China Resources will help improve management at the firm
The Shenzhen government is in talks to sell a controlling stake in Shenzhen International Trust & Investment to state-owned conglomerate China Resources Group in a move to shore up the trust firm's management, a source familiar with the deal said.
China Resources will buy 51 per cent of the trust firm from the city government's assets supervision and administration commission, which will retain a 44 per cent stake.
The remainder is split among several state-controlled firms including Shenzhen Economic Zone Development (Group), Shenzhen State-owned Duty-free Commodity Group, Shenzhen Airport (Group) and Shenzhen Yantian Port Group.
The Shenzhen government and China Resources have been in talks over the sale for more than six months, and the terms will be finalised soon, one source said.
The deal could be valued at more than one billion yuan, based on Shenzhen International Trust's registered capital of two billion yuan.