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Investors move in on new Tianjin port

By Ding Qingfen (China Daily)
Updated: 2007-02-09 08:58

TIANJIN: Tianjin East Port, the new part of Tianjin Port nearing the end of its first phase of construction, is receiving unprecedented attention from both local and foreign investors.

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Nine agreements of intention were signed yesterday with 12 companies including HSBC,China Merchants Bankand Mapletree Logistics, the first batch of investors since the Tianjin East Port project began in June 2002.

"Investors from home and abroad are showing great interest in the East Port thanks to its high potential for economic growth," said Hao Yunhui, deputy director of the Department of Investment with Tianjin Port (Group) Co Ltd.

The investment agreements come as the first 4 square kilometers of the port are about to come into use. Hao said a further 16 agreements of intention were expected to be signed in the near future.

The Tianjin East Free Port, with an expected area of 10 square kilometers and the largest free port in China, is the major drawcard for investors.

The State Council approved the free port in the Tianjin East Port on August 31 last year. It is the second free port to be established after the 8-square-kilometerShanghaiYangshan Free Port.