China’s Yantian Port is planning to take up a loan of RMB1bn ($162.7m) from its parent Yantian Port Group for the purpose of working capital.

Shenzhen-listed Yantian Port said the loan will be for a period of two years.

Last week, Yantian Port also announced a plan to invest RMB400m to establish a joint venture named Huangshi Qipanzhou Port Company with Huangshi Communications Investment Company.

The joint venture aims to develop Qipanzhou port in China’s Yangtze River, in response to the government’s call to develop inland river shipping and in line with Yantian Port’s strategy to expand its presence inland.