Guangwu Real Estate is a holding subsidiary of Guangdong Guangwu Holding Group Co., Ltd., which is a local state-owned enterprise in Guangdong Province, and is supervised by the Guangdong Provincial State-owned Assets Supervision and Administration Commission. Therefore, Guangdong provincial state-owned capital has the ultimate control over Guangwu Real Estate, which should be regarded as a state-owned enterprise. But it is not a wholly state-owned enterprise, but a state-owned holding enterprise.