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How accurate can 'geopolitics' concept apply on the relationship between America, China, Russia and Europe? Especially after Trump holds power, multilateral relation between Us, Europe, Asia and Middle East Countries becomes unstable and unpredictable. The South China Sea territorial disputes reveals the complexity It is disguised with the sovereignty declaration from China all over the spratlys islands, but in fact it is a world power competing ground.

Thursday, 17 May 2018

Investing in Fashion and Culture: China’s Fosun Group





SHANGHAI, China — Located in the heart of the Bund is an impressive architectural feat which holds its own against the countless buildings that make up Shanghai’s iconic skyline. The structure, an opulent golden exterior encased in a three-layered rotating curtain design, is home to Fosun Group’s Fosun Foundation Shanghai.
A collaboration between architecture firm Foster+Partners and Heatherwick Studio, the building was the official venue partner for the recent BoF China Summit and is a symbol of the growing willingness of China’s corporate leaders to invest in culture. The foundation itself was launched in 2012, several years before the landmark’s completion, just when Fosun Group celebrated its twentieth anniversary.
“We started Fosun Foundation Shanghai in 2016 as a non-profit that opened in the Bund Finance Center,” Wang Jinyuan, president of Fosun Foundation, told BoF. “It infuses heritage and modernity in one interdisciplinary art centre, reaching audiences in Shanghai, across China, and around the world.”
The Fosun Group is one of China’s largest conglomerates, with an investment arm that is increasingly active across the global fashion industry. Spanning business sectors as varied as asset management, insurance, industrial operations, healthcare and property development, it has become one of the largest integrated holding companies operating from Mainland China. As of 30th June 2017, the group’s total assets exceed $75 billion.
The group’s foray into fashion began in 2011, when it acquired a stake in Greek jewellery brand Folli Follie which was regarded as a bold move and one that was ahead of its time for a Chinese firm. Fosun followed this in 2013 with investments in Italian tailoring brand Caruso and St. John, the American heritage knitwear brand.

The Fosun Foundation, Shanghai, China | Sour


But the group soon recognised the power of culture capital in business. Since it began supporting culture and the arts through the Fosun Foundation, the group’s landmark building has seen solo exhibitions by the likes of Qiu Anxiong and Julian Opie. The foundation offers Chinese artists an international platform to feature their work while creating archives of their artwork. The foundation also promotes Chinese culture abroad, from traditional wood-carving art to the Shanghai Symphony Orchestra.
Hosting public talks, performances, education programming and screenings in its landmark golden building, the foundation has begun brokering partnerships with other institutions and organisations abroad – the inaugural edition of the BoF China Summit is one example – and it is also planning to stage fashion shows in the future.
“Based on the Bund [in Shanghai], the Fosun Foundation has a unique geographical location to capitalise on this great heritage,” says Wang. But with further locations on the horizon, the foundation is looking to connect other regions of China with leading art and cultural institutions around the world, fostering a more globally-minded creative ecosystem.
“I believe we can contribute to the development of art and culture both in Shanghai and China, and in the process, it can make an impact on other Chinese areas of enterprise,” Wang concludes.

Fosun Foundation was the Venue Partner of the inaugural BoF China Summit. 
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Tuesday, 15 May 2018

’Incorrect Map’ of China on GAP t-shirt

GAP APOLOGISES FOR T-SHIRT WITH ‘INCORRECT MAP’ OF CHINA THAT EXCLUDED TAIWAN

JOANNA TRAN15 MAY 2018
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South China Sea islands and south Tibet were also ommitted

Gap has apologised for a T-shirt that featured a map of China without territories such as Taiwan.

According to the BBC, US clothing brand Gap has apologies after selling T-shirts that showed an “incorrect map” of China.
On the design, territories that China claims to be theirs were omitted. Taiwan, islands in the South China Sea and south Tibet were all missing.
Hundreds of complaints flooded Weibo after an image of the T-shirt went viral.
In response, Gap said it would implement “rigorous reviews” to prevent repeating the incident and that it respects China’s “sovereignty”. The company also said it “sincerely apologised for this unintentional error”.

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Friday, 11 May 2018

What might “Globalisation 2.0”mean for the Environment? Why China’s One Belt, One Road is a cause for concern.


