State-Owned Enterprises Slowly Letting Go

(Beijing) – A conglomerate with interests ranging from appliance manufacturing to port management has made a first step in the latest round of reforms to state-owned enterprises (SOEs) by opening the door to private investors.

The provincial government agency that oversees SOEs, the Guangdong State-owned Assets Supervision and Administration Commission (SASAC), approved the diversification plan for Gree Group in February. As a result, private investors will be allowed to buy up to 49 percent of what's now a state-owned stake in the Zhuhai-based company.