China Merchants, an alternative investment and asset management company, and PingAn completed the acquisition of a 49% stake in Chongqing Yuhe Expressway, a company that manages and operates toll roads, from IL&FS, an infrastructure development and finance company, for $141m. CYEC holds and operates a concession for a toll-based expressway of approximately 58.72 km in China Mainland till 2032. The company has the right to collect toll from users and concessions from the Chinese Government for the remaining period of concession term.