China's Top Private Shipbuilder Scores 15% Discount on Office Tower

China’s largest private shipbuilder scored a 15% discount off the asking price when it acquired a prime office tower in Singapore for S$399 million ($300 million) from the scandal-rocked Vietnamese real estate conglomerate Van Thinh Phat Holdings Group (VTP Group).

The all-cash deal secures a foothold for Yangzijiang Shipbuilding Group in Singapore’s booming property market. The investment will serve as a hedge against global inflation and help Yangzijiang expand its business in the Singaporean shipping and maritime industries, the company said.