(Hong Kong, 23 July 2001) Hutchison Port Holdings (HPH) has expressed confidence in the growth potential of the mainland ports industry.

John Meredith, HPH Group Managing Director said his group has been pleased with the progress of its mainland port investments. He added that the group was focusing its time and resources on its existing mainland projects, including Shanghai, Ningbo and Yantian, etc. to ensure the success of these investments.

Mr Meredith said that there was no truth to reports claiming that a deal between the Guangzhou Harbour Bureau and Singapore's PSA Corp. came only after the Chinese government's concern that additional Hutchison involvement in the region would lead to too much dominance.

"We were approached about the Guangzhou Container Terminal development on several occasions, but after careful evaluation, we declined the offer because we felt it was not a suitable investment for us," Mr Meredith said.

He added, "The Harbour Bureau's decision to work with the PSA does not lay strength to rumours that the government is limiting Hutchison involvement in mainland ports, or that there are fears of Hutchison dominance in the port sector. Such rumours are untrue, as both HPH and the Chinese government have said numerous times in the past."

HPH, already this year, has made significant headway in its mainland port development projects, such as Ningbo and Yantian Phase III. The group is positive about future port investment opportunities in China.