Chen Qiang runs a Chinese shipbuilding company that expects to post a net loss for 2012 and whose $4.5 billion in debt is six times what it was three years ago. In the first half of last year it received only two new orders.
Mr. Chen is unfazed. The chief executive of China Rongsheng Heavy Industries Group Holdings Ltd. plans to maintain staffing levels and even start hiring globally as part of efforts to win orders for ships used in offshore energy drilling—a new business that he says could generate half of the company’s new ship orders within three to five years.
As for its heavy debt load, Mr. Chen is confident the company’s state-run lenders are satisfied with the firm’s health. “The government supports us because they see a bright future,” he explains.
Read Full Article HERE
Dinny McMahon and Colum Murphy, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/L7E_lD1uTb4/
No comments:
Post a Comment