The asset sale of bankrupt Chinese shipbuilding group JES has come to a close, with the entire assets of the shipyard sold via an online auction for a total price of RMB826m ($116.7m).
It was the fifth auction of JES assets since the administrators of the group listed assets in one package for sale in October last year, with the previous four auctions all failing. The concluded price at this latest auction is far lower than the original asking price of RMB2.01bn ($281m).
The identity of the buyer has not been disclosed, and market sources tell Splash that the assets are unlikely to have been taken over by a shipbuilding group.
The shipyard’s Singapore-listed unit JES International Holdings filed judicial management applications with the High Court of Singapore in February last year after JES was declared bankrupt by a Chinese court in Zhejiang in October 2018.
Once a major private yard in China, JES ceased operations in August 2015 due to a major financial crisis.