Shanghai Has U.S. Investor for Waste Management

United States-based Waste Management Inc. and Shanghai Chengtou launched a solid waste treatment joint venture Shanghai Environment Group Tuesday, also the largest joint venture in solid waste treatment business in China.

Company statement said that Shanghai Chengtou subsidiary Shanghai Chengtou Holding and Waste Management subsidiary Wheelabrator Technologies will work together "to build and manage waste to energy facilities in China" through this joint venture.

Shanghai Chengtou Holding retains the majority 60-percent stake after selling 40 percent of its equity in Shanghai Environment Group to the U.S. firm.

The deal is expected to help technical upgrading of China's solid waste treatment capacity.

Founded in June 2004, Shanghai Environment Group claims 70 percent of the domestic garbage treatment market in urban Shanghai.