Philippine Infradev Holdings Inc. (IRC), one of the developers of the Makati City Subway (MCSI) project, has entered into an agreement with the Hong Kong Binjiang Industrial Limited, a subsidiary of China's Redco Properties Group, for the sale of a 35% stake in its subsidiary Makati City Subway Inc. 

Under the deal, HK Binjiang will acquire the 15 million common shares subscription rights of MCSI for US$30 million. The subsidiary unit will also purchase 36 million primary common shares of MCSI for a total of US$72 million payable in two tranches (the first tranche is US$30 million and the second tranche of US$72 million). 

The deal is subjected to the approval of the Philippine Competition Commission (PCC).

Once the deal is closed, IRC will retain the 65% stake in MCSI.