Hutchison Whampoa approved to purchase 49% of Ningbo Harbor

South Morning Post quoted vice mayor Wu Heming of Ningbo City as saying that Hutchison Whampoa (0013) acquired 49% shareholding of Ningbo Harbor was officially approved by China authority and China authority would still maintain 51% shareholding of the harbor. 

It was reported that the amount of investment in Ningbo Harbor was RMB2 bln. 

Hutchison Whampoa was now the biggest foreign investor of China harbors and it represented 25% of the total handling capacity in China. 

Lee Ka Shing, chairman of Hutchison Whampoa, announced last week the company would finish acquiring the harbor in a short term.

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