China Shipping Terminal Development, a unit of state-owned China Shipping Container Lines, agreed to purchase a 24% stake in Belgian container port terminal APM Terminals Zeebrugge last week, the details of which were released Wednesday, The Wall Street Journal reported. The deal is one among several moves by Chinese port operators to expand overseas and take advantage of lower prices set by companies looking to reduce their debt. China Shipping Terminal has overseas investments in Seattle, Los Angeles and Damietta, Egypt, and this most recent investment in Belgium is partly to provide its parent company with a hub in Northern Europe.
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