CSDC inks pact to seek investment income from China’s Belt and Road initiative

Cosco Shipping Development Co (CSDC) has entered into a multi-partnership agreement to look into investment opportunities in the logistics industry, capitalising on China’s One Belt One Road initiative.

The partnership includes CSDC, Cosco Shipping Logistics, the Fund Management Company, Qingdao City Construction, Henan Modern Service, and Shanghai Qianlin Industry.

CSDC said it has committed to contribute RMB150m ($23.3m) to the capital of the partnership, representing approximately 1.5% of its interest in the partnership.

“The partnership shall be engaged in non-security equity investment and the provision of related investment consultancy services,” CSDC said.

“By virtue of the Belt and Road initiative, the Rise of Central China plan and the launch of the Henan Pilot Free Trade Zone, it is expected that the partnership will be able to seize the investment opportunities by leveraging on the partners’ competitive advantages in the logistics industry,” CSDC stated.

“The investment in the partnership is in line with the strategic planning and development of the group as an integrated financial services platform with leasing businesses,” it said.

“It is expected that the investment in the partnership will generate considerable investment income for the company,” it added.

Posted 20 September 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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