China's state-owned energy giant Sinopec is to sell off most of its hotels, and get rid of most of its company cars, as part of the government's crack down on corruption and extravagance by officials in China, which continues to have a huge global impact on luxury goods, the car industry and travel. All of Sinopec's hotels will be sold off, bar a very "small number", by Sunday, and the number of cars it operates will be cut by 4,300, following an examination by China's watchdog. This follows China National Offshore Oil Corp (CNOOC), who on late 2017 announced it was also cutting back, including promises to stop using company money to buy high-end cigarettes and alcohol.
China's state-owned energy giant Sinopec is to sell off most of its hotels, and get rid of most of its company cars, as part of the government's crack down on corruption and extravagance by officials in China, which continues to have a huge global impact on luxury goods, the car industry and travel. All of Sinopec's hotels will be sold off, bar a very "small number", by late 2017, and the number of cars it operates will be cut by 4,300, following an examination by China's watchdog. This follows China National Offshore Oil Corp (CNOOC), who on Sunday announced it was also cutting back, including promises to stop using company money to buy high-end cigarettes and alcohol.