Shandong-based Landbridge has succeeded in its A$506 million (US$371.4 million) bid to operate Australia’s Port of Darwin for 99 years, South China Morning Post reported, citing a statement from the Australian government. The Shandong-based energy and infrastructure firm, controlled by billionaire Ye Cheng, has taken an 80% stake in the Northern Territory port and must find an Australian investor to purchase the remainder within five years. Landbridge has total assets of RMB16.7 billion (US$2.632 billion), and already owns a port in southern Shandong with annual capacity of 220 million tons, according to its website.