Shenzhen Int'l to launch a JV to build port terminals in Nanjing

State-owned Shenzhen International Holding Ltd<152> plans to launch a RMB 455 million (US$64 million) venture to build five deep-water terminals and two logistics centers in Nanjing, said the company in a statement to the Hong Kong Stock Exchange.

The venture, in which Shenzhen International will take a 70% stake, while Nanjing Port Authority and Nanjing Chemical Industry Park Co will each hold 15%, will build five terminals at the Xiba Port of Nanjing Chemical Industrial Park.

Under the plan, the first phase of the project, which is scheduled to be completed by the end of 2009, is to build two terminals for 50,000-ton vessels and a 400,000-square-meter (4.3 million-square-foot) logistics center by jointly investing RMB 800 million. And the remaining three terminals for 50,000-ton vessels and a logistics center is set to start construction within four years after the completion of the first stage.

Shenzhen International is a Hong Kong-listed company that is engaged in logistics, and construction, investment and operation of freeway infrastructure.