Jiangsu Express sold

Since I am no longer earning a salary and do not want to run down my cash reserves too far, I need to get into the habit of selling shares from time to time. After doing a brief review of the portfolio over the last few days, I sold Jiangsu Express (HK:177) yesterday.

I have four companies which invest in PRC toll roads all of which have suffered due to PRC government imposed reductions in tariffs (including "free" days when extra pollution generating activities are encouraged). Jiangsu Express was the one selling closest to analysts valuations and on the highest PE. In addition, there was a rumour that the PRC government would reduce the concession period from 30 to 25 years (which would do even more damage to the industry). I will miss the 4.7% trailing yield.

I received $9.45 -  9.48 for my shares. This was one of my better investments. I paid HK$5.52 and have received $1.34 in dividends (net) for a 95% profit over (about) two years.