Bulk cargo and port infrastructure group PYI Corp has agreed to sell a 50.1 per cent stake in Jiangsu Yangkou port to the investment arm of Rudong county government in Nantong, for Rmb1.51bn. This will reduce its stake in the port to 9.9 per cent.

Yangkou is a natural deep-sea port near the mouth of the Yangtze River that is set to become a major transhipment hub for bulk cargo. It also contains a large-scale petrochemical industrial and logistics zone.

PYI said it plans to use the proceeds of the sale to reduce debt and fund future investment in port projects along the Yangtze.