(Yicai) Dec. 9 -- Shares of Metallurgical Corporation of China plunged by the exchange-imposed daily trading limit after the state-owned construction giant said it plans to sell non-core assets for more than CNY60.6 billion (USD8.6 billion) to further focus on its core business.

MCC [SHA: 60168] closed 10 percent down at CNY3.05 (43 US cents) in Shanghai today.

MCC will sell its whole equity and creditors' rights in MCC Real Estate to its controlling shareholder China Minmetals for over CNY31.2 billion, the company announced yesterday.

Minmetals will also acquire MCC's 100 percent equities in China Enfi Engineering, MCC Copper and Zinc, and Ramu Nico Management MCC, as well as a 67 percent stake in MCC Metallurgical and Chemical. Moreover, MCC will sell its whole stake in MCC Huaye Duddar Mining to Minmetals or another designated entity.

"Once the transactions are completed, MCC's positioning as Minmetals' core subsidiary focusing on engineering contracting and emerging and specialized industries will become clearer and more prominent," MCC noted.

In the future, the company will focus on metallurgical engineering, non-ferrous metals mining, engineering construction and operation, high-end infrastructure, industrial architecture, and emerging industries to promote high-quality business development, MCC added.

Of China's top eight state-owned enterprises, Power Construction Corporation of China, China Energy Engineering Corporation, and China National Chemical Engineering Group were the only ones to achieve revenue growth in the first three quarters of the year from a year earlier, with MCC reporting a 19 percent drop to CNY335 billion (USD47.4 billion).

Of the above eight SOEs, only CNCEC saw its net profit widen in the period. MCC had the largest decline, with third-quarter net profit plunging about 42 percent to CNY3.4 billion.

Minmetals' Hong Kong-listed subsidiary Minmetals Land announced on Oct. 23 that it would delist. Back then, insiders said that if Minmetals Land's privatization was successful, the company could be integrated and restructured with MCC Real Estate, another one of Minmetals' real estate branches.

Editor: Futura Costaglione