Major group corporates reorganized in Nansha

Unveiling ceremonies for four new companies were recently held on the same day in Guangzhou’s Nansha district, marking a reshuffle of the local state-owned enterprises (SOEs).

According to a plan from the governmental authority, the original seven district-level enterprises were supposed to be integrated into five group companies.

The new companies listed this time constitute four of those five. They are the Guangzhou Nansha Urban Construction & Investment Co, the Nansha Financial Holding, the Guangzhou Nansha Assets Operation and the Guangzhou Nansha Public Resources Holding Group Co.

Another company - the Guangzhou Nansha Modern Agricultural Industry Group Co - had already been established on Sept 30, 2019.

The five companies are involved in major sectors in the district, including development of urban areas and industrial parks, shipping logistics, warehousing and tourism, financial services, public resources and modern agriculture.

Nansha has formed a new pattern of SOEs with clear main businesses, resource concentration, and coordinated development.  

Xie Ming, executive vice mayor of the district, pointed out that it aims to make district-level SOEs bigger, stronger, and better, especially to improve their capabilities to drive development.