QINGDAO: Port operator China Merchants Group and Qingdao Port on Friday said they are setting up a 6.22 billion yuan joint venture to build and operate a container terminal in Qingdao, Shandong province.

Qingdao New Qianwan Container Terminal, invested by Qingdao Port Group, COSCO Pacific, DP World, AP Moller-Maersk Group and Pan Asia Shipping, and China Merchants Group's unit China Merchants Holdings (International) Ltd, will hold stakes of 50 percent each in the new venture.

The venture called Qingdao Qianwan United Container Terminal Co Ltd will develop, operate and manage a total of nine berths with a shoreline of 3,163 m in Qingdao.