China Merchants to invest in Tianjin port renovation project

HONG KONG (AFX-ASIA) - China Merchants Holdings managing director Zhao Huxian said the company will participate in a project to renovate the Tianjin port.	    Cited by the Hong Kong Economic Journal, Zhao said total investment for the project will be about 2.4 bln yuan and China Merchants has agreed to take a stake of no less than 20 pct in the exercise.	    Zhao said China Merchants will set up a joint venture in Tianjin with three other partners for the project.	    Zhao added that China Merchants will work with the Tianjin Airport to develop air cargo business.	    He said the parties are expected to invest a total of 800 mln yuan to set up a joint venture. 

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