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Hutchison furthers Yantian investment

Hutchison furthers Yantian investment

Hong Kong: Hutchison Port Holdings , the world's biggest container terminal operator, will team up with Shenzhen Yantian Port Group to invest in a container terminal in the city's Yantian East area.

HPH signed a deal with Yantian Port on Thursday and preparation work for the construction would start soon.

The East Port Phase I project will cover an area of 1.38 million square metres and will develop four container berths to handle ships of up to 9,500 teu.

Hutchison will have 53 percent of the project and Yantian Port will own the remaining 47 percent, Wang Yongzhen, head of the general office of Yantian Port told Reuters.

No financial terms were available but analysts estimated the investment at be around HK$4.4 billion ($568 million).

Hutchison, which handled a combined throughput of 66.3 million TEU worldwide last year, has partnered with the mainland firm in the development and operation of Yantian West Port in China's booming southern city of Shenzhen. [5/12/08]