A few years ago the Turkish government had to close the Bosphorus Straits to allow through a rusting ex-Soviet aircraft carrier.  The Ukrainian government of the time had sold it to China.  Allaying the concerns of many in the West, the Chinese importers told the world that the carrier was nothing more than a decrepit old hulk, and that it was destined to become a floating casino.

So, how come ithe Varyag has just been painted in the colours of the Chinese navy?

In the latest developments, images show that workers at the Chinese
Dalian Shipyard have repainted the ex-Russian Kuznetsov-class aircraft
carrier Varyag with the markings and color scheme of the People’s
Liberation Army (PLA) Navy (PLAN), JDW reported.

Additional
new photographs show that other work, the specifics of which could not
be determined, appears to be continuing and that the condition of the
vessel is being improved.