State firms told to exit real estate sector

BEIJING - In a move to curb soaring property price, the State-assets watchdog on Thursday told major State-owned enterprises (SOEs) whose core business is not real estate to quit the market.

Except for 16 SOEs which are purely real estate developers, 78 enterprises under the direct supervision of the State Assets Supervision and Administration Commission (SASAC) will speed up restructuring and pull out of the property sector.

But many analysts expressed doubts whether the move will have a significant impact on the sector.