Yantian International Container Terminals Phase III

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Yantian International Container Terminals Ltd. (YICT) was a joint venture company formed by Hutchison Whampoa Ltd, through its subsidiary Hutchison Port Holdings (HPH) (65%), and the state-owned Shenzen Yantian Port Group Co. Ltd. (45%) to jointly develop and operate Yantian International Container Terminal Phase III at Yantian, Guangzhou province in China. Yantian International Container Terminal Phase III planned to be situated on 90 hectares of land and have four container berths. The construction was launched in early 2002, and the first two berths began operations on October 16 and November 26, 2003 respectively. It was estimated that the whole project would be completed by the end of 2005. The joint venture company announced that they expected to invest US$846.4 million (HK$ 6.6 billion) in the whole project. In April of 2004, YICT signed an agreement on a five-year term loan of HK$3.3 billion (US$423 million) with a banking syndication which included the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and China Development Bank. None None