SOEs check out of hotel business under SASAC rule

BEIJING - Stated-owned enterprises (SOEs) are stepping up the divestment of more than 100 billion yuan ($15.53 billion) worth of hotel assets to comply with government directives to focus on their core businesses.

China Mobile Ltd, the largest mobile service provider in the country, handed over its unit, Chongqing-based Li Yuan Hotel, to China National Travel Service (HK) Group Corp (HKCTS) on Tuesday.

The transfer was "for free" and more hotels from other SOEs "will be transferred to our company, as the government's policy of concentrating the utilization of State-owned assets" is carried out, Wang Hongbo, a spokesman at HKCTS, told China Daily.