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News

Pan-United invests in second Changshu facility

19 February 2014
Singapore’s Pan-United Corporation, through its 85.5 per cent-owned Changshu Xinghua Port (CXP), has spent Rmb436.5m for a 90 per cent stake in a multi-purpose terminal, Changshu Changjiang International Port (CCIP).

The stake will be purchased from Changshu Binjiang Urban Construction Investment & Management, which will retain 10 per cent of CCIP. The purchase is expected to be completed by 25 March. Changshu Binjiang is wholly-owned by Jiangsu Changshu Economic Development Group, which also owns a 5 per cent direct stake in CXP.

Located next to CXP, CCIP will increase overall handling capacity by 60 per cent to 16m tons a year, and expand the current berth length from 1.7km to 2.8km. The total land area will also climb by 35 per cent to 1.36 sq km and warehousing space by 67 per cent to 175,000 sq metres.

CXP specialises in handling pulp, logs and finished steel products. As of September 2013, it handled more than 16 per cent of China’s pulp imports and 18 per cent of the nation’s log imports from New Zealand.

Pan-United said the investment would increase its market share and boost its position as one of China’s key logistics hubs serving the industrial hinterland along the Yangtze River.

     
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