China National Petroleum Corp (CNPC) has announced it would withdraw from the profitable commercial real estate business, China Business News reported on Wednesday.
CNPC issued a notice on March 29, urging enterprises and institutions under it to strengthen fund management and prevent their funds from investing in the real estate industry.
A publicity head with CNPC told the paper in an interview that the pullout would target the commercial real estate business with the aim of making a profit.
Last year, CNPC made quite a stir when it was reported to have team-purchased eight buildings in Beijing Sun Star City at an extremely low price.
The State-owned Assets Supervision and Administration Commission announced in February that the 78 State-owned enterprises (SOEs) with no core businesses in the real estate industry would gradually withdraw from the business...
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