Central SOEs' realty business to be restricted
2010-03-19 09:21:42Source:People′s Daily OnlineAuthor:
78 central state-owned enterprises (SOEs), whose core business is not property development, will quit the property market after finishing ongoing projects, said Du Yuanquan, spokesman of State-owned Assets Supervision and Administration Commission (SASAC) on March 18.
Since the establishment of the SASAC in 2003, central SOEs' property business has experienced a substantial restructuring. About 16 central SOEs were allowed to make property development their core business.
According to raw statistics, China's central SOEs realized sales revenue of 220.9 billion yuan (around $32.36 billion) in 2009, accounting for 5 percent of the country's overall commercial residential housing sales.
"Central property development SOEs have played an active role in fulfilling social responsibility and the tasks of low-income housing construction," said Du.
Since the establishment of the SASAC in 2003, central SOEs' property business has experienced a substantial restructuring. About 16 central SOEs were allowed to make property development their core business.
According to raw statistics, China's central SOEs realized sales revenue of 220.9 billion yuan (around $32.36 billion) in 2009, accounting for 5 percent of the country's overall commercial residential housing sales.
"Central property development SOEs have played an active role in fulfilling social responsibility and the tasks of low-income housing construction," said Du.