What might “Globalisation 2.0”mean for the Environment? Why China’s One Belt, One Road is a cause for concern.
Robin Lee



On top of pollution problem in China, please watch documentary:https://youtu.be/rB6TA5g7Pg0
Since China’s One Belt, One Road (OBOR) development strategy was first proposed in late 2013, it has increasingly attracted world attention as more and more countries have signed various cooperation agreements with China related to the project[1]. Described as ‘globalisation 2.0’, the initiative which seeks to develop cooperation, trade and infrastructure networks between Asia, Africa and Europe through the creation of a Silk Road Economic Belt and the Maritime Silk Road, has the potential to significantly impact on the global economy while further expanding China’s political and economic interests internationally. While many governments and businesses have seemingly welcomed the policy for the opportunities that they see it as potentially affording them and have developed strategies for how to extract the greatest benefits for the interests of political elites and capital, from the perspective of impacts on ordinary people and the world in which we live the policy is worthy of scrutiny. One of the areas where significant concerns need to be raised relate to what globalization as promoted by China through OBOR might mean for the environment.
Official documents and statements relating to OBOR state the need to tackle climate change and protect the environment. Expressions of commitment are made to promoting green construction and taking into account the impact of investments on the environment in the implementation of OBOR. Some commentators have also suggested that through OBOR China might aid developing countries in their capacities to pursue more environmentally sustainable development. Despite this, however, clear policy guidance on exactly how to ensure that projects are pursued in an environmentally sustainable way are largely absent from official statements on OBOR. In fact, a closer examination of what the implementation of the policy has meant so far and what it might continue to entail suggests that OBOR poses serious threats to the environment and is likely to result in increased environmental degradation and pollution, along with natural resource depletion that may adversely impact on local populations along OBOR routes.
Although, in the National Development and Reform Commission’s 2015 Vision and Action document for OBOR commitments to advancing clean and renewable energies such as wind and solar power are highlighted as areas for investment and cooperation, so are increased cooperation in, “the exploration and development of coal, oil, gas, metal minerals and other conventional energy sources”[2]. As far as coal is concerned, China has already been heavily involved in overseas investment. According to the Global Environment Institute, between 2001 and 2016 China was involved in 240 coal power projects in OBOR countries, with India, Indonesia, Mongolia, Vietnam and Turkey the top five countries in which it was involved.[3] Investment in coal power stations in Pakistan is another notable example where China is investing billions of dollars as part of the China-Pakistan Economic Corridor and the Port Qasim Power Project represents China’s largest overseas coal power investment. In other words, OBOR is set to continue to contribute to the expanded use of fossil fuels overseas at a time where the world faces climate catastrophe and there is ever greater need to shift away from carbon intensive energy sources. This therefore seems to be somewhat at odds with commitment to environmental sustainability.
At the same time, China’s commitment to clean and renewable energy also includes commitment to the expansion of nuclear power, a form of energy which poses harmful risks to the environment and to human safety. Expansion of nuclear power in China has already been criticized for lax safety standards. Meanwhile its investments in hydropower also carries with it some environmental risks due to the impact that large-scale dams can have on biodiversity due to the destruction of natural habitats, not to mention the human impacts resulting from the displacement of local populations, in preparation for dam construction. China already has a significant number of dam building projects both domestically and internationally. By 2010 it was already involved in over 200 projects in 49 countries and was building many of the world’s largest hydropower stations.[4] The impacts of some of its projects so far provide little room for confidence. Within China dam projects, such as the Three Gorges Dam, are reported to have displaced more than 23 million people while also impacting on the availability of water and environmental quality. Overseas, dam projects such as those in Cambodia, along the Mekong River, have also been posing threats to human and environmental well-being and carried out without adequate Environmental Impact Assessment approvals[5].
It has also been observed that much of the New Silk Road and Maritime Silk Road are situated in regions where the natural environment is vulnerable and resources already under a lot of stress, which will be only further compounded by climate change and additional human activity. Although in some areas displacement is a problem, new projects will significantly increase the number of people living along the routes in many locations, again altering natural environments. Such vulnerabilities are additional causes for concern which needs to be properly researched and evaluated[6]if OBOR investment is to be carried out in an environmentally sustainable way. In Bagamoyo, in Tanzania, for instance, where there are plans to construct Africa’s largest port, the area around where the port will be constructed is surrounded by endangered mangroves and local fishing activities and smallholder agriculture, which provide for the livelihoods of local inhabitants and which are very sensitive to local environmental conditions.[7]Meanwhile in Russia, concern has been raised by environmental NGOs over the potential impacts of investment projects by Chinese capital in the Zabaikalsky province of Russia related to the Amazar project and the Pokrovka-Loguhe Border Crosser, which have been seen as crucial parts of OBOR by Heilongjiang province, and where related logging and damming activities are being carried out without proper Environmental Impact Assessments in a region which is vulnerable to resource depletion and destruction of its rich biodiversity[8].
Indeed pollution and environmental destruction problems caused as a result of overseas investment projects by Chinese capital perhaps give little room for confidence in this regard. In Africa, which became increasingly important to China as it transformed itself into the ‘world’s factory’ as a location for extraction of natural resources, such as oil, gas, minerals and timber, in which China lacks a sufficient domestic supply, Chinese companies sometimes with the collusion of corrupt local officials have been criticized for causing environmental damage and violating local conservation laws. Sinopec’s activities in Gabon in the mid-2000s, for instance, led to public outrage for the way that in its prospecting for oil it illegally caused mass pollution and destruction to Gabon’s national parks and rainforest.[9]
With many overseas investment projects having being carried out without first properly conduction Environmental Impact Assessments, it is also notable that China does not have a strong record in ensuring that Chinese companies overseas behave in an environmentally responsible way. While the Chinese Ministry of Commerce and Ministry of Environmental Protection jointly issued Guidelines for Environmental Protection in Foreign Investment and Cooperation in 2013, these are non-binding and so have little power of enforcement over Chinese companies operating overseas. This means that the task of ensuring environmental standards is left to respective host countries (many of which have lax laws relating to environmental standards), and individual companies’ degree of compliance with their internal CSR policies or the requirements of lending institutions[10]such as the Asian Infrastructure Investment Bank (but even here these may be very inadequate).
It is further notable that one of China’s aims in pursuing OBOR is to help to absorb its overcapacity in highly polluting industries such as iron and steel and cement. This therefore potentially acts to further encourage this trend of overproduction, rather than acting as an incentive to resolve this problem and for companies in these industries to cut this capacity and to preserve resources, something which local governments in China have been reluctant to do due to the way that these industries have added to local government funds, thereby reducing domestic pollution. There is also the risk that this potentially passes on further environmental risks to overseas countries with investment in white elephant infrastructure megaprojects, aimed at absorbing some of this overcapacity. Indeed, it has been noted that while the China Development Bank and state commercial banks are committing billions to lending and investment in projects in OBOR countries, mainland banks have poor records in efficient allocation of resources and in overinvestment, having, according to a National Development and Reform Commission study, accrued 66.9 trillion yuan’s worth of ineffective investment while less than 60% of capital projects have been delivered as planned since 1997.[11]There is therefore reasonable risk that if this trend is followed, a proportion of projects that are invested in will be unnecessary or underutilized, thereby constituting a further waste of world resources and energy.
China’s past records in environmental protection overseas, the lack of clear commitments and enforcement mechanisms, along with the fact that in reality, although many parts of the initiative carry environmental risks, there are also aspects of the investment and development strategies proposed as a part of OBOR that are inherently harmful to the environment, together suggest that there are many reasons for us to be concerned about the environmental impacts of OBOR. With China itself both suffering from intensive environmental degradation as a result of it having prioritized economic growth over protection of the environment and also in need of natural resources, its making use of developing countries to satisfy these needs and to reduce or solve its own domestic problems only shifts a part of the environmental costs on to other countries. While China is of course by no means the first country to go down this route (North America and Europe have a long history in this regard), this does not provide justification or excuse for continuation of such exploitative practices by any country. The world is facing a climate crisis which poses threat to the future of humanity as a result of some aspects of human activity which have had destructive impacts on the planet. Jointly working openly and transparently to repair and preserve our ecosystems and to create a habitable earth for future generations internationally is an urgent priority for governments and people around the world. OBOR does not fit with this priority.

