Court to auction personal property of Sinopacific Shipbuilding boss Simon Liang

A local court in Beijing has listed a property owned by Simon Liang Xiaolei, president of financially troubled Sinopacific Shipbuilding, for auction on September 27 at the request of creditors.

The valuation of the property is about RMB104m ($15.1m).

According to the court, it had ruled Liang and his company to pay debts in many court cases since last year, however Liang has failed to execute any of the rulings.

Liang’s privately owned company Evergreen Holding, which controls Sinopacific Shipbuilding, has been in deep financial trouble for the last two years, having defaulted a series of bond payment. The total liabilities of the company has amounted to nearly RMB7bn.

Following the collapse of Sinopacific Shipbuilding, one of its three affiliate yards Sinopacific Offshore has been sold to CIMC while the other two yards Dayang Shipbuilding and Zhejiang Shipbuilding are both under a restructuring process.

In August, Chinese real estate major Evergrand Group has joined the restructuring of Zhejiang Shipbuilding and proposes to shut down the yard and redevelop it into a real estate project.