China SCE Property Holdings Limited (SCE), a Xiamen-based real estate company, became the first company to fully acquire a real estate firm owned by State-owned enterprises (SOEs) after the State-owned Assets Supervision and Administration Commission (SASAC) made an announcement barring SOEs from the real estate industry in March.

With 126 million yuan ($18.45 million), SCE acquired 100 percent of the stakes and 64.98236449-million-yuan (about $9.37 million) credits of a Beijing real estate company owned by PetroChina from the Beijing Equity Exchange, according to reports Wednesday.

''We attach great importance to the Beijing market and have confidence about it. If everything goes well, we intend to use this project to build high-end apartments starting next year,'' said Yu Fangxing, SCE's planning department manager.

SCE predicted the profit rate to be about 15 percent, ''and the rate may be more if the market gets better,'' said Yu who also pointed out that SCE is skilled in high-end apartment construction.

The purchased company was a wholly subsidiary of PetroChina with a real asset of an area of 5,800 square meters sited in Beijing's Xicheng District.

In March, SASAC announced that more than 70 State-owned enterprises whose main businesses were not property development would be withdrawn from the real estate sector once their current development projects were completed, which attempted to cool the red-hot real estate sector.