China Merchants raises $1.47bn for Liaoning ports development

China Merchants raises $1.47bn for Liaoning ports development

China Merchants Group has issued RMB10bn ($1.47bn) worth of bonds with a maturity of five years starting from January 18.

All the proceeds from the bond issuance will be used for the development of the ports under Liaoning Port Group, an integrated platform for three major ports in Liaoning province – Dalian Port, Yingkou Port and Jinzhou Port.

Liaoning Port Group was established in 2017 in response to the central government’s call to consolidate the port sector, following similar moves by others provinces including Zhejiang and Jiangsu.

In November, China Merchants Group signed a memorandum of agreement with Liaoning government, under which it will acquire a 49.9% equity interest of Liaoning Port Group through a capital replenishment.

China Merchants Group completed a restructuring of its port business in December, after it integrated all its port assets into Shenzhen Chiwan Wharf Holdings, which has been renamed China Merchants Port Group.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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