[1] As of May 2018, 68 countries and international organisations had signed such agreements.
[2] 2015 OBOR action plan http://en.ndrc.gov.cn/newsrelease/201503/t20150330_669367.html
[3] China’s Belt and Road Initiative Still Pushing Coal, Feng Hao, 12th May 2017, https://www.chinadialogue.net/article/show/single/en/9785-China-s-Belt-and-Road-Initiative-still-pushing-coal
[4] Hydropower: Environmental Disaster or Climate Saver? China Water Risk, 6th July 2010, http://chinawaterrisk.org/resources/analysis-reviews/hydropower-environmental-disaster-or-climate-saver/
[5] China Dams the World: The Environmental and Social Impact of Chinese Dams, Frauke Urban and Johan Nordensvard. 30th January 2014. E-International Relations.
[6] Some scholars have proposed that monitoring be implemented for baseline measurements even before projects are implemented. See: Building a new and sustainable ‘Silk Road Economic Belt’, Li, Qian, Howard and Wu. 2015.
[7]http://thediplomat.com/2015/12/the-port-of-bagamoyo-a-test-for-chinas-new-maritime-silk-road-in-africa/
[8] Environmentalists warn Shenzhen stock exchange about risks of Amazar “Belt and Road” project in Russia. 12th May 2017, http://www.transrivers.org/2017/1922/
[9] China’s environmental footprint in Africa, Ian Taylor, February 2007, China Dialogue, https://www.chinadialogue.net/article/show/single/en/741-China-s-environmental-footprint-in-Africa
[10] 商务部 环境保护部关于印发《对外投资合作环境保护指南》的通知. 28th February 2013, Ministry of Commerce of the People’s Republic of China, http://hzs.mofcom.gov.cn/article/zcfb/b/201302/20130200039909.shtmlWould Ecological Civilization take the Silk Road? Eugene Simonov 26thMarch 2017, http://www.transrivers.org/2016/1650/
[11] ‘One Belt’ infrastructure investments seen as helping to use up some industrial over-capacity, Eric Ng, 2nd November 2015, South China Morning Post. http://www.scmp.com/business/article/1874895/one-belt-infrastructure-investments-seen-helping-use-some-industrial-over
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Wednesday, 25 October 2017

