May 9, 2017 / 8:08 AM / 4 months ago

China Poly Group transfers coal assets to ChinaCoal

BEIJING, May 9 (Reuters) - China Poly Group, a real estate developer, said it has transferred its main energy unit to China Coal Group as required by the state asset supervisor.

The transfer was in response to a government order to some state-owned companies to spin off their coal asset if their main business is not coal, the company said in a statement posted on its website late on Monday.

Poly Energies Holding has total coal reserves of 2.6 billion tonnes in Shanxi province and Xinjiang region. It has a planned output of 24.85 million tonnes per year, according to its website. (Reporting by Meng Meng and Beijing Monitoring Desk)

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