A subsidiary of Grand Power Logistics Group, a China-based international logistics provider, has signed an MOU to develop Yangshan International Container Transit Logistics Park, reported China Economic Review.

The park will be located at the north end of the Shanghai terminal and will cover 867,700 sq metres of reclaimed land. It will facilitate the transhipment of containers passing through Yangshan deepwater terminal. The estimated investment required to develop the park is expected to total US$485m.

Transport Intelligence said that the final terms of the land purchase for the development would be agreed by October 2010.