The Xiamen municipal government has agreed to give Xiamen International Port Company RMB 1.1bn for two plots of land as compensation for the costs of relocating some of its assets, SinoShipNews reports.
Xiamen Port said it had reached an agreement with Xiamen Land Development Center to give up the land which has an aggregate area of 378,232 square meters.
"The government has preliminarily consented to giving Xiamen Port Development a new site to relocate the operation," the port company said.
According to Xiamen Port, 11 percent of the total compensation will be used to replenish working capital and repay bank loans, and the rest will be allocated to businesses that are being impacted by the sale to the local government.