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China's largest free trade zone operator to inject realty assets tolisted arm

Source:www.chinaview.cn       Updated: 2009-07-22 10:42

BEIJING, July 22 (Xinhua) -- Shanghai Waigaoqiao Group, China's largest free trade zone operator owned by the Shanghai municipal government, will inject its remaining real estate assets into its publicly traded unit, the Shanghai Waigaoqiao Free Trade Zone Development Co, reported Wednesday's China Daily.

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 (638.6 million U.S. dollars) from three other group affiliates in a shareswap.

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, said the newspaper, citing an unnamed senior manager of the group.

The restructuring anticipation has raised the share price of Waigaoqiao Free Trade Zone by more than 14 percent in the past three months to close at 16.12 yuan on Tuesday.

 

Editor: Li