State-owned China Poly Group, a former branch of the People’s Liberation Army, is facing protests as it scales back on domestic development projects, cutting amenities it promised to residents of its new housing compound in Yuyao, The Wall Street Journal reported. According to an estimate from Standard & Poor’s, more than one-third of the profits of central government-backed enterprises in 2013-2014 came from real estate. “Even if the authorities want the sector to be more market-driven, SOEs will still remain in the sector,” said Su Aik Lim, a senior director at Fitch Ratings.
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