The entire assets of Titan Quanzhou Shipyard have been sold in an online auction one year after the shipyard entered into a liquidation process.
The shipyard assets were first listed for auction in November but the auction failed with no bidders.
In the second round of the auction, the assets were sold for RMB1.2bn ($185m), 76.9% higher than the listing price of RMB682m, which is rarely seen in shipyard distress asset auctions in China. The buyer’s identity was not disclosed.
Financially troubled Titan Petrochemical has been disposing its assets in recent years. A Fujian court ruled to wind up Titan Quanzhou Shipyard in December 2019 at the request of a creditor.