Will the hotels of state-owned enterprises close down?

State-owned enterprises will go bankrupt if they are not well managed. The state-owned assets supervision and administration institution shall, in accordance with the relevant provisions of the state, organize and coordinate the merger and bankruptcy of wholly state-owned enterprises and wholly state-owned companies in the invested enterprises, and cooperate with relevant departments to do a good job in the resettlement of laid-off workers in enterprises.

According to the provisions of Article 21 of the Interim Regulations on the Supervision and Administration of State-owned Assets of Enterprises, the state-owned assets supervision and administration institution shall, in accordance with legal procedures, decide on major matters such as the division, merger, bankruptcy, dissolution, increase or decrease of capital, issuance of corporate bonds and so on of wholly state-owned enterprises and wholly state-owned companies in the enterprises it contributes. Among them, the division, merger, bankruptcy and dissolution of important wholly state-owned enterprises and wholly state-owned companies shall be audited by the state-owned assets supervision and administration institution and reported to the people's government at the same level for approval.

The state-owned assets supervision and administration institution shall, in accordance with legal procedures, consider and decide on major issues of wholly state-owned enterprises and wholly state-owned companies in the field of national defense science, technology and industry, and implement them in accordance with relevant state laws and regulations.