China Rongsheng struggles to survive as orders dry up
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[RUGAO, China] Deserted flats and boarded-up shops in the Yangtze River town of Changqingcun serve as a reminder of the area's reliance on China Rongsheng Heavy Industries Group, the country's biggest private shipbuilder.
Like Rongsheng's shipyards, the area is struggling to survive.
The shipbuilder recently predicted a substantial annual loss, just months after appealing to the government for financial help as it reeled from industry overcapacity and shrinking orders. Rongsheng lost an annual record 572.6 million yuan (S$117.7 million) last year, and 1.3 billion yuan in the first half of this year.
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