Chongqing Municipality, Measures for the Administration of the Transfer of State-owned Assets and Equity of Enterprises
重庆市企业国有产权转让管理办法
March 17, 2009 | BY
clpstaff &clp articles &Chongqing allows network price bidding for state-owned assets and equity.
Promulgated: December 2 2008
Effective: February 1 2009
Applicability: The term “state-owned assets and equity of enterprises” refers to the rights and interests arising from the state's investments of any form into enterprises; the rights and interests arising from various investments by, and that should be entitled to, state-owned enterprises and state-controlled enterprises; as well as other rights and interests that, in accordance with the law, are determined to be state-owned (Article 2).
The Measures shall apply to the transfer of assets and equity of enterprises as well as various types of property rights such as material rights in rem, claims of a substantial amount and intellectual property rights held by state-owned asset supervision and administration authorities, state-owned enterprises and state-controlled enterprises in the Municipality (Transferors) to domestic or overseas natural persons, legal persons or other organisations (Transferees) for consideration. The transfer of state-owned equity of listed companies shall comply with the relevant state provisions. Where the state has other provisions on the transfer of state-owned assets and equity of financial enterprises, such provisions shall prevail (Article 3).
Where the leaseholds of a state-owned enterprise, state-controlled enterprise or a public institution that is managed as an enterprise are transferred together with an enterprise merger, transfer of equity or assignment of real property, the matter shall comply with the Measures. Other leasehold transactions shall comply with the relevant provisions of the state and the municipal people's government (Article 31).
Main Contents: Matters concerning the transfer of state-owned equity of enterprises shall be decided according to the internal decision-making procedure of the enterprise and be reported to the state-owned asset supervision and administration authority at the same level for record filing (Article 10). The transfer of state-owned assets and equity of enterprises shall be conducted by means of auction, bidding, and network price bidding (Article 12).
The transfer of state-owned assets and equity of enterprises shall be reported to the municipal people's government for approval if:
(1) the appraised value of the state-owned equity of a municipal-level enterprise to be transferred is Rmb50 million or above, or Rmb20 million or above in the case of a district or county-level (including autonomous county) enterprise, and the Transferor will no longer have an absolute state controlling position as a result;
(2) the state-owned equity of enterprises to be transferred involves exploration rights and mining rights, or franchise rights such as rights to operate public passenger bus routes, key toll highways, key sight-seeing spots and key ports, and the Transferor will no longer have an absolute state controlling position as a result; or
(3) the appraised value of the rights in rem of a municipal-level enterprise to be transferred is Rmb1 billion or above, or Rmb100 million or above in the case of a district or county-level (including autonomous county) enterprise.
Where the appraised value of state-owned equity of a district or county-level (including autonomous county) enterprise is between Rmb5 million (inclusive) and Rmb20 million, or the appraised value of the enterprise's rights in rem is between Rmb10 million (inclusive) and Rmb100 million, the matter shall be reported to the people's government at the district or county level (including autonomous county) for approval (Article 14).
Related Legislation: Tentative Regulations for the Supervision and Administration of Enterprise State-owned Assets, May 27 2003
Repealed Legislation: Chongqing Municipality, Tentative Measures on the Transfer of State-owned Assets and Equity of a Commercial Nature, Apr 7 2004
clp reference:2100/08.12.02/CQpromulgated:2008-12-02effective:2009-02-01This premium content is reserved for
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