Topic: China to Children slide set up 3rd state-owned asset management firm

China to Children slide  set up 3rd state-owned asset management firm

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China to set up 3rd state-owned asset management firmPublished: 06 Jul 2009 19:41:50 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]Top 5 News From ChinaKnowledge.comSichuan Expressway to issue 500 mln new shares in ShanghaiOsram building production, R&D base in Foshan, GuangdongFar East Industrial to enter property marketHonda China sales up 53.5% in JuneChina mulls allowing local gov'ts to issue municipal bonds<P]Jul. 7, 2009 (China Knowledge) - China will set up a third state-owned assets management company under the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) this month. </P]<P]The company, which will be called Guoxin Asset Management Co, will manage relatively small and weak assets of central enterprises supervised by SASAC.</P]<P]Shao Ning, deputy director of SASAC, may be appointed as chairman of the company. The company's general manager is likely to be Ma Zhengwu, current chairman of China Chengtong Group. </P]<P]According to industry insiders, the first batch of assets will come from central enterprises engaged in trade and logistics rather than from those involving the national economy. </P]<P]SASAC will continue to act in a supervisory capacity, while the state-owned asset operation and administration company will play the role of an investor. Guoxin will serve as an important example of this model for the other state-owned asset companies.</P]<P]SASAC currently has two state-owned asset operation and administration companies, namely the China Chengtong Group and the State Development and Investment Corp (SDIC).<BR]</P]
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