China Economic Review
Charting China’s changing economic terrain · Since 1990
Fujian Tobacco enters real estate market
January 18, 2010
The STMA, along with the China National Tobacco Corporation, is responsible for centralized management of the country’s tobacco industry, but it has already been involved in the real estate market.
What’s On in Xiamen reports the Zhejiang Tobacco Monopoly Bureau has eight subsidiaries or branches developing properties, and it also owns a listed company named Sunny Loan Top.
The tax and profits of the domestic tobacco industry in 2009 amounted to $ 75.17 billion, up 12.2% over the previous year. Zhang Lianxiu, an STMA spokesman, said $60.99 billion in tobacco taxes were collected in 2009, up 26.2% over 2008.
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