Is it necessary to open a board of directors when the land ownership of state-owned enterprises is changed to a wholly-owned subsidiary?

The change of land ownership of state-owned enterprises into wholly-owned subsidiaries requires a board meeting. The change of land ownership of state-owned enterprises is discussed on the board of directors of wholly-owned subsidiaries. A wholly-owned subsidiary has only one shareholder, who can only be a legal person, not a natural person. A subsidiary has the status of a legal person and can bear civil liability independently. When it goes bankrupt and liquidates, it does not need the parent company to repay the debt. However, the civil liability of the branch company shall be borne by the head office.