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China Poly Group to merge with Sinolight, China National Arts and Crafts Group

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China Poly Group to merge with Sinolight, China National Arts and Crafts Group

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BEIJING (Reuters) – China Poly Group Corp., a real estate developer, will merge with Sinolight Corp. and China National Arts and Crafts Group, the state asset regulator said on Monday, part of China’s ongoing efforts to slim down its bloated state sector. China’s cabinet had already approved the merger plan, which will make Sinolight and China National Arts and Crafts Group subsidiaries of China Poly Group, the State Asset Supervision and Administration Commission (SASAC) said in a notice. In late June, SASAC announced the merger of the China National Machinery Industry Corp (Sinomach) and the China High-Tech Group.

(Reporting by Beijing Monitoring Desk; Editing by Nick Macfie)
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