Greater ChinaShipyards

Yangzijiang shipyard sells non-core business to focus on shipbuilding

China’s Jiangsu New Yangzi Shipbuilding has sold its 100% interest in Jiangsu Hengyuan Real Estate Development Co to an unnamed buyer for RMB 1bn ($161m).

The divestment of the real estate company will enable the shipyard to focus on shipbuilding, its core business, parent company Yangzijiang Shipbuilding (Holdings) said in a filing to the Singapore stock exchange today.

Jiangsu New Yangzi Shipbuilding still retains 50% ownership of another real estate company, Jiangsu Huaxi Yangzi Real Estate Co, which is developing high-end residential buildings in Jiangyin city on land formerly occupied by the Jiangsu Yangzijiang shipyard.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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