Chinese Joyvio Beidahuang Agricultural Holdings wants to start farming in Primorye, Alexey Chekunkov, director general of the Far East Development Fund (DEFA), said. JBA has a joint venture between the Legend Holdings Joyvio Group and the Chinese state-owned company Jiusan Grain and Oil Industry Group. JBA is interested in Russian lands for soybean plantations.
Chinese investors have already established a Russian subsidiary of Legendagro Holding JSC, which has leased 3,500 hectares in the Khorokholsky district of the Primorsky Territory. Now the company wants to increase the land bank in the region to 50,000 hectares and to build a plant for deep processing of soybeans with a capacity of up to 240,000 tons per year. Soybean concentrate, soybean oil, lecithin, molasses will be produced there. Russia agrees to a deal for RUR 9.7 billion($ 149.71 million), of which RUR 2 billion ($ 30.87 million) will invest independently. As a result of the transaction, the Chinese JBA will become one of the largest landowners in the Far East.
Source: finanz.ru.
