Rising exports spur port firm to buy

SHANGHAI International Port Group Co, operator of the world's second-busiest container harbor, will buy part of a new port in the city because of China's rising exports.

The company will buy the second section of Yangshan Port Phase 3 from Shanghai Tongsheng Investment Group, its third biggest shareholder, it said in a Shanghai Stock Exchange statement yesterday. The port operator will sell 3.7 billion yuan (US$540 million) of one-year bonds to help fund the deal, it added. The Phase 3 section will likely generate net income of 43 million yuan over two years, said Shanghai Port.