Yangzijiang swells cash pile

Yangzijiang Shipbuilding has collected over $30m from the sale of non-core assets as it looks to tighten its focus on shipbuilding.

Singapore-listed Yangzijiang, which has been criticized in the past for its diversification, has raised the bulk of the cash from the sale of its 50% stake in Wujiang Jinke Yangzi Real Estate Development.

It tells investors its shares in the company have been cashed in for CNY 200m ($32.22m).

A further CNY 10m has been secured for the shipbuilder’s 100% holding in metals trader Jiangsu Leyuan Innovation International.

A third asset, Taixing Tongzhou Warehousing, has been disposed of in a CNY 500,000 trade.

Yangzijiang says the sales come as part of its “strategy to redirect attention from the non-core businesses into the core shipbuilding and its related businesses”.