Tianjin Development's unit to pay $29.957m to Tianjin Port (Group)

Tianjin Development and Tianjin Port announce jointly that Tian Port's subsidiary, Tianjin Port Haifeng Bonded Logistics Co., Ltd. (Haifeng Logistics), has entered into a series of agreements with Tianjin Port (Group) Co., Ltd. relating to consulting service of logistics warehouse construction project situated in Tianjin Dongjiang Bonded Port Area; project management service; purchase, material supply, installation and testing of low voltage electricity system in relation to the logistics warehouse construction project; and supply of electricity distribution system and respective installation and testing services to be provided by Tianjin Port (Group).

Haifeng Logistics has to pay a total of RMB26.331 million (approximately $29.957 million) to Tianjin Port (Group) for the services. Tianjin Port (Group) is a connected person of Tianjin Development and Tianjin Port, and Tianjin Development is the controlling shareholder of Tianjin Port.

Source: http://www.quamnet.com