Xiamen, Dongdu, Berths 12,13,14

active

Fairyoung Holdings Ltd. announced in August 1996 that it would take 60% in a joint venture with Xiamen Xiangyu Free Trade Zone Construction Co. and the Xiamen Port Bureau. In 1996, the IFC approved US$ 14 million in direct loans and US$ 5 million in equity for the project. Investment was projected at 500 million yuan (US$ 60 million). The Asian Development Bank approved a US$ 50 million loan in November 1997 to expand multipurpose berths at the Dongdu Terminal and a technical assistance grant of US$ 575,000, financed by the Japan Special Fund, to help restructure the Xiamen Harbor Bureau. The construction of the container terminal at Berth No. 12 of Dongdu Harbour (the "Xiangyu Quay") was completed in September 1996 and started operation in April 1997. The facility is located at Berth No. 12 of Dongdu Port District of Xiamen, Fujian province. It has a quay length of 220 meters, an alongside depth of 12.2m and a backup area of 110,000 square meters which provides total container handling capacity of 250,000 TEUs per year. Sea-Land Orient China, a subsidiary of Sea-Land Orient operates the terminal. The terminal is erected with two ship-to-shore cranes and four rubber-tyred gantry cranes which are all brand-new cargo handling equipment sourced from German crane manufacturer, Noell GmbH. Pacific Ports Company Limited (the port subsidiary of Fairyoung Holdings), was listed on the Stock Exchange of Hong Kong on April 25 1997, raising HK$ 673 million. The significant growth rate of cargo handling in Xiamen, with an average annual growth of over 30% in recent years, has induced the Group to speed up the development of other port projects, namely Berth Nos. 13 and 14 of Dongdu Harbour (a container terminal and a general cargo terminal, respectively) and the adjacent warehouse and processing zone. Construction works of these two projects have been started in the fourth quarter of 1996. New World Infrastructure acquired a 43.7% stake in Pacific Ports Co in 1998 from Fairyoung Holdings. Xiamen Port handled 400,168 TEUs in 1996, up 129 per cent compare with 1995. None None