Shanghai’s Huangpu district government issued a 15th Five-Year state-asset and
SOE reform plan to boost asset operation and financing. The plan backs lawful
use of capital-market refinancing to strengthen supply chains, calls for
activating existing assets, and seeks to build a receive–revive–inject model
that injects eligible assets into district SOEs and listed companies to improve
operating efficiency and open asset, funding and capital channels. It mandates
strengthening the state-asset management platform and partnering with specialist
firms to use bad-asset acquisition/disposal, substantive restructurings and
market-based debt-to-equity swaps to unlock idle or low-efficiency assets. The
plan also encourages district firms to securitize assets and study REITs backed
by commercial complexes, industrial parks and affordable rental housing to raise
state capital securitization levels.
