Sino-German Joint Logistics Company Underway in Beijing

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Last updated at: (Beijing Time) Thursday, November 21, 2002

Sino-German Joint Logistics Company Underway in Beijing

A Sino-German logistics company was launched in the Chinese capital Beijing on Tuesday.

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A Sino-German logistics company was launched in the Chinese capital Beijing on Tuesday.

The Sino-German joint venture, whose name is yet to be released,has a registered capital of 5.7 million US dollars. It is expectedto be officially operating in 2003, sources close to the new venture say.

The Beijing International Technology Cooperation Center and Schenker International Ltd. of Germany, the two investors in the new joint venture, respectively hold 30 percent and 70 percent of its total shares.

The Beijing parent company boasts property worth more than 400 million yuan (48.36 million US dollars). It has so far establishedjoint ventures with Siemens, JVC and other multinational corporations.

German logistics giant Schenker International Ltd. is a multinational company with a history of 150 years and boasts annual sales worth 6.4 billion euros. The company has more than 1,100 subsidiaries worldwide.

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