Assets appraisal group set up toaid SOEs abroad

BEIJING - China is set to establish five assets appraisal groups meeting internationally standards over the next five years to meet the State assets regulator's demand to strengthen the supervision of the overseas assets of State-owned enterprises (SOEs).

China United Assets Appraisal Group (CUAA), the first such group, was founded on Tuesday in a bid to provide advisory and attestation services to leaders in crucial industries when they engage in mergers and acquisitions, company restructuring and venture investment at home and abroad.

"China's assets appraisal groups should improve their international competitiveness to match the status of central SOEs in the international market. SOEs are accelerating their expansion abroad and are eager to get consulting services on overseas assets evaluation and assets safety in a fluctuating economic environment," said Meng Jianmin, vice-chairman of the State-owned Assets Supervision and Administration Commission (SASAC).