Hong Kong's Li & Fung Distribution Group has purchased a British company's businesses in the Asian-Pacific Region at a cost of more than 60 million pounds.

As a result, the Hong Kong company has replaced Britain's Inchcape Group to become one of the owners of a Shanghai company jointly funded by Inchcape and four Chinese companies in 1987.

The joint venture, named Land-Ocean Inchcape International Container Transport Company, was funded with 11 million yuan (about 1.3 million US dollars), half of which came from the British company.

This joint venture was the first Sino-overseas joint land transport company in Shanghai, and has reported fruitful results in its 12 years of performance. (Xinhua)