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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 374.94

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Nov 19 4:00 PM EST

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To: elmatador who wrote (117679)	4/15/2016 4:44:33 AM
From: Snowshoe	Read Replies (2) of 217882

The new Chinese abracadabra - parking lots! This Shipyard Is So Unprofitable It's Becoming a Parking Lot bloomberg.com China Ocean Industry Group Ltd., which dropped “shipbuilding” from its name in March, acquired a car-park operator last year to meet an estimated shortage of 50 million parking spaces in the world’s most populous nation. The company plans to build and operate 100,000 lots in China within three years, contributing about 70 percent of total operating profit by then, according to Chief Executive Officer Zhang Shi Hong. The move underscores how shipyards like China Ocean are seeking other avenues of growth with the global shipbuilding business in a protracted slump due to falling commodity prices and a glut of new vessels. About 140 yards have gone out of business since 2010, and more may follow, according to JPMorgan Chase & Co. By contrast, parking is in short supply in China’s major cities and double-parking is a common sight. ***** China Ocean began building automated parking systems at its yard in Jiangxi province in February, retraining workers who formerly built ships, Zhang said. The company last year bought Shangdong Ruitong Parking Management Services Co. for its expertise in the sort of automated multi-level parking garages popular in closely packed cities like Tokyo. Zhang said the company is working with governments and state-owned companies to upgrade parking facilities on their properties, and is preparing to establish a parking-lot management company that may go public on the Chinese stock exchanges, he said.

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