Seventy-eight State-owned enterprises (SOEs) will withdraw from the real estate industry, the State-owned Assets Supervision and Administration Commission (SASAC) said in a press release on March 18, people.com.cn reported Thursday.
According to the commission's requirement, the 78 State-owned enterprises with no core businesses in the real estate industry are accelerating their restructure and reorganization and they will withdraw from the industry after completing unfinished land development programs, the website reported.
There are 16 State-owned enterprises that are mainly operating in the real estate industry, according to the report.
Preliminary statistics show that in 2009, the total assets of the 16 enterprises in property sector were worth 561.6 billion yuan, accounting for 85 percent of all SOEs' assets value in the sector. Their sales revenue hit 189.9 billion yuan, accounting for 86 percent of the total, while net profit reached 18.8 billion yuan, accounting for 94 percent.
According to statistics, SOEs earned 220.9 billion yuan in sales revenue in the real estate market in 2009, accounting for 5 percent of the country's total revenue in this industry, the report said.
