PYI Corp, a port and infrastructure investor, will bid for a 12 per cent stake in Nantong port near Shanghai as it boosts investment in the mainland logistics industry. PYI owns 45 per cent of the port and the stake on offer is valued at 190 million yuan (HK$216.83 million). On Thursday, the firm agreed to buy a 51 per cent stake in Yichang port on the Yangtze River for 149 million yuan. The Nantong stake was for sale on the China Beijing Equity Exchange until the end of the month, PYI deputy chairman Tom Lau Ko-yuen said yesterday. The exchange is a platform for state-owned companies to sell stakes in themselves. 'We are very interested in buying the stake and confident that the deal can be finished by the end of this month,' Mr Lau said. Nantong port contributed 34 million yuan in net earnings to the company last year. While increasing its investment in port projects, PYI will continue to focus on land sales as its port operations are still in the early stages. Mr Lau said the company was selling a site of 2 square kilometres on a reclaimed island opposite Yangkou port for a natural gas power and petrochemical project. The potential buyers are Singapore's Asia Pacific Resources International Holdings and PetroChina. PetroChina has bought a 90,000 square metre site on the island. The land sale is expected to provide a significant revenue boost. The book value, or the cost that the company paid for the land, was 100 yuan per square metre, said Mr Lau, without providing a potential selling price. In addition, the company is expected to book revaluation gains on its 75 per cent-owned Yangkou port. Only 10 per cent of the 42 sq km land bank at the port has been marked to market and that generated HK$278 million in one-off gains in the fiscal year to March. Separately, PYI signed a memorandum of understanding with three port operators to form a joint venture. The venture aims to increase its market share of cargo throughput on the Yangtze River to 30 to 40 per cent from 15 per cent now. Chaotianmen port in Chongqing is set to rebuild its passenger ferry pier while Hongxikou in the same city is designated for iron ore and coal shipments. Jiangyin port, next to Suzhou, is revamping its shareholding structure and is dedicated to handling raw materials. Shares of PYI fell 5.56 per cent to 68 HK cents at yesterday's close.