The rights have gone to Landbridge Group, a privately-owned company that operates a 30m tonne per annum port in North Haizhou Bay, between Beijing and Shanghai.
Landbridge Infrastructure Australia says the group intends to grow trade between Australia and Asia.
It is committing an initial A$35m of investment expenditure over the first five years, and anticipates over A$200m of capital expenditure in the next 25 years.
The decision by the Northern Territory government has been described by Chief Minister Adam Giles as a chance for growth of the port and the economy, with the government retaining rights over stevedore licensing and key operating standards.
Agriculture lobby groups, business leaders and shipping lines have welcomed the deal, although a note of caution was sounded by ANL Container Line which said there needs to be adequate protections for port users, and the final details were awaited with interest.
Meanwhile, the Maritime Union of Australia is disappointed because it sees no protections for the employment of port workers.