Clifford Chance

Clifford Chance advises PSA on acquisition of container terminal in Lianyungang

Beijing: Leading international law firm Clifford Chance has advised PSA International (PSA) on its acquisition of a 49% stake in a new container terminal in Lianyungang Port in Jiangsu province, China. A joint venture will be formed between PSA and Lianyungang Port Group to take over a container terminal project from China Shipping Container Lines.

PSA International is one of the leading global port groups which participates in port projects across Asia, Europe and the Americas with flagship operations in Singapore and Antwerp.

The container terminal marks PSA's first major foray into the Yangtze River Delta region – one of the most important economic regions in China linking many key cities.

The new container terminal has an annual handling capacity of 2.8 million Twenty-foot Equivalent Units (TEUs) containers and is expected to commence operations in 2014. The terminal is poised to support the container trade originating from the hinterlands of Shandong and Jiangsu, China's second and third largest economic provinces respectively.

"We are very pleased to have supported PSA on this milestone transaction," said Corporate partner Terence Foo, who led the team advising PSA. "Transport and logistics continue to be an area of growth for China, as increased domestic consumption and sustained international trade drive demand for infrastructure development."

Terence Foo was assisted by senior associates Zhang Hong and Angie Ng and associate Wang Menghan.