As state-owned enterprises (SOEs) slow down their pace of merger and acquisition (M&A) activities as part of their "going global" programmes, and given the national policies in recent years and other considerations, it is not uncommon that SOEs start transferring their offshore state-owned property rights. Transfer of offshore state-owned property rights by central SOEs is particularly worthy of attention. According to the Interim Measures for the Administration of Offshore State-owned Property Rights of Central State-owned Enterprises (Order No. 27), "offshore state-owned property rights" are equities arising from investment by central SOEs, and their subsidiaries of various tiers, through various approaches in their offshore enterprises, which refer to enterprises incorporated according to local laws by central SOEs and their subsidiaries of various tiers in locations out
side mainland China, including in Hong Kong, Macau and Taiwan.