Major China Shipyard to Reduce Capacity, Relocate
China’s Yangzijiang Shipbuilding is shifting its operations in Jiangyin to a new site in Jingjiang of Jiangsu Province
Jiangyin municipal government will pay RMB720m (USD$113.39-million) to Yangzijiang Shipbuilding as compensation for the relocation according to an agreement signed by the two sides earlier.
Yangzijiang said it would reduce some capacity in the new site and stop production at its current yard by September 30 and finish the relocation by March 31, 2013.