A part of Yangshan Port on the Small Yangshan Island in Shengsi county, Zhoushan, Zhejiang province [Photo/ zj.zjol.com]

Zhejiang Seaport Group (ZSG) in Zhoushan recently invested 5 billion yuan ($722.8 million) in Shanghai Shengdong International Container Terminal (SSICT), in an effort to jointly develop a part of Yangshan Port in the Small Yangshan Island. 

SSICT was formerly a wholly-owned subsidiary of Shanghai International Port Group (SIPG). After the capital injection of ZSG, it is currently jointly owned by SIPG and ZSG, with 80 percent and 20 percent of shares held by the two respectively. 

The joint venture is an important part of the Zhejiang-Shanghai cooperation in developing the Small Yangshan Island, so as to drive the construction of Zhoushan River-Sea Intermodal Transport Service Center and improve the port layout of Shanghai International Shipping Center (SHISC). 

The two cities signed agreements last year to jointly develop the island through equity cooperation, with SIPG and ZSG appointed as the representative entities of Shanghai and Zhejiang.

"The north side of Small Yangshan boasts abundant shoreline resources, and we plan to build the North Small Yangshan into an international hub for river-sea intermodal transport," said Fang Huaijin, vice president of SIPG, this February. 

As the Inning Project Phase One of North Small Yangshan was completed last August, and with the construction plan of the port getting under way, the joint venture will accelerate the development of North Small Yangshan. 

Yangshan Port, owned by SHISC, is a deep water port located on the islands of Large and Small Yangshan in Shengsi county, Zhoushan, Zhejiang province. It is a result of the cooperation between Zhejiang and Shanghai.