Qingdao and Rizhao to part company

Qingdao Property Exchange has announced that Qingdao Port International, a subsidiary of Qingdao Port Group, intends to sell its 50% equity holding in Rizhao Riqing Container Terminal for RMB639m (US$103m).

The 50-50 joint-venture Rizhao Riqing Container Terminal was established in 2007 and, at the time, was considered as an important integration of Shandong’s port assets.

According to an industry source, Qingdao Port and Rizhao Port have been having different opinions on the development on the terminal, which has ultimately led to the exit of Qingdao Port.