Shanghai: Following China Merchants Heavy Industry (CMHI)’s RMB10bn investment in Haimen of Jiangsu province to develop its offshore base, Jiangsu Xin Chang Jiang Group has signed with Qidong city government in Jiangsu to invest RMB3bn to develop an offshore manufacturing project in the city.
Xin Chang Jiang Group has already invested in an offshore and ship repair project in Zhoushan in Zhejiang worth RMB6.7bn. It also operates Changjiang Shipbreaking Yard in Jiangyin city which is one of the largest shipbreaking yards in the world with annual shipbreaking capacity of 1m ldt.
Sources speculate that Xin Chang Jiang Group might take over the defunct Jiangsu Huigang Shipbuilding for the project. [13/05/13]
