China’s banks have rolled in behind a major fishery trading hub seeking to be a world price-setter for squid.
An industrial park, processing center, and consumer hub, Zhoushan International Distant Water Base has secured CNY 600 million (USD 88.6 million, EUR 79.2 million) in a credit line from the Ocean and Agricultural Commerce Bank, a local lender owned by city and regional government. The project has cost CNY 330 million (USD 48.7 million, EUR 43.5 million) thus far, and the main structures will be ready by August.
The three structures to emerge from the project include an “international imported seafood center” as well as an expo center and a tourism center. There will also be a squid trading platform and a “distant water products trading port.” The trading center, when it opens, will help to dictate global prices for species like squid, according to the project’s press materials.
Thirty firms were represented last week at a promotional seminar for the project. Among the corporate presences at the seminar were Da Yang Shi Jia (Ocean Family), Zhou Yu Co., and Shanghai Yu Pei Group, which claims to have the country’s biggest cold chain service for retailers.
Also involved was the Hangzhou Bei Dian Group, a firm specializing in e-commerce platforms and logistics services, with investment from several international venture capital firms (among them IDG Capital).
