Cosco To Take Stake in

China Ocean Shipping, the parent of Cosco Pacific, is planning to take a 20 percent share in the first phase of the RMB 100 billion Yangshan port project in Shanghai.

State-controlled Cosco has already invested RMB 40 billion in the city's logistics, ports and shipping
sectors.

Industry sources said the Shanghai government is
expected to invite foreign investors to participate in the Yangshan container port project,
which will include a 30km bridge and about 52 berths, making it the biggest port project in
the country.

Construction has already begun on the project with
the first five berths to be completed in 2005.