Shanghai International Port Group said it will spend CNY51.3 billion ($7.2 billion) to develop a new port and container terminal at the Yangshan Deep Water Port in Zhejiang province.
The project will have seven 70,000-ton and 15 20,000-ton container berths and supporting facilities with a total annual throughput capacity of 11.6 million TEU, Shanghai International Port Group (SIPG) announced.
Construction work is scheduled to start at the end of next month and finish within eight years maximum.
SIPG did not say how it will fund the project.
SIPG unit Shanghai Shengdong International Container Terminal will oversee the venture.
The Yangshan Deep Water Port is the world’s largest, with 22.8 million TEU in container throughput last year.
SIPG’s first-half net profit jumped 24 percent from a year earlier to CNY10.8 billion ($1.53 billion) on a 16 per cent gain in operating revenue to CNY20.1 billion (2.8 billion).