China Merchants Group is accelerating the restructuring of ports in Liaoning province, having allocated a total of RMB163bn ($24.4bn) in total into Liaoning Port Group.
Liao Jianmin, chairman of China Merchants Group, said in a conference for the reform of state-owned enterprises in Dalian yesterday that the group has invested more than RMB63bn into the Liaoning Group and also assumed around RMB99.6bn of liabilities of the member ports in Liaoning Port Group.
Last June, China Merchants Group officially took control of Liaoning Port Group which was set up to integrate all port assets in the province.
Following the merger of Dalian Port, Panjin Port and Yingkou Port, Dandong Port were merged into Liaoning Port Group in August after it emerged from bankruptcy.
In the first nine months of this year, Liaoning Port Group completed a cargo throughput of 379m tons, showing year-on-year growth of 3.1%.