Chongqing Port sells stake in logistics subsidiary due to cancellation of port project

Chongqing Port sells stake in logistics subsidiary due to cancellation of port project

Shanghai-listed Chongqing Gangjiu, the operator of Chongqing Port, has announced that it plans to sell all its 40% stake in Chongqing Huanglian Port Logistics Company to Chongqing Xipeng Aluminum Industrial Zone Development Company, the previous owner of the equity, for RMB52m ($8.11m).

Chongqing Gangjiu said the share disposal is because the local government has decided to cancel the development project at Huanglian Port in an adjustment of city planning. The government has revived the land for the project.

Chongqing government planned to construct three multipurpose berths at Huanglian Port and develop it into a breakbulk port to serve the nearby industrial zone.

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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