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Yangzijiang invests in yard expansion

Jiangsu: Yangzijiang Shipbuilding is investing RMB107m in additional land to expand its shipbuilding operations. Jiangsu Yangzi New Shipyard is acquiring 147,532 sq m of land with 500m of coastline on a 50-year lease from the local government in Jiangsu. The land includes a 374m wharf currently under construction, which is expected to be completed in September. "With the acquisition, the production area of the group will be readjusted to a more efficient layout. Its strategic location and proximity to the exiting production area will give the group an extended shipbuilding capacity without incurring any substantial management costs," Yangzijiang said. The land was purchased at a 32% discount as part of a government incentive scheme. [24/08/10]

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