The central government will sell assets worth RMB 35.2 billion to Hong Kong listed China Telecom and China Unicom by January, the State Assets Supervision and Administration Commission (SASAC) announced.
China Telecom will acquire six provincial assets from its parent with a total net asset value of RMB 33.2 billion but will pay its parent RMB 46 billion and assume debt totaling RMB 34 billion, bringing the deal's total valuation to RMB 80 billion.
Meanwhile, China Unicom will acquire nine provincial mobile networks worth RMB 2 billion from its state-owned parent.