China Merchants eyes three-port growth plan

The bonds have a maturity of five years starting from 18 January, according to Splash. All proceeds from the bonds will aid development of the 2017-founded 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 response to the central government’s call to consolidate the port sector, following similar moves by other 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.