State Grid Corp. of China, the country’s largest electricity distributor, is planning to exit the real estate business, nearly a decade after its primary overseer first ordered such a move as part of a drive to get centrally-owned state enterprises to focus on their core businesses.
State Grid’s intent was announced in a post on Sunday on the website of the Central Commission for Discipline Inspection, the Communist Party’s highest disciplinary body. In addition to exiting real estate, State Grid will also exit traditional manufacturing to focus on operating the country’s largest electricity distribution network, the post said.
State Grid had previously signaled its intent to exit traditional manufacturing, real estate and hotels in a document issued in mid-February.
State Grid Corp. of China, the country’s largest electricity distributor, is planning to exit the real estate business, nearly a decade after its primary overseer first ordered such a move as part of a drive to get centrally-owned state enterprises to focus on their core businesses.
