China’s Nantong Xiangyu takes over compatriot shipyard to expand capacity

Nantong Xiangyu Shipbuilding & Offshore Engineering is the latest shipyard in China to expand its capacity, riding on the shipbuilding boom.

The state-owned shipbuilder said it has bought the collapsed Jiangsu Hongqiang Ship Heavy Industry for CNY 440m ($62m) through an auction sale.

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Nantong Xiangyu estimates that having a second shipyard will increase its production capacity by 60%.