Greater ChinaShipyards

Sainty Marine assets to be auctioned on Taobao

Nanjing Intemediate People’s Court has announced that it has been commissioned by the receiver of Sainty Marine to auction the shipyard’s entire assets on April 16 through online platform Taobao.com.

Bidders are required to pay a fund guarantee of RMB110m ($17m) to join the auction. The starting price is RMB2.15bn ($332m).

If the auction fails, the second and third auction is scheduled on April 25 and May 3 respectively.

The court ordered a restructuring of Sainty Marine in January following the Nantong branch of Bank of China, a creditor of Sainty Marine, applying with the court to liquidate the shipyard at the end of December 2015.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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