China push us together - Siemens and Alstom Form European Train Giant to Beat Chinese Competition

FRANKFURT — Once, the merger of two iconic European companies might well have been derailed by regional political rivalries. But in the case of a deal between Siemens and Alstom, those concerns have receded in the face of a larger threat: China.
The proposed merger of Europe’s two largest train makers, one German and one French, demonstrated on Wednesday that economic imperatives are pushing the Continent together even as populist politicians try to pull it apart.

Siemens, a German electronics and engineering giant, and France’s Alstom, a maker of the high-speed TGV, said late Tuesday that they will merge their units that make trains,streetcars and signaling systems. The deal is backed by the French government, and the two companies provided details of the deal the following day.
The new company, to be called Siemens Alstom, is a response to intensifying competition from China Railway Rolling Stock Corporation, the state-backed train maker that has been winning contracts in the United States and emerging markets where mass transit is a fast-growing business.
The company’s success is emblematic of China’s increasing economic power, which, combined with a more isolationist American foreign policy, is forcing European leaders to violate old taboos in order to improve the functioning of the European Union and its economy.
“The message of this merger is that the European spirit is alive,” Joe Kaeser, the chief executive of Siemens, said at a news conference in Paris on Wednesday. “That’s a powerful message in times that are marked by populism and nationalism and social and political divides.”
The announcement comes just days after a far right party won seats in the German Parliament for the first time since World War II. On Tuesday, Emmanuel Macron, the French president, called for “the rebuilding of a sovereign, united and democratic Europe” that would include stronger border controls but also a European budget large enough to help countries in economic trouble.
Competition from China has already been a factor in other big European mergers. Last week, the German steel giant ThyssenKrupp said it would merge its European steel operations into a joint venture with Tata Steel. And last year, Nokia of Finland acquired Alcatel-Lucent, a French maker of telecommunications equipment, in part to address intense competition from China’s Huawei.
Other sectors, like shipbuilding or semiconductors, could also be ripe for mergers.
Mr. Macron has made competition from China a central focus of his European policy drive. This year, he proposed Europe-wide scrutiny of any new major stakes by Chinese companies in European industrial jewels, but was met with resistance by small countries like Greece and Hungary, which are eager for new investment.
The French president and other European leaders have grown increasingly alarmed that the E.U. is ceding control of advanced technology to China. In a recent speech in Athens, Mr. Macron called for strengthening the bloc into a “power that can face the U.S. and China.”
Those concerns deepened after a state-owned Chinese chemical company, ChemChina, bought the Swiss pesticides and seeds group Syngenta this summer for $43 billion. The Chinese state-backed shipping conglomerate Cosco recently took a majority stake in Greece’s Piraeus port to anchor China’s New Silk Road through Europe. Germany itself has been no stranger to takeover bids by Chinese state-backed firms.
Just weeks ago, Chancellor Angela Merkel of Germany tightened rules to limit takeovers of German strategic assets, a move aimed at Beijing.
Chinese competition was a driving factor in Mr. Macron’s backing to seal a deal between Alstom and Siemens, despite outcries from political opponents in France that he was handing over a French icon to the Germans.
“The big story here is the French willingness to let this happen,” said Mikko Huotari, director of the international relations program at the Mercator Institute for China Studies in Berlin. “Alstom is one of the crown jewels of French industry.”
The Siemens-Alstom deal is in part a bid that being bigger may be a better way to counter China Railway Rolling Stock, known as CRRC, which has grown into the world’s largest and most competitive maker of railway equipment. The European company could yet grow further: Ahead of Tuesday’s announcement, there had been speculation that Siemens could link up with Bombardier of Canada. On Wednesday, Mr. Kaeser of Siemens did not rule out that Bombardier could later become part of the combined company.
Still, with sales of over $33 billion last year and 180,000 employees worldwide, CRRC is bigger than the train businesses of Siemens, Alstom and Bombardier combined.
Last year, the Chinese company secured contracts to build 64 subway cars for the city of São Paulo, and sold more than 800 railway cars to Chicago for $1.3 billion, winning the deal by submitting a cheap bid with good technology.
“Of course CRRC is extremely strong, and has changed a little bit the picture of the market,” Henri Poupart-Lafarge, the chief executive of Alstom, told reporters Wednesday.
