China’s Jiangsu Hantong Group is set to close one of its three shipyards.
The privately-owned group will cease activities at Jiangsu Hantong Ship Heavy Industry (Jiangsu Hantong) at the end of the year.
Group president Meng Chengjun confirmed the closure of the Nantong-based shipyard, saying: “The government wants to take back the land for redevelopment."
He declined to disclose any settlement his company might receive for the land, adding that “discussion on this matter is still ongoing”.
