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Bubble bursts in China's shipyards

Tuesday, August 7, 2012

WN.com - Business News
Latest headlines from WN Network
Bubble bursts in China's shipyards
Aug 8th 2012, 02:25

YUEQING, CHINA - A shipbuilding boom raised the fortunes of this hardscrabble industrial port. Five-star hotels sprouted along with machinery depots and metal shops. European luxury cars darted past heavy trucks on the bustling streets. But in another sign of China's economic slowdown, shipyards are now closing and half-finished vessels lie rusting in the humid haze. Prosperity is receding like the tide. Thousands of laborers have lost their jobs. Liu Danyin, a compact man with...
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