OREANDA-NEWS. May 12, 2014. CCCC concluded a cooperative agreement on equity restructuring of Phoenix Island project with Sanya Phoenix Island Investment Group Co., Ltd. and Sanya Yusheng Investment Co., Ltd. Li Maohui, president assistant of CCCC; Zeng Xianyun, chairman of Sanya Phoenix Island Investment Group Co., Ltd. and Wang Yumei, chairman of Sanya Yusheng Investment Co., Ltd. signed on behalf of respective parties.

The success of the equity restructuring marks a milestone in construction and development of Phoenix Island, will effectively promote the development of CCCC's infrastructure investment business, urban complex operation business and real estate business, provides a good platform for CCCC to enter the emerging cruise liner industry, and further accelerates the accomplishment of the strategic goal of "experts in five areas".

Located in the heart of "Sunshine Coast", a resort in Sanya Bay, Phoenix Island project is an artificial island formed through reclamation in reefs. Phase 1 has a land area of 548 mu and Phase 2 has a sea area of 749 mu. Phase 2 involves a 100,000t cruise berth, two 150,000t cruise berths and a 225,000t cruise berth on the basis of an 80,000t berth which has gone into operation. Following the equity restructuring, CCCC will participate in the follow-up development of Phase 1 of Phoenix Island as well as the reclamation, development and operation of Phase 2.

Following the signing ceremony, the delegation led by Chen attended the kick-off ceremony of Phase 2 of Phoenix Island & the cornerstone laying ceremony of the seven-star hotels.