The company said it was putting up for auction its whole 100% holding in Guangzhou Shipyard Industrial.
The deal will be conducted by the Shanghai United Assets and Equity Exchange.
The buyer will also have to pay CNY 560m in compensation for production losses.
GSI is selling off non-core assets to raise money for new investments.
Last week the company, part of CSSC, said it would dispose of property and shares worth CNY 259.6m
