Fujian Huadong Shipyard, China Fujian province’s largest shipbuilder, has transferred its assets and land ownership rights to China Minsheng Bank, in exchange for financial support.

The Chinese yard announced on its website that it has reached an agreement to transfer the ownership rights of the water space at its shipyard to Minsheng bank’s Fujian branch, which will then lease it back to the yard.

The shipbuilder also entered into an agreement to transfer its ownership rights of land, docks, piers and other assets to Minsheng bank’s Xiaman branch, which will also lease them back to the yard.

Huadong Shipyard will be allowed to repurchase all the assets back from Minsheng within two years.

The agreements have also allowed the shipyard to secure an undisclosed sum of loan from the bank.

Recently, Huadong Shipyard was added to China’s ‘white list’ of shipbuilders, allowing it to benefit from prioritised policy support and access to domestic bank loans.