Guangdong Provincial Expressway Development has agreed to buy 25% stakes in two toll-road companies from units of CTF Services for a total of RMB1.44bn (about US$215m) in cash, the company said in a filing dated 10 November 2026.
Why Guangdong Provincial Expressway Development Co., Ltd. is buying 25% of Jingzhu Expressway Guangzhu Section Co. and 25% of Zhaoqing Yuezhao Highway Co. (from CTF Services)
GPED said both roads are mature Greater Bay Area toll assets with stable, predictable cash flow. It expects its attributable toll-road length to rise from 295.88km to about 323.2km, adding to operating cash flow in its core expressway business.
Deal terms and financing
GPED will buy 25% of Jingzhu Expressway Guangzhu Section Co. from Xinyue Highway Construction for RMB747.37m and 25% of Zhaoqing Yuezhao Highway Co. from Xunhao International for RMB690m. Both sellers are wholly owned by CTF Services. The transaction is not a related-party deal or a material asset restructuring.
Regulatory approvals and timing
The deal needs GPED shareholder approval, and the valuation results must be filed with Guangdong Provincial Communication Group.
Market context
The Guangzhu section of the Beijing-Zhuhai expressway is being widened over about 50.4km, according to the filing.
