan 2020, the government's de facto forecast compiled by consultants GHK, Hong Kong's throughput is expected to grow 4.2 per cent annually to 40.23 million boxes by 2020.

But the projection was based on assumptions that the port's land-based connections to its cargo hinterland would be dramatically enhanced. There has been little progress on that front in the year since the report was released.

Mr Lo would not be drawn on potential locations for its capital outlay other than to say ICTSI was 'actively looking at a few projects' in China.

Zhuhai's port at Gaolan could be a possible target. State planners last week approved a two-berth expansion of the port.

Zhuhai officials have been unhappy with the way Gaolan, south China's second best natural deep-sea facility after Yantian, has been developed under Hutchison's watch and are entertaining rival international operators to compete with the world's biggest terminal developer.

Mr Lo said the type of facility ICTSI is looking to develop would typically have a design capacity for 500,000 to 1.5 million boxes a year and an established track record of growth.

'We are interested in ports that are established gateways for a specific city or region and which also may act as trade outlets for markets that have not yet fully matured,' he said. 'Some secondary coastal ports would fit the bill, but river ports may offer greater potential because they could start from a lower [volume] base.'

Mr Lo said the booming Pearl and Yangtze river deltas were the obvious locations where secondary ports 'could use a substantial investment in equipment to speed up their efficiency'.

ICTSI more than doubled net earnings last year to $153.2 million and Mr Lo said it would prefer to invest in a joint venture - with private or public sector partners - rather than go it alone.

But he said cash was not the only thing ICTSI brought to the table. 'Cash is important, but China's leaders don't just want foreign capital.

'They want foreign know-how. That has become as important as the capital.'