OREANDA-NEWS. July 07, 2011. It is reported that Sinopec Asset Management, a unit of Sinopec may have to sell a real estate subsidiary at a discount.

Sinopec Asset Management which has a 25.17% stake in the Henan based real estate property developer, tried to put up the subsidiary for sale on the Shanghai United Assets and Equity Exchange for a price of CNY 1 at the end of last year. It failed to find a buyer.

In addition to the sale price of CNY 1, Sinopec Asset Management had asked potential buyers to make a payment of CNY 160 million for the liabilities.

According to a person in charge at Sinopec Asset Management, it is now putting the subsidiary up for sale at CNY 145 million a 10% discount off the previous price of CNY 160 million.

The real estate subsidiary had total assets of CNY 430 million and liabilities of CNY 740 million as of end 2010. It recorded a loss of CNY 39.48 million in 2010 on revenue of CNY 130 million.