Hutchison Whampoa, the Hong Kong-based conglomerate, will spend US$733m to raise its controlling stakes in terminals in Hong Kong and Shenzhen, reported the Wall Street Journal. Hutchison Port Holdings’ stake in Hongkong International Terminals will increase to 76.5 per cent from 66.5 per cent, while its holding in Yantian International Container Terminals in Shenzhen will rise to 53.4 per cent from 48 per cent. The selling party is China Resources Holdings, the state-owned parent of China Resources Enterprise.

Elsewhere in China, Hutchison Whampoa said it plans to set up a 50-50 joint venture with its controlling shareholder Cheung Kong (Holdings) for a property project in Chongqing. The company said that it won the bid for a plot of land in Chongqing New North Zone for a total of Rmb1.31bn. The plot, covering area of 132,500 sq metres, will be used to develop commercial and residential properties and will be managed by the joint venture.