China bulls see signs of a revamp in a plan for the country’s top refiner by capacity to shed part of its gas-station business to private investors. But is Beijing really opening up that market or just finding another way for the public to fund its energy policy? China Petroleum & Chemical , or Sinopec, plans to sell up to 30% of its retail arm. Like much in China these days, this could partly be a property play. Brokerage CLSA, applying a simple average of 500 yuan ($82) a square foot, posits that the land beneath Sinopec’s stations could be worth nearly $1 trillion, some 10 times Sinopec’s entire market capitalization and equivalent to a third of the entire Hong Kong stock market’s value. A fantastