Sinochem Advances into Chongqing through Property-Finance Integration

The Chongqing Office of China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) and China Jinmao entered into a cooperation agreement at a ceremony held at Guohua Financial Center in Jiangbeizui, Chongqing on September 11. This move reflects that Sinochem is taking a new step towards property-finance integration through reform and innovation.

Sinochem is a large-sized central business group working directly under the State-Owned Assets Supervision and Administration Commission of the State Council. It is also one of the first Chinese enterprises appearing on the Fortune Global 500 list. Its primary business covers five sectors: energy, chemical, agriculture, property, and finance. FOTIC and China Jinmao are Sinochem’s flagship companies in the financial and property sectors, respectively.

Headquartered in Beijing, FOTIC conducts nationwide operations and has established regional headquarters in east China, south China, southwest China, and northwest China. As western China’s only city directly under the central government, Chongqing has a great strategic significance. The establishment of FOTIC’s Chongqing Office was an innovative move aimed at deepening the company’s operations in the southwestern trust market through organizational incubation and extension. The move was also focused on improving the company’s ability to respond to local customers’ needs and enhance its service level.

The joint operations of FOTIC and China Jinmao reflect Sinochem’s positive attempt to explore the integrated development of different sectors and capitalize on Chongqing’s strategic location to participate in the Belt and Road development, besides boosting economic development in Western China and showing its responsibility as a central enterprise.