Greater ChinaPorts and Logistics
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.