Yangzijiang Shipbuilding (Holdings) has sold three loss-making property companies in order to complete the restructuring exercise.

Yangzijiang has offloaded 55% stake in Taizhou Hengjian and 40.25% stakes in CGF and its subsidiary to pocket RMB55m ($9m) and RMB48.3m respectively.

Yangzijiang has also sold its entire 30% stake in Shanghai Jiaxuan Hotel Management for RMB60m.

Meanwhile, the shipbuilder, through its subsidiary Jiangsu New Yangzi Shipbuilding, has subscribed to 24.375% and 29.1545% equity interests in Shanghai Chengding Yangzi Equity Investment Fund Management Partnership Enterprise and Shanghai Chengding Yangzi Investment Partnership Enterprise for RMB2.925m and RMB300m, respectively.

Yangzijiang said the restructuring aims to shift attention from the loss-making businesses into the core shipbuilding and its related businesses.