Two powerful Chinese state-owned corporations have joined forces to develop a giant offshore, deep-water aquaculture project off the east Chinese coast in a further sign of major Chinese corporate interest in the sector.
China State Shipbuilding Corp (CSSC) has been contracted by Qingdao Guo Xin Development Group, a state investment vehicle and real estate developer in Qingdao, to build a 100,000-ton platform to be docked in the Yellow Sea.
CSSC in January said it had an order book for USD 1.2 billion (EUR 1.07 billion) for 36 new ships – among them “intelligent marine fishers and aquaculture ships.” Near- and off-shore aquaculture, meanwhile, has been identified by Guoxin as an investment target.
The firm has been constructing artificial coral reefs and inserting aquaculture cages into the waters off Qingdao as part of a CNY 6 billion (USD 869.2 million, EUR 776.4 million) investment that will include hatcheries, cold chain, logistics, and a related tourism projects on adjacent islands off the coast of Qingdao.
China’s fragmented aquaculture sector looks set to be changed with the offshore ambitions of big players like the Guo Xin Group, which financed and built key Qingdao infrastructure projects including the city’s subway system, as well as key office and industrial properties.
Like many state-owned firms, Guoxin has been casting around for high-margin investment opportunities in the food and leisure sectors. Seafood will become a new driver of profitability for his group, Guo Xin CEO Wang Jian Hui told Qingdao TV news recently, as the firm unveiled plans for seafood and related health and medicinal products through its new venture.
