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Waigaoqiao listed arm to absorb realty assets

(China Daily)
Updated: 2009-08-06 14:36

Shanghai Waigaoqiao Group, China's largest free trade zone operator owned by the municipal government, is set to inject its remaining real estate assets into its publicly traded unit, Shanghai Waigaoqiao Free Trade Zone Development Co, a senior official of the group has said.

The move follows the restructuring in June 2008 when the Shanghai-listed unit acquired a string of assets, including properties and logistics services, for 4.47 billion yuan from three other group affiliates in a share swap. These assets constituted a major share of Waigaoqiao Group's core businesses and accounted for 82 percent of the company's total income.

The latest asset transfer is seen to be in line with the local government's urge to reform the State-owned enterprises through assets injection and equity acquisition, the source said...

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