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CITIC sells subsidiary property rights

By Bi Xiaoning (China Daily)
Updated: 2008-11-25 15:47

CITIC Group, the largest State-owned investment company in China, plans to sell the entire property rights of Beijing Citic Investment Company, a wholly owned subsidiary of the group, for the price of 1 yuan.

CITIC Group released the information on the website of China Beijing Equity Exchange (CBEX) yesterday. According to the website, the business scope of the subsidiary includes investment management, architecture and decoration design, with a registered capital of 10 million yuan. As of Sep 30, Citic Group increased its capital to 550 million yuan.

According to the released information, as of Sep 30, the total debt of the subsidy amounted to 592.78 million yuan and the company suffered a loss of 220 million yuan in net assets. The company reported an audited loss of 610 million yuan last year.

As for potential transferees, Citic Group targeted State-owned companies or their holding companies are State-owned companies and their net assets should be more than 300 million yuan. The transferees are required to pay 50 million yuan as the deposit for debt when delivering the application and have a written commitment to pay back all the debt of the company in one year.

Currently, Citic Group has 44 subsidies, mainly engaged in finance, real estate and the service industry.

"The subsidy was renamed Beijing Citic Investment Company in July. Its original name was Beijing Real Estate Company. For the purpose of the IPO, Citic Group integrated its high-quality real estate assets last year, so some non-performing assets have been allocated to this company," an unnamed source with Citic Group told China Daily.