The entire assets of bankrupt Zhejiang Shipbuilding have been sold in one package deal through an online auction arranged by Ningbo Ship Exchange Market today.
Zhejiang Shipbuilding, formerly a subsidiary yard of bankrupt SinoPacific Shipbuiding, went bankrupt in 2016. The shipyard released a restructuring plan after securing new investor Shanghai Yingjun Investment Management Company, a wholly owned subsidiary of China’s real estate conglomerate Evergrand Group.
The assets in the package include buildings, manufacturing equipment and 11 unfinished offshore vessels at the yard.
The assets have been acquired by undisclosed buyers for RMB409m ($58.2m).
All the subsidiaries yards of former Sinopacific Shipbuilding has been sold in the past two years. Dayang Shipbuilding was taken over by SUMEC Group and Sinopacific Offshore was sold to CIMC.