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Why is China Shipping Real Estate not a state-owned enterprise?

Non-state-owned or state-controlled enterprises. China Shipping Real Estate is a property service company listed in Hong Kong. Its shareholder structure includes China Shipping Real Estate Group Limited, other public investors and some institutional investors. Although China Shipping Real Estate Group Co., Ltd. is a state-owned enterprise, China Shipping Real Estate itself is not a state-owned enterprise. It is not a state-owned enterprise, because it belongs to an enterprise that is not owned or controlled by the state.