The Chinese conglomerate China Merchants Holdings said that it intends to take a 45 per cent stake in a container terminal worth Yn2.5bn-3bn on Daxie Island, Zhejiang province. The chairman of the company, Qin Xiao, told Reuters that it had signed a letter of intent with Citic and Ningbo Port Authority to build four to five berths on Daxie. Construction work is scheduled to start this year.
China Merchants’ terminal business is concentrated in Shenzhen, Guangdong province, and Zhangzhou in Fujian province. WATER Fresh water source for Harbin Harbin, capital of the northeastern province of Heilongjiang, plans to invest Yn3.4bn in exploring new sources of drinking water. A water plant is to be built 170km away on the upper reaches of the Lalin River, a tributary of the Songhua. Due to be completed in 2010, it will be Harbin’s largest infrastructure project. In addition to government funds, the Asian Development Bank is making a US$100m loan to the project.
The new source is expected to provide drinking water for more than 3m Harbin residents, and for agricultural and environmental purposes. The Songhua is Harbin’s current main source of water, but industrial pollution and overuse of water mean that the city has a serious water shortage.