China Poly Group Corporation
New Beijing Poly Plaza in 2017
|Zhōngguó Bǎolì Jítuán|
|Zhengao Zhang (President and Director), Xu Wang (Vice President), Ming Xue (Vice President), Wang Lin (Vice President)|
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). The company is controlled by the descendants of Deng Xiaoping family.
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). A New York Times profile of the company 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.
With the approval of the State Council, China Poly Group Corp. was set up on the basis of Poly Technologies, Inc. in February 1992.
After more than 20 years of development, international trading and real estate have been well established as the two core businesses of the Group, while the culture industry is in cultivation and steady development. Having its affiliated enterprises and projects in Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Changsha, Tianjin, Harbin, Shenyang, Chongqing, Hainan, and Hong Kong 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.
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 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: 0119) as the major entity. Poly Group was the most profitable enterprise in 2005 among all central enterprises primarily engaged in property development.
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, antique collection (especially by recovering the Chinese bronze zodiac heads looted from the Old Summer Palace from overseas collectors), artworks auction, film & TV program production, film distribution and cinema chains management. It was designated as "cultural industry's role model" by Ministry of Culture.
- Bowley, Graham and Barboza, David. "An Art Power Rises in China, Posing Issue for Reform", The New York Times, 16 December 2013. Accessed 5 July 2016.
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