Singapore-based port operator PSA has invested in a joint venture to develop and operate 18 railway container terminals across mainland China.
With the investment, PSA became the first global terminal operator owning shares in China United International Rail Containers Co (CUIRC).
Headquartered in Beijing, CUIRC was established in 2007 under China’s former Ministry of Railways (MOR). The company has a government mandate to create China’s largest inland container terminal network.
PSA’s investment in CUIRC, their first step into China’s railway container terminals market, was carried out through the acquisition of the Hong Kong-based Luck Glory International Limited, which owns a 15.33% stake in the JV.
Other partners include China Railway Container Transport Corp. NWS Holdings, China International Marine Containers and Deutsche Bahn Mobility Logistics AG.
The 18 inland railway container facilities are developed at regional economic centres across China, with 10 terminals already in operation in Kunming, Chongqing, Chengdu, Zhengzhou, Wuhan, Xi’an, Dalian, Qingdao, Ningbo and Tianjin.
In an attempt to support the potential for further growth of its railway container sector, China has undertaken a series of railway reforms as well as ongoing initiatives including ‘One Belt, One Road’ and the ‘Western Region Development Program’.