The Wuhan Economic Development Port Co. (WEDPC) logistics center covers about 7 kilometers (4.3 miles) of shoreline, compared to Yangtze River Development Ltd.’s (YRDL) current shoreline of about 1 kilometer (0.6 tenths miles).
International infrastructure company Yangtze River Development Ltd. (YRDL), which engages in industrial and logistics real estate development in China’s Yangtze River, has an agreement in place to purchase Wuhan Economic Development Port Co. (WEDPC), YRDL confirmed in a filing with the U.S. Securities and Exchange Commission.
WEDPC is a large infrastructure development project positioned in the Chinese city of Wuhan, a trading window between China, the Middle East and Europe. The logistics center is also expected to provide multiple shipping berths for cargo ships of various sizes, as well as provide domestic and foreign businesses a direct access to the Free Trade Zone in Wuhan.
The project is planned to include commercial buildings, professional logistic supply chain centers, direct access to the Yangtze River, Wuhan-Xinjiang-Europe Railway and ground transportation, storage and processing centers and IT supporting services, among other features.
YRDL said it plans to release more details about the planned transaction on Jan. 2, but among the information currently known about the transaction is that YRDL is buying the property in exchange for 600 million Chinese yuan (U.S. $92 million) and current real estate assets that it owns.
It has already deposited 30 million yuan (U.S. $46 million) and says it intends to complete the transaction by the end of first quarter of 2018.
Wuhan Economic Development covers about 7 kilometers (4.3 miles) of shoreline, as compared to YRDL’s current shoreline of about 1 kilometer (0.6 miles).
Yangtze River Development has said that the acquisition is still subject to the completion of the audit of Wuhan Economic Development and approval by the relevant regulatory agencies.
YRDL to acquire Wuhan Economic Development Port Co.
