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Fujian Huadong Shipyard transfers yard assets to China Minsheng Bank
Fujian Huadong Shipyard has announced that it has transferred the ownership of its land assets and yard assets to the Fuzhou branch and Xiamen branch of China Minsheng Bank in order to get financing from the bank.
The shipyard said it is now leasing the yard facilities from Minsheng Bank and plans to buy the assets back in two years.
Huadong Shipyard is a subsidiary of Fujian Huarong Marine, and has been included in the latest batch of China’s shipyard white list released by the Ministry of Industry and Information Technology in December 2015.