Power conglomerate State Grid Corp. of China is giving away its real estate subsidiary as it refocuses on its core electricity transmission business, reported Caixin.
State Grid has transferred its 100% share in property firm Luneng Group free of charge to a state-owned enterprise specializing in logistics and packaging that is jointly owned by State Grid and state-owned firms China Reform Holdings Co. Ltd. and China Chengtong Holdings Group Ltd., according to a filling submitted by Luneng’s listed arm to the Shenzhen Stock Exchange on Tuesday.
The move comes after the country’s state-owned enterprise watchdog ordered the companies it ad-ministers to focus on their core businesses and limit investment in non-core areas.
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