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13 December 2019 The on-line newspaper devoted to the world of transports 12:55 GMT+1



March 11, 2015

China's Biggest Shipyard Is Now a Ghost Ship
Padded order books and delivery delays preceded the demise of Rongsheng Heavy Industries, once the country's busiest shipbuilder

By staff reporters Bao Zhiming, Wu Hongyuran and Yu Ning
Caixin Online

(Beijing) – Piles of rusty steel bars and old ship parts are virtually all that's left of a sprawling shipyard in the eastern city of Rugao, where Jiangsu Rongsheng Heavy Industries Group Co. used to employ more than 30,000 people.
Once China's largest shipbuilder, Rongsheng is on the verge of bankruptcy. Orders have dried up and banks are refusing credit. Questions have been raised about the shipyard's business practices, including allegations of padded order books. And Rongsheng is apparently behind on repaying some of the 20.4 billion yuan in combined debt owed to 14 banks, three trusts and three leasing firms, sources told Caixin ......
Read more on Caixin Online





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