The State-owned Assets Administrator (SASAC) announced the formation on March 31, of a new central SoE called the 'China Rongtong Asset Management Group'. Caixin reported that the new company’s public WeChat account describes it as a manager of centrally-owned assets in a wide range of areas, which “includes real estate, agriculture, tourism and hotels, as well as services for industries from recycling, technology and health care to security and finance.” 57-year old Ma Zhengwu heads the China Rongtong Asset Management Group. He has served at the top echelons of another SASAC-owned asset management company that has played an important role in overhauling big centrally-owned SOEs. He worked for 18 years at China Chengtong Group, most recently as its Chairman. In 2005, Chengtong became part of a pilot program as a manager for centrally owned assets under SASAC, and later became a platform for reorganising some of those assets.
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