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China's 78 state-owned enterprises, whose primary business is not real estate, are retreating from the property market smoothly. That's according to the State-owned Assets Supervision and Administration Commission, or SASAC.
An official from the administration said on Monday, that the process is going well and will be completed on schedule. The SOEs must report their retreating course to SASAC every month. But the SASAC official didn't disclose the detailed schedule.
The administration banned 78 SOEs from engaging in the property business in March, as criticism grew about their high profile and aggressive attitude in the land market. Only 16 SOEs whose major business is real estate are allowed to participate in the sector.
The official also denied rumors that the SASAC incited these companies to expand into the real estate market, in the second half this year.