Dalian: Jinzhou Port announced that it has signed an agreement with CCCC Guangzhou Dredging Co to transfer full equity of its subsidiary Liaoning Guanghang Real Estate to the latter to offset part of the debt it owes.

Jinzhou Port owes CCCC Guangzhou Dredging RMB601m in total on a dredging project for the port’s navigation channel. The subsidiary transfer will offset RMB176m of the debt and Jinzhou Port will repay the rest of the debt by the end of 2015.

Jinzhou Port said the transaction will ease debt pressures on the company.