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.