CHINA. The China Duty Free Group (CDF) has acquired the Nantong trading company.
In an agreement signed with Nantong, CDF will help to transform the company from a state-owned enterprise into a limited firm that not only complies with the Companies Act but also complies with standards expected of a modern enterprise.
The transformed company will operate duty free retail at Nantong port, as well as provide a ship chandling service at the port.
The city of Nantong is about 90km from Shanghai, and it has been described as an emerging star along the Yangtze River.
Nantong is one of the ten biggest ports in mainland China, handling about 80 million tonnes in 2005. Over 2,400 international ships left the port last year, and more than 5 million port workers and sailors cleared Customs. Most vessels arrived from Europe, South Korea, Japan, Taiwan, Hong Kong, Singapore and Malaysia.
With the Sutong Bridge linking Suzhou and Nantong set to be opened, Nantong port is expected to grow its throughput to over 100 million tonnes.
MORE STORIES ON CDF GROUP
China Duty Free owner hits record turnover for first ten months; restructure unveiled – 14/12/2005
China Duty Free Group to represent Inniskillin in China – 16/11/05
King Power and China Duty Free Group reorganise joint partnership; buying alliance ends – 29/06/05
China Duty Free Group to begin duty free operations at Shenyang Airport this spring – 06/01/05
