The bankruptcy liquidation case of Five-Star Global (Fujian) Shipbuilding Heavy Industry has seen new developments.
On June 25, Fujian Huilin Liquidation Affairs Co., Ltd. (the administrator) issued a public notice stating that, due to the needs of the bankruptcy liquidation work, the administrator needs to engage a surveying and mapping institution and an appraisal institution to conduct surveying, mapping and appraisal of the real estate and other assets of Five-Star Global (Fujian) Shipbuilding Heavy Industry.
It is understood that on March 31, 2025, the People’s Court of Xiapu County, Ningde City, Fujian Province ruled to accept the bankruptcy liquidation case of Five-Star Global (Fujian) Shipbuilding Heavy Industry. On April 1, the court appointed Fujian Huilin Liquidation Affairs as the administrator.
Five-Star Global (Fujian) Shipbuilding Heavy Industry was established on December 22, 2004, formerly known as Fujian Five-Star Global Shipbuilding Heavy Industry Co., Ltd., with a registered capital of RMB 73.8 million. Its business scope includes finished steel structure processing, import and export, ship construction, repair and sales, as well as port engineering construction.
In 2005, the company’s project was listed as a key investment attraction project by Xiapu County. It was announced that an investment of RMB 1 billion would be made to construct two 80,000-ton docks and a 300,000-ton wharf. The project broke ground in August 2005, occupying a combined area of nearly 1,000 mu (including land and sea areas), but failed to obtain legal approvals for land acquisition, environmental impact assessment and reclamation. Additionally, the project’s location may have overlapped with the natural breeding reserve for large yellow croakers.
According to the public notice, Five-Star Global (Fujian) Shipbuilding Heavy Industry currently holds a land use right located in Da’an Village, Xiahu Town, Xiapu County, with an area of 101,462 square meters. There is a dock under construction on the land. In addition, the company has unapproved reclamation patches in the nearby sea area, involving approximately 140 mu of reclaimed land.