THE Shanghai World Expo (Group) Co Ltd (SWEG) will set up a joint venture in Weihai, Shandong Province, in co-operation with a local partner to help stimulate the exhibition industry in the northern city.

An agreement was signed in Shanghai on June 17 with the Weihai Wanlong Convention and Exhibition Co Ltd.

The venture, named Intex Weihai, will be funded by SWEG, the Shanghai International Exhibition Centre Co Ltd and the Weihai Wanlong Convention and Exhibition Co Ltd, with a total investment of 5 million yuan (US$600,000).

¡°The Shanghai side controls the lion¡¯s share of the venture,¡± said Zhu Xiangang, general manager of the Shanghai World Exhibition and Convention Co Ltd affiliated with SWEG.

The joint venture will be entrusted by the Weihai municipal government to manage the Weihai International Commodity Trade Centre for a term of 10 years after the centre is put into official operation on January 1, 2007, said Song Yuanfang, mayor of Weihai.

The centre project, costing more than 300 million yuan (US$36.3 million), covers an area of 40,000 square metres that is available for 1,100 exhibition stalls, a convention centre and offices. Chen Qide