Jiangsu Yangzijiang Shipbuilding Co (JYSCO) will halt land-based production by the end of September with relocation completed by 31 March 2013. Under an agreement with Jiangyin City government Yangzijiang will receive RMB720m in compensation.
“In view of the weakening global shipbuilding market sentiments, JYSCO’s relocation is one of the Group’s proactive approach in managing the cyclical industry and effects of global financial crisis,” Yangzijiang said.
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