TAIPEI -- Taiwan's Yang Ming Marine said Wednesday it has agreed to sell a Chinese consortium a stake in a container terminal for $135 million, in the first such deal between the island and the mainland.
Under the investment, which is pending final government approval, Kao Ming Container Terminal Corp owned by Yang Ming Marine would sell a 30% holding in the terminal in the southern city of Kaoshiung, Yang Ming said in a filing to the Taiwan Stock Exchange.
Yang Ming did not give details of the buyers, but Dow Jones Newswires said China Merchants, Cosco Pacific and China Shipping will each hold 10% in the joint venture.
Taiwan's economy ministry in March eased its controls on Chinese investment amid fast-warming ties, although the island's telecoms sector remains off-limits to mainland investment.
Chinese investors are now allowed to buy up to a 50% stake in key public infrastructure including subways, light rail systems, bridges and tunnels, as well as cultural and educational facilities.
They are also allowed to invest in conference centers, national parks, cable car systems and six other categories without restrictions, the ministry said.
Copyright Agence France-Presse, 2012
