Shenzhen gas JV unveiled

Shenzhen announced that its primary gas supplier, Shenzhen Gas Corporation, had become a joint venture, formed with Hong Kong and China Gas Company (Towngas) and mainland investment group New Hope Group. The restructured gas provider is 60% owned by the Shenzhen municipal government, with Towngas holding 30% and mainland tycoon Liu Yonghao's New Hope the remaining 10%. Towngas paid US$45.5 million and New Hope US$15.1 million for their shares in the 50-year joint venture. The move was announced as Shenzhen focuses on restructuring its state owned enterprises with an emphasis on finding investors from China and abroad.