Source:
https://scmp.com/article/193576/us48m-swap

US$4.8m swap

Guangdong Development Fund (GDF) says it has transferred its US$4.8 million investment in the Zhongshan section of the National Highway 105 to another highway project in the same region.

GDF said the transfer was due to the Chinese partner, the Zhongshan city government, injecting the Zhongshan section into its Hong Kong commercial arm to secure bank financing.

A GDF director said it would have been difficult to manage the project after the Chinese partner restructured its financing.

GDF, a London-listed China investment close-end fund, said it had taken a 30 per cent stake in a toll-road joint venture.