Loss-making Yang Ming sells building for $60m

Yang Ming announced to the stock exchange that it will pocket TWD388m from the asset sale and factor the gain into its fourth quarter results.

The building has been sold to Nan Shan Life Insurance Company.

In the first three quarters of 2016, Taipei-listed Yang Ming recorded a loss of TWD13bn amidst protracted weakness in the global container shipping market.

Earlier this week, a legislator of the Democratic Progressive Party (DPP) suggested that the partially state-owned Yang Ming could merge with the government’s Taiwan International Ports Corp (TIPC) in a consolidation move to streamline resources and lower costs.