Poly Auction
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Poly Auction
China Poly Group Corporation
Native name
Zh?ngguó B?olì Jítuán
Founded1999; 20 years ago (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 (2018) Edit this on Wikidata
Websitewww.poly.com.cn/ Edit this on Wikidata

China Poly Group Corporation (Chinese: ????????; pinyin: Zh?ngguó B?otuán G?ngs?) 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).

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).[1][2] 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.[2]

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.[3]

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.

Trade

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 (SEHK119) 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.

Subsidiaries

References

  1. ^ Nunns, Cain (February 25, 2013). "China's Poly Group: The most important company you've never heard of". Public Radio International. Retrieved 2019.
  2. ^ a b 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.
  3. ^ Cooper, Sam; Quan, Doug (2017-08-26). "How a murky company with ties to the People's Liberation Army set up shop in B.C." Vancouver Sun. Retrieved .

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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