Property rights deals to be standardized

China announced the establishment of an association of agencies dealing with the transactions of enterprises' State-owned property rights, the official Xinhua News Agency reported Tuesday.
The association aims to standardize the transfer of State-owned property rights between the government, institutions and enterprises, according to an announcement published on the State-owned Assets Supervision and Administration Commission of the State Council's (SASAC's) website Tuesday.
Huang Shuhe, vice chairman of the SASAC, said that the association would better serve the State-owned property rights transaction market, which has been set up to facilitate the State-owned enterprise reform and restructuring of the economy.
The association will make sure that its member agencies abide by laws and regulations for a sustainable and healthy development of the State-owned property rights transaction market, Huang said.
Last year, the State-owned property rights market finished transactions worth 92.1 billion yuan ($13.97 billion) in total, or a premium of 14.3 billion yuan ($2.17 billion) over the estimated value before the deals, according to the announcement.
The association, which now has 66 member agencies, is supervised by the national State-owned asset watchdog.