State-owned enterprises must improve the transparency of their asset sales, the mainland's state asset watchdog has said.
The State-owned Assets Supervision and Administration Commission also ordered them to offer private enterprises equal status in acquisitions.
The moves will not only help curb corruption in transactions involving state assets, but also give more impetus to ongoing SOE reforms, the watchdog declared in a recent notice.
The notice said central government-controlled SOEs and their subsidiaries must follow principles of openness, fairness and impartiality in selling assets exceeding a certain value, which was not specified, and conduct the transactions through legally-established trading institutions for property rights.
SOEs will also be required to establish a comprehensive management system for various kinds of assets, including equipment, real estate and intellectual property rights.
The notice also banned the 113 SOEs under central government control from imposing any limits on the qualifications of buyers of their property, unless there were specific requirements in relevant laws or regulations.
Insiders have taken advantage of loopholes … causing rampant corruption