China Cosco Shipping Corporation (Coscocs) has signed a strategic cooperation agreement with Greeland Holding Group, a major real estate company in China to jointly develop port terminal assets globally.
Under the agreement, Coscocs plans to establish a special fund dedicated to the acquisition of port terminal assets globally, and Greenland will become the cornerstone investor of the fund.
Additionally, the two groups will collaborate on acquiring land properties at major ports in China to develop logistics projects as well as supply chain business.
In January, Cosco Shipping Ports, the port operation unit of Coscocs, made a strategic investment of RMB5.8bn ($848m) in Qingdao Port, which will increase its shareholding in Qingdao Port to about 18.41%.
