UPDATED 12:32 PM EST, February 18, 2013
Control of Gwadar port on Pakistan's southwest coast was transferred to a state-owned Chinese company in a signing ceremony Monday in Islamabad that was broadcast on TV.
China paid much of the $250 million originally needed to construct the port, which was previously run by a Singaporean company. It has been a commercial failure since it opened in 2007 because Pakistan never completed the road network to link Gwadar to the rest of the country.
