China Network Communications Group Corporation (China Netcom Group), one of the nation’s state-owned fixed-line telecoms carriers, has put its five star-ranking hotels for sale on the Tianjin Property Rights Exchange. Part of its efforts to concentrate on its major business.
This seems such an intelligent and logical move one wonders why it has not happened before.
The auction is in line with the development strategy laid out by China United Telecommunications Corporation, a mobile telecoms service provider that was suggested take over China Netcom Group in the nation’s telecoms industry reshuffle.
According to an unnamed source the planned merger between Unicom Group and China Netcom Group is proceeding smoothly.
The fixed-line telecoms operator is the parent company of China Netcom Group Corporation . The publicly-traded company, which will merge with China Unicom has alrady been delisted from the Hong Kong and New York stock exchanges.
Source: Trading Markets