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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.

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