Ningbo starts development of Meishan Island

Ningbo Meishan Island Development and Investment Co., Ltd, a joint venture between Ningbo Port Group and three other companies, has recently been established, Xinhua reports.

The new company, with a registered capital of CNY1 billion (US$132.21 million), has been financed by four Chinese state-owned enterprises, namely Ningbo Economic and Technical Development Zone Co., Ningbo Free Trade Zone Investment and Development Co., Ningbo Industrial and Trade Assets Management Co., and Ningbo Port (Group).

The development of Meishan Island will be carried out in two phases and the first phase will have a registered capital of CNY500 million.

Ningbo Economic and Technical Development Zone Co will control a 50 per cent stake in the first phase, while Ningbo Free Trade Zone Investment and Development Co., and Ningbo Industrial and Trade Assets Management Co. will respectively own a 20 per cent interest in the joint venture, with Ningbo Port (Group) holding the remaining 10 per cent share.

The first phase will involve investments in infrastructure and supporting facilities on Meishan Island. The port complex will be developed as a bonded port area providing international transit, procurement, distribution, transit trade and export processing services. It is also intended to serve as an important regional resources distribution centre, the report said.

Meishan Island, with an area of 29 square kilometres, is double the size of Daxie Island, which has been developed as a new port area in Ningbo.

Meishan Island has a natural deep-water coastline and is connected to the Chuanshan Port Expressway, Chuanshan Port Bridge connection highway and the planned Liuheng Island Bridge.