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Ports:
Changshu Xinghua Port (CXP)

Investment Description
Date of acquisition 2 December 2005
Cost of acquisition S$112.3 million
Valuation(1) S$83.4 million
MIIF's ownership 38.0% interest
% of MIIF portfolio 7.3%

(1) Based on 30 June 2009 valuations.

Asset overview

CXP is a multipurpose cargo port centrally located within the Yangtze River Delta industrial zone, a high-growth industrial region which includes the cities of Suzhou, Wuxi and Changshu. CXP's hinterland is one of China's fastest growing industrial regions.

The port jetty of 1700 metres has eight berths, with two gantry container cranes and 10 multi-use portal cranes. There are presently 14 warehouses totalling 107,300m2, and additional yard storage totalling 608,147m2.

Water depth at the deepest point is 13.3m, permitting vessels of up to 70,000 DWT to load/unload at the port.

CXP's cargo base consists of bulk cargo comprising mainly steel and forestry related products and containers. CXP will continue to build on its diversified cargo base while maintaining its position as a regional hub for steel and forestry products.

Financials

Financial highlights for the
six months ended 30 June 2009
RMBm
2009
2008
Variance Fav/(Adv)(1)
Revenue
102.1
102.1
-
EBITDA
56.4
57.0
(1.1%)
EBITDA margin
55.2%
55.8%
(0.6%)
Distributions to MIIF (S$m)
-
5.1
n/a

(1) Favourable/(Adverse)


Investment portfolio
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