Media: Private Chinese yard giant in deep financial crisis

According to the Chinese financial newspaper 21st Century Business Herald, the country’s largest privately owned shipyard Rongsheng Heavy Industries Group is facing severe financial difficulties.

Photo: Hempel

One of China’s leading financial newspapers, 21st Century Business Herald, writes that the country’s largest privately owned shipyard is experiencing severe financial difficulties. Rongsheng Heavy Industries Group has been accused by its largest creditor, Bank of China, for its unpayable massive loans, writes 21st Century Business Herald according to a newsletter from SinoShip News.

Financial reports from the Hong Kong-listed Rongsheng show that liabilities in 2009 reached five billion RMB, amounting to a 350 percent increase since 2008 when the liabilities were valued at $1.4 billion.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Latest news

See all jobs