Yangtze River Development Limited (YERR) Announces Plan to Acquire Wuhan Economic Development Port Company Limited
Company Files Current Report on Form 8K in Connection with the Event
Yangtze River Development Limited, (NASDAQ GLOBAL SELECT MARKET: YERR), an international infrastructure company that currently engages in the business of real estate development via a port logistic project located in the middle reaches of China’s Yangtze River in Wuhan, China, announced today the planned acquisition of Wuhan Economic Development Port Company Limited (“Wuhan Economic Development”).
In exchange for the current real estate assets that the company owns and RMB 600 million (or approximately $91 million US) in cash or convertible note. The company has deposited RMB 30 million and intends to complete the transaction by the end of first quarter of 2018.
As with the company’s current location on the Yangtze River, property of Wuhan Economic Development covers approximately 7 kilometers of shoreline, a significant increase from the current shoreline of approximately 1 kilometer.
The acquisition would provide the Company with revenue generating properties, including 9 approved berths, 3 of which are already in operation, along with 10 additional berths pending approval.
The planned acquisition is subject to the completion of the audit of Wuhan Economic Development and approval by the relevant regulatory agencies.
A detailed news release on this planned transaction is expected to be issued by the Company on January 2, 2018.
Link to the current report on Form 8-K regarding the planned acquisition:
https://www.sec.gov/Archives/
About Yangtze River Development Ltd.:
Yangtze River Development Limited primarily engages in the business of real estate development with a port logistic project located in the middle reaches of the Yangtze River. Wuhan Economic Development Port Limited is a large infrastructure development project implemented under China’s latest “One Belt One Road” initiative and is believed to be strategically positioned in Wuhan, a crucial trading window between China, the Middle East and Europe. The logistics center is also expected to provide a number of shipping berths for cargo ships of various sizes. Wuhan Economic Development Port Limited is expected to provide domestic and foreign businesses a direct access to the Free Trade Zone in Wuhan. The project will 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, IT supporting services, among others
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