Guangzhou Shipyard International (GSI) has put up its subsidiary, Guangzhou Shipyard Industrial for auction.
GSI, which has a 100 percent holding in the industrial subsidiary, is hoping to raise a minimum of $67.34 million (CNY 413.79 million) from the sale.
The auction will take place on the Shanghai United Assets and Equity Exchange. Any prospective buyer will need to pay CNY 560m in compensation for losses during production.
The company is selling off assets to fund its plan for new investments.
GSI’s stock is suspended while CSSC works on the purchase of yards from third parties and other particulars.