Date
11 December 2017

Shanghai state asset managers seek new role, paper says

Two state-owned asset managers — Shanghai International Group Co. Ltd. and Shanghai Guosheng Group Co., Ltd. — have each submitted plans to municipal authorities to change their roles from asset managers to “asset flow platforms” that operate stakes of listed firms, China Business News reported Monday, citing an unnamed person close to the city’s assets supervision and administration commission. As platforms, the groups’ power to make decisions about operations will handed over to a new committee set up by the city government, the report said. Hotels and real estate assets held by Shanghai International will be transferred to other parties, the report said. 

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TL/AC/SK

 

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