State-owned enterprises (SOEs) are divesting more than US$15.53 billion worth of hotel assets in compliance with a government order to concentrate only on core businesses, state media reported. China Mobile transferred Chongqing-based Li Yuan Hotel on Tuesday “for free” to China National Travel Service (HK) Group Corp. China Railway Group and Sinosteel are also engaged in offloading their assets. Nearly all of the 128 major centrally-owned SOEs have ventured into hotel operations over the years, resulting in a distorted market. Last year the State-owned Assets Supervision and Administration Commission (SASAC) told SOEs that didn’t have tourism as their primary business to exit the hotel industry within 3-5 years.