The third round of auctions for bankrupt Nantong Mingde Heavy Industry has failed yesterday due to there being no bidders once again.
The starting price of the third auction was lowered to RMB812m ($121.3m) from the original starting price of RMB1.58bn ($236m).
The shipyard went into liquidation process at the end of July 2015 after a failure to restructure.
The bankruptcy of Mingde also accelerated the bankruptcy of its largest creditor Sainty Marine, which has announced its intention to quit the shipbuilding business upon completion of a restructuring.
