China Poly Group

China Poly Group Corporation (Chinese: 中国保利集团公司; pinyin: Zhōngguó Bǎolì Jítuán Gōngsī) is a state owned Chinese business group among 102 central state owned enterprises under the supervision of State-owned Assets Supervision and Administration Commission of the State Council (SASAC).[2]

China Poly Group Corporation
Native name
中国保利集团公司
Zhōngguó Bǎolì Jítuán
Founded1999 (1999)
Headquarters
Beijing
,
China
Key people
Zhengao Zhang (President and Director), Xu Wang (Vice President), Ming Xue (Vice President), Wang Lin (Vice President)
Revenue305,646,000,000 renminbi[1] (2018) 
Websitewww.poly.com.cn/ 

It is both primarily engaged in representing the Chinese defense manufacturing industry in international sales and the world's third largest art auction house (behind Sotheby's and Christie's).[3][4] A profile of the company in The New York Times noted the seemingly strange contrast of being able to buy a painting on the third floor and a missile system on 27th of the company's headquarters at New Beijing Poly Plaza.[4]

History

With the approval of the State Council, China Poly Group Corp. was set up on the basis of Poly Technologies, Inc. in February 1992. Poly Technologies was formed in 1984 as an arms-manufacturing wing of the People's Liberation Army.[5]

After more than 20 years of development, international trading and real estate have been well established as the two core businesses of the Group, the managing director Quan Gui Chen while the culture industry is in cultivation and steady development. Having its affiliated enterprises and projects in Beijing, Shanghai, Guangzhou, Hong Kong, Shenzhen, Wuhan, Tianjin, Harbin, Shenyang etc., the Group Corporation has made significant achievements in capital scale, economic benefits, business management and system construction, characterized by professionalism, scale operation and optimal allocation of resources.

Trade
Main article: Poly Technologies

International trading is Poly Group's traditionally focused industry and one of its present core businesses with Poly Technologies, Inc as its major operating platform, which ranks 63 among the top 500 import & export enterprises of China published by Ministry of Commerce in 2005. While intensifying its efforts on major business of defense and civilian products trading, Poly Technologies, Inc, in accordance with the strategy of "parallel focus on both trading and natural resources development", is taking an active part in such resources business as coal-mining, iron ore and crude oil exploration investment.

Real estate

Real Estate is another core business Poly Group has prioritized and devoted to in recent years. So far, tens of billions RMB has been invested, over 13 million sq meters of projects are under construction, while more than 15 million square meters of land are in reserve. At present, two major operating platforms in real estate industry within Poly Group have come into shapre: the domestic platform with Poly Real Estate Group Company Limited playing leading role (to be listed soon), which ascended to top 5 China property developers in 2005 for its valuable brand and comprehensive strength; and the overseas platform with Poly (Hong Kong) Investments Limited (SEHK: 119) as the major entity. Poly Group was the most profitable enterprise in 2005 among all central enterprises primarily engaged in property development.

Culture
China Poly Auction preview exhibition in Hong Kong

Cultural business is an industry Poly Group has been specifically fostering over the past years. Poly Culture & Arts Co., Ltd. acts as its core enterprise. Its business covers theatrical performance, theatre management and antique collection. The collection concentrates especially of recovering the 12 Chinese bronze zodiac heads from the Old Summer Palace looted in 1860.

Procurement actions during the COVID-19 pandemic
Main article: Shortages related to the COVID-19 pandemic

Group entities were active in procurement during the COVID-19 pandemic. Figures from China Customs show that some 2.46 billion pieces of epidemic prevention and control materials had been imported between 24 January and 29 February, including 2.02 billion masks and 25.38 million items of protective clothing valued at 8.2 billion yuan ($1 billion). Press obtained internal documents showing that the group, together with other Chinese companies and state-owned enterprises – such as Country Garden and Greenland Holdings – had an important role in scouring markets in countries around the world to procure essential medical supplies and equipment. The company said its operation was staff-led, and was "driven out of pure compassion for our people who have friends and family in the Wuhan region".[2]

Subsidiaries
gollark: Clearly they want help with AsmBB.
gollark: Wow, lsblk DEFINITELY WORKS for this task, so it is a GOOD IDEA to use it.
gollark: Oh yes, I do sometimes play df when I need to know how much disk space I have left.
gollark: CSS is very !!FUN!! because there are 172489162846918247128947189701911911010101110101010101 ways to do things which seem like they ought to make sense, except only 1 works.
gollark: They ALL otherwise say some form of yes.

References
  1. https://finance.sina.com.cn/zt_d/2019_zq500qbd/.
  2. Millar, Kate McClymont, Royce (2 April 2020). "Billions of face masks sent to China during bushfire crisis". The Sydney Morning Herald.
  3. Nunns, Cain (25 February 2013). "China's Poly Group: The most important company you've never heard of". Public Radio International. Retrieved 20 July 2019.
  4. Bowley, Graham and Barboza, David. "An Art Power Rises in China, Posing Issue for Reform", The New York Times, 16 December 2013. Retrieved 5 July 2016.
  5. Cooper, Sam; Quan, Doug (26 August 2017). "How a murky company with ties to the People's Liberation Army set up shop in B.C." The Vancouver Sun. Retrieved 20 July 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.