China Poly Group Corporation 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. It is both primarily engaged in representing the Chinese defense manufacturing industry in international sales and the world's third largest art auction house. 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.
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. After more than 20 years of development, international trading and real estate have been well established as the two core businesses of the Group, the managing director Quan Gui Chen while the culture industry is in cultivation and steady development. Having its affiliated enterprises and projects in Beijing, Shanghai, Guangzhou, Hong Kong, Shenzhen, Wuhan, Tianjin, Harbin, Shenyang 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, which ascended to top 5 China property developers in 2005 for its valuable brand and comprehensive strength; and the overseas platform with Poly Investments Limited as the major entity. Poly Group was the most profitable enterprise in 2005 among all central enterprises primarily engaged in property development.
Culture
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.
Group entities were active in procurement during the COVID-19 pandemic. Figures from China Customs show that some 2.46 billion pieces of epidemic prevention and control materials had been imported between 24 January and 29 February, including 2.02 billion masks and 25.38 million items of protective clothing valued at 8.2 billion yuan. Press obtained internal documents showing that the group, together with other Chinese companies and state-owned enterprises – such as Country Garden and Greenland Holdings – had an important role in scouring markets in countries around the world to procure essential medical supplies and equipment. The company said its operation was staff-led, and was "driven out of pure compassion for our people who have friends and family in the Wuhan region".
