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In 2005, TXU sold its Australian assets to Singapore Power, which retained the distribution businesses (electricity and natural gas distribution networks) in Victoria, and onsold the remainder. Singapore Power then floated 49% of the business as SP Ausnet, retaining 51%. In May 2013, Singapore Power sold 19.9% of its 51% stake in the business to State Grid Corporation of China. SP AusNet changed its name to AusNet Services in August 2014. In September 2014, Hong Kong-based Cheung Kong Group bought all the shares in Envestra, including APA's 33.4% stake, while APA retained the operation and management of Envestra's assets until 2027. In October 2014 Envestra's name was changed to Australian Gas Networks Limited.