Xiamen International Port to sell Haicang port project

Xiamen International Port Co Ltd, a port developer in Xiamen city, East China's Fujian Province, announced it has agreed to sell a Haicang port project to Xiamen Haicang International Container Terminals Ltd for RMB 407.38 million.

The project is related to Berth 1 at the Haicang port in Xiamen, and pertains to marine structure engineering. Proceeds from the sales will be used for general working capital and further expansion.

Xiamen Haicang International Container Terminals Ltd is a joint venture (JV) between Xianmen International Port and Hutchison Ports Haicang Ltd. Xiamen International Port holds 51% in the JV, while Hutchison Ports holds the remainder.

Xiamen International Port Co Ltd, listed on the Hong Kong Stock Exchange in December 2005, is the seventh largest container port in China.

The company booked RMB 26 million in net profit in the first quarter of this year, up 1.1% from RMB 25.76 million in the same period last year, and the total operating income surged about 147% to RMB 756.67 million.