According to Beijing Equity Exchange's website, China Telecom (CHA) is publicly selling 37 asset projects in Sichuan, Xinjiang, Jiangxi and Chongqing.
The total value of those assets is priced at about CNY266 million and the deadline for the transaction is April 20. Of all the projects, the price for Xinjiang Gongzong Information Industry Holdings Company is the highest at CNY44.2311 million and about 10 of the projects from Sichuan are totally worth about CNY120 million. 96.76% of Xinjiang Gongzong's stake will be sold.
China Telecom previously sold all or part of the stakes of its 22 sideline business companies across China. Analysts quoted in local media say that China Telecom is selling these assets this time to raise more funds, but it also wants to optimize the assets of its industrial companies in the concerned regions.
China's State Council has required all state-owned enterprises to separate their main business and sideline businesses and focus on the main business. The reform is expected to be completed by 2008.