SOEs urged to cut loss-making activity

State-owned Enterprises were urged to get rid of loss-making departments.

Huang Shuhe, vice-chairman of the State-owned Assets Supervision and Administration Commission, told Xinhua News Agency on Wednesday that centrally administered SOEs should get rid of businesses that are not performing well.

In the first half of this year, the value of assets for sale posted by centrally administered SOEs grew 89.8 percent over the same period for last year.

Actual turnover grew 60.6 percent year-on-year, Huang said.

Real estate companies, pharmaceutical, hotel and restaurant companies topped the for-sale list.

In 2010, SASAC required 78 centrally administered SOEs to shut down their interests in the real estate sector and focus on core businesses.