(Yicai Global) Oct. 27 -- Shenzhen Airport Co. [SHE:000089] plans to invest CNY634.4 million (USD95.6 million) in adaptive renovation for terminal three at Shenzhen Bao'an International Airport in China's southern province of Guangdong, according to a feasibility report for the project.

The listed firm will raise the funds for the work through self-financing and bank loans, and hopes to start construction this month to finish up in 2020, it said in a statement on Oct. 26.

As well as renovating the terminal, the airport plans to optimize its waste disposal system, refurbish its freight line and automated people mover and build a baggage and docking guidance system in the terminal three satellite concourse, the statement added.

The project hopes to help meet target annual throughputs at the airport, which will be 52 million passengers landside and 30 million airside in 2025. Terminal three will also step up to handle international flights at the airport.

Since the third terminal entered operation in 2013, business volumes at the airport have grown rapidly. In 2016, its throughput surpassed 40 million passengers, resulting in the supporting infrastructure becoming insufficient, the statement added.