Firm plans major securities divestment

The Zhejiang Expressway, which saw net profits grow by 22.4% in the first half, plans to sell its US$132 million securities portfolio after losing US$4.3 million in closed-end investment funds in the first half. Company officials said that the firm plans to take its money out of investment funds by the end of the year and out of bonds by the end of next year, after investments mature. Officials said that the firm plans to use new cash reserves to make acquisitions in Zhejiang province. Work on the third phase of the firm's Zhejiang-Hangzhou-Ningbo expressway was delayed by a lack of land-use rights, stemming from economic cooling measures enacted earlier this year.