[photopress:Tianjian_east_port.jpg,full,alignright]Serious money is being invested in Tianjin East Port, the new part of Tianjin Port which is now nearing the end of its first phase of construction.
Nine agreements of intention have been signed with 12 companies including HSBC, China Merchants Bank and Mapletree Logistics: all early investors in the Tianjin East Port project since the beginning of June 2002.
Hao Yunhui, deputy director of the Department of Investment with Tianjin Port said, ‘Investors from home and abroad are showing great interest in the East Port thanks to its high potential for economic growth.’
The investment agreements come as the first 4 square kilometers of the port are about to come into use. A further 16 agreements of intention were expected to be signed in the near future.
The Tianjin East Free Port, with an expected area of 10 square kilometers will be the largest free port in China. The State Council approved the free port in the Tianjin East Port on August 31 last year. It is the second free port to be established after the 8-square-kilometer Shanghai Yangshan Free Port. But the Tianjin East Free Port will enjoy more preferential policies on financing and tax than the Yangshan Free Port.
Yu Liming, director of business development at China Merchants Holdings said, ‘There is huge potential, and the business environment here is maturing.’The company has made an initial investment of RMB1 billion to support logistics and processing in the first phase of the Tianjin East Port. HSBC is also considering joining the port, but no figure has yet been set.
Source: English People.com
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