The first auction of the entire assets of bankrupt shipyard Sainty Marine has failed due to there being no bidders.
Nanjing Intemediate People’s Court held the auction through online platform Taobao.com. The starting price was RMB2.15bn ($332m). The assets on the auction list include twelve vessels valued at RMB250m ($38.57m).
The second auction is scheduled on April 25 and the price will be lowered by 20% to RMB1.72bn ($265m).