The administrators of bankrupt Zhoushan-based Zhenghe Shipbuilding has sold the entire assets of the shipyard via an online auction.
Zhenghe Shipbuilding, a subsidiary of Qingdao Zhenghe Shipping, suspended operations and entered court-led restructuring in 2015. However the administrators failed to find new investors to revive the business of the yard.
The entire assets of the shipyard including land properties, shipbuilding facilities, inventory and coastline rights have been sold for RMB350m ($48.8m) in the auction. The identity of the buyer was not disclosed.
Zhoushan, once home to over 100 shipyards, has seen large number of bankruptcies over the past few years. This month, Zhoushan Changhong International Shipyard took over another Zhoushan yard Ouhua Shipbuilding paying $135.7m through an online auction.