Dry CargoGreater China
Qinfa Group pulls out of deal to sell shipping assets to Bo Hai Investment
Hong Kong-listed commodity trader China Qinfa Group has announced that it would terminate a deal to sell its China shipping assets to Bo Hai Investment as the conditions of the deal were not satisfied.
China Qinfa Group reached an agreement with Bo Hai Investment in July 2015 to sell the entire interest in Hong Kong Qinfa International Trading to the latter for RMB176.7m ($26.4m), planning to quit shipping as part of its restructuring plan.
In January, China Qinfa Group delayed the deal as it required additional time to negotiate with third party financial institutions.