China Considers Law to Prevent Cheap Sale of State Assets – Thomson Financial

From Thomson Financial via Forbes.com:

Chinese lawmakers are considering imposing a law to prevent state-owned assets being sold too cheaply, state press reported Sunday, legislation that is likely to tighten Beijing’s control over business.

The draft law details procedures for the restructuring of state assets, including accurate audits before firms are merged or sold, the official Xinhua news agency reported. ‘The state assets should be transferred at reasonable prices,’ it said. China has moved to tighten rules involving the sale of its state-owned companies amid criticism that it has been selling off valuable state assets, especially to foreigners at firebrand prices. [Full Text]

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