Yantian Westport Container Terminal

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In December 2004, Hutchison Port Holdings (HPH) signed a deal with Shenzhen Yantian Port Holdings, the listed vehicle of state-run Yantian Port Group, to own and manage three berths at Yantian Westport — a new site alongside Yantian Phase One and Two. The new joint venture, Hutchison Whampoa Yantian Port Investment Company, followed the original joint venture between the two entities, Yantian International Container Terminals Ltd (YICT), set up in 1994 to manage and operate the middle section of the Yantian Port. Yantian port, the only deepwater facility in Shenzhen, was rapidly expanding capacity to meet demand. HPH paid 102.5 million yuan (US$12.3 million) for a 41.67% stake in the venture, allowing the world’s largest container terminal operator to jointly own one berth and lease the other two. Two of the three berths were already up and running at the time of the agreement. Yantian Port Group used the land use rights of No. 1 wharf as well as cash for its share of the investment, and Hutchison Whampoa invested in cash. The joint venture had a registered capital of 275 million yuan. None None