China: Agreement Signed on Equity Restructuring of Phoenix Island

On April 10, China Communications Construction Company (CCCC) concluded a cooperative agreement on equity restructuring of Phoenix Island project with Sanya Phoenix Island Investment Group Co. Ltd. and Sanya Yusheng Investment Co. Ltd.

Li Maohui, president assistant of CCCC, Zeng Xianyun, chairman of Sanya Phoenix Island Investment Group Co. Ltd. and Wang Yumei, chairman of Sanya Yusheng Investment Co. Ltd. signed this agreement on behalf of respective parties.

The success of the equity restructuring marks a milestone in construction and development of Phoenix Island.

Located in the heart of “Sunshine Coast”, a resort in Sanya Bay, Phoenix Island project is an artificial island formed through reclamation in reefs. Phase 2 involves a 100,000t cruise berth, two 150,000t cruise berths and a 225,000t cruise berth on the basis of an 80,000t berth which has gone into operation.

Following the equity restructuring, CCCC will participate in the follow-up development of Phase 1 of Phoenix Island as well as the reclamation, development and operation of Phase 2.

[mappress]

Press Release, April 29, 2014