China’s Poly Group takes over two SOEs
Beijing reaches goal to reduce number of state-owned firms to less than 100
Chinese real estate firm/defense contractor/fine arts auction house conglomerate Poly Group is taking over two state-owned enterprises in part of Beijing’s push to consolidate SEOs, Caixin reported on Tuesday.
Once the acquisition of the two trading companies is finalized, the number of SEOs registered in China will stand at 99, reaching the government’s goal set for this year. China started the year with 102.