Mr. Poupart-Lafarge will be chief executive of the new company, which will have its headquarters in Paris. The Mobility Solutions unit of Siemens Alstom, which provides systems to control rail traffic and is more profitable than the unit that makes trains and streetcars, will be based in Berlin.
The new company will have annual revenue of €15.3 billion, an order backlog valued at €61.2 billion and more than 62,000 employees worldwide.
Alstom in particular is a symbol of national technological might for the French, with high-speed TGV trains racing across the countryside, and Eurostar trains connecting Paris to London in just over two hours through the Eurotunnel.
While populist parties such as the National Front are hostile to closer political ties in the European Union, they are less likely to oppose corporate mergers that protect European companies from foreign competition.
Pro-European political leaders like Mr. Macron have themselves not been averse to government intervention to protect jobs at home.
Despite pledges to be less protectionist than his predecessors, Mr. Macron has shown a willingness to involve the state in industrial policy by getting involved in big deals. Last month, he temporarily nationalized one of France’s biggest shipyards, STX France, to prevent it from being taken over by an Italian competitor.
As France’s economy minister, he pushed through a government plan last year to order €630 million worth of new TGV trains — most of which were not calibrated to run on faster tracks — from an Alstom factory in the eastern town of Belfort to prevent hundreds of jobs there from moving to another plant.
The Alstom deal with Siemens also reflects, however, a willingness to be flexible to protect broader French interests.
On Tuesday, the country’s finance minister, Bruno Le Maire, said the French government welcomed the deal with Siemens, characterizing it as one that protected French jobs at Alstom.
Follow Jack Ewing @JackEwingNYT and Liz Alderman @LizAldermanNYT on Twitter.
Jack Ewing reported from Frankfurt and Liz Alderman from Paris.
Copyright © 2017 The New York Times Company. All rights reserved.


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China is our new savior - Nison Group acquires SieMatic

Baker McKenzie advised the Chinese Nison Group on the acquisition of the majority stake of the German SieMatic Group, one of the globally leading manufacturers of kitchen furniture in the premium segment. Parties agreed not to disclose the purchase price.
The transaction is subject to regulatory approval and is expected to be completed in the fourth quarter of 2017.
Baker McKenzie advised Nison on all legal aspects of the deal. The transaction is structured as a share deal. A particular challenge of the legal advice was the handling of a challenging corporate legal structure of the SieMatic Group.
"For the Chinese Nison Group, SieMatic is a renowned partner for its planned growth on the Chinese market in premium kitchens. Our well-established China team has once again proved how our experience with Chinese transactions supports our clients in their strategic goals", commented Dr. Thomas Gilles, Corporate Partner and Head of the China Desk in Germany at Baker McKenzie.
The Nison Group is a family-owned company headquartered in Suzhou, China. The company was founded in 1994 and is active in the Real Estate and Premium Households business segments. The Nison Group is the leader in domestic appliances in China and unites the most recognized premium brands under one roof. The company has many years of experience with customers in China and Europe, generated sales of around 900 million US dollars in 2016 and employs more than 10,000 people.
SieMatic is one of the world's leading manufacturers of kitchen furniture in the premium segment. The family-run company was founded in Löhne, North Rhine-Westphalia in 1929 and is represented by subsidiaries and a network of sales partners and exclusive partnerships in more than 60 countries. SieMatic stands for quality and design, made in Germany and is one of the most popular luxury brands in the world. 
Baker McKenzie regularly advises clients on cross-border transactions and reorganizations. Most recently the team advised Sulzer AG on the acquisition of the Transcodent Group, Tokheim Service Group on a strategic partnership with Kärcher, SPIE on its acquisition of LÜCK Group, Grünenthal on its acquisition of Adhesys Medical, Flowserve Corporation on the sale of Gestra-Gruppe, ZF Friedrichshafen AG on the sale of Cherry Group, the owners of Fragrance Resources on the sale of its fragrance business to International Flavors & Fragrances, Inc., GFKL on the acquisition of Tesch Group, CORESTATE on its acquisition of Hannover Leasing, Heraeus Group on the sale of the global high-performance target materials business to the US-based Materion Group, MAGNA International on its acquisition of the Böddecker & Co. GmbH & Co. KG, Dassault Systèmes on the acquisition of the CST group, Sulzer on the takeover of the GEKA group from 3i, Deutsche Beteiligungs AG on its participation in Reinhold & Mahla-Group and RWE and E.ON on the sale of their shares in the Luxembourg energy supplier Enovos.
Legal Adviser Nison Group: Baker McKenzie
Head of Corporate / M&A: Dr. Thomas Gilles (Partner, Frankfurt)
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Wednesday, 21 June 2017

China’s new long-range maritime surveillance plane could cover all of S. China Sea: report

China’s new long-range maritime surveillance plane could cover all of S. China Sea: report 
Source:Global Times Published: 2017/6/21 15:53:39 

The first medium-to-long-range maritime-surveillance plane under the Chinese State Oceanic Administration has started operation at the South China Sea Branch of the government department. 
The B-5002 plane, whose wingspan is about 30 meters, is the biggest and fastest maritime-monitoring plane in China. It also holds the record for the longest distance in flight among all Chinese maritime-monitoring planes, which theoretically could cover the whole South China Sea, China Ocean News reported Tuesday.
According to the report, the plane will perform monitoring tasks in a variety of areas including maritime environment protection, sea island exploitation and maritime rights maintenance as well as maritime research and rescue.
The aircraft's operation will effectively enlarge the scope of China's maritime and aviation law enforcement, promoting law enforcement in the South China Sea to a higher standard, the report said. 
The plane is manufactured by the AVIC Xi'an Aircraft Industry (Group) Company LTD, modeled after the China-made Xinzhou-60 plane. It is equipped with some advanced hardware and software with a total value of nearly 100 million yuan ($14.6 million).    
It went into service on Monday. 


Posted in: SOCIETY

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Wednesday, 31 May 2017

After Pireaus, 35% of Euromax in Rotterdam

Cosco Pacific Buys Stake in Rotterdam Terminal

Carts
File image courtesy ECT

By MarEx  2016-05-12 17:31:07
Cosco Pacific has entered into an agreement with Hutchison Port Holdings for the purchase of a 35 percent stake in the Euromax container terminal at Rotterdam (subject to regulatory approval).
Its investment totals to $140 million, and Cosco Pacific said that it chose to acquire a large stake based on long-term strategic trends: it expects Rotterdam to remain Europe's primary hub, and in addition, it is buying into what has historically been the main port for ship operating divisions of its parent company China Cosco Shipping (COSCOCS) for northwestern Europe.
“The Board expects Cosco Shipping to continue to deploy ULCVs to the European shipping route and call the Port of Rotterdam as its major hub in the region. The company’s investment in a container terminal in the Port of Rotterdam is not only in line with the company’s strategy of investing in overseas hubs, but also coordinates with Cosco Shipping ’s hub strategy,” the firm said. 
Euromax is a modern, highly automated terminal, inaugurated in 2010. Its basin can accommodate drafts to 16 meters, and its cranes can reach to 23 rows across, giving it the ability to handle ULCVs. It has a design capacity of 2.5 million TEU per year, almost fully utilized in 2015, and it is expected to handle up to 3.2 million TEU per year after an expansion. The capacity adds roughly 10 percent to Cosco Pacific's current volume of 19 million TEU per year, the majority of it in China. Cosco Pacific also has plans to invest in a two thirds stake in the port of Piraeus, Cyprus; Bloomberg notes that Chinese firms like state-owned Cosco have been making larger foreign infrastructure investments in recent months, following President Xi Jinping's calls for a One Belt, One Road strategy boosting trade routes across the Indian Ocean, Central Asia and Europe.


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      • Investing in Fashion and Culture: China’s Fosun Group
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