Sinochem to move headquarters to China's Xiongan this month, sources say

State-owned Sinochem Group is moving its headquarters and hundreds of staff to a new economic development zone south of the Chinese capital by the end of this month, three people familiar with the matter said.

Beijing announced plans in 2017 to build the Xiongan New Area in the northern province of Hebei, aiming to draw tech companies there as well as state-owned enterprises.

About 500 staff from the Beijing headquarters of the energy and chemicals conglomerate will move to a newly completed building in Xiongan, said the sources, who sought anonymity as they were not authorised to speak with media.

By early next year, they said, more Beijing-based Sinochem staff will be moved to Xiongan, about 100 km from Beijing. The planned move to the satellite city has prompted grumbling among some employees, two of the sources said.

Sinochem did not immediately respond to a request for comment.

Reuters