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China Merchants’ purchase of a stake in the Port of Newcastle, Australia’s largest east coast port, would be its first in Oceania. However, the deal, subject to Australian review, occurs at a time of increased political and trade tension between the strong-performing Asian economies.Who is the owner of Port of Newcastle?
China Merchants Port Holdings Company Limited (“CMPort”) is a 50% shareholder of Port of Newcastle. CMPort was listed on the Hong Kong Stock Exchange in 1992 as the first mainland enterprise to be listed in Hong Kong.Who are the China Merchants in New South Wales?
China Merchants Port Holdings (CMPort), the Hong Kong-listed arm of the state-controlled Chinese group, paid A$607.5 million ($457.5 million) for a 50 percent stake in the world’s largest coal port that has ambitions to become a major container port serving shippers in New South Wales (NSW).When did China take over Newcastle coal port?
The Port of Newcastle, the world's biggest coal port, was handed over to a Chinese-backed consortium for 98 years for $1.75 billion when Mike Baird was NSW Premier in 2014. The decision means the port is half controlled by Aussie company Gardior and half by China Merchants Port Holdings Company until 2112.