Weighing in at a hefty 42,000 tons, throughout the 1980s it carried 32 fighter jets plus a deadly arsenal of more than 130 missiles and torpedoes.

But today the former Soviet aircraft carrier Minsk cuts a less threatening figure, kitted out with a cinema and restaurants. For the past five years the Minsk has been the centre-piece of a Shenzen theme park.

And yesterday its future in the city, a port in South China's Guangdong Province, was assured as State-owned conglomerate CITIC Group snapped up the carrier at auction.

Thought to be the world's only aircraft carrier-turned theme park, the Minsk's future hung in the balance after previous owners Minsk World Industries went bankrupt with debts of 190 million yuan (US$23.8 million).

A previous attempt to auction the carrier in March failed to attract a single bid. But yesterday it took only a few minutes for the Minsk to be transferred to its new owner, with CITIC's Shenzen General Manager Guo Zhirong the only bidder in the auction, which started at 128.3 million yuan (US$16.04 million), despite speculation a lower price would be asked.

Guo noted that the company did not join the auction last time, adding that its participation was mainly prompted by the local government.

"After the first auction the municipal government expressed its hope that we would take the business on and continue the theme park's splendid development in the city. The government said it was the citizens' wish," said Guo.

According to bidding requirements the aircraft carrier can only leave Shenzhen after five years of continuous operation.

CITIC is required to pay the 128 million yuan, which excludes land costs, within a month. The company also has to pay 5 per cent of the total cost to the auction house as commission, 4.6 per cent tax and faces other related expenditure including the cost of asset evaluation and compensation for laid-off workers.

(China Daily June 1, 2006)