Wanbang building agricultural products logistics and trading center in Henan Province
Beijing. July 29. INTERFAX-CHINA - Wanbang International Agricultural Products Logistics Co. Ltd. (Wanbang) plans to invest RMB 9 billion ($1.40 billion) to build a logistics and trading project for agricultural products in Zhengzhou, capital of Henan Province, a company executive told Interfax July 29.
The first phase of the project, requiring total investment of RMB 1.39 billion ($215.80 million) began construction in February this year, according to Bi Xueping, Wanbang's director of Zhengzhou agricultural products. The first phase will begin operations in October and handle wholesale fruits and vegetables.
Henan-based Wanbang will then invest RMB 600 million ($93.15 million) to begin building the second phase, focusing on grain and edible oil, by the end of 2011.
Wanbang intends to break ground next year on the project's third and final phase, which will entail the remaining RMB 7 billion ($1.08 billion) of investment, Bi added. The third phase will include storage facilities, a quality inspection facility and research institute.
The project is scheduled to be completed by the end of 2015, upon which it will span an area of 5,300 mu large (3.53 square kilometers). The project's annual trading volume is expected to reach 20 million tons once operational.
-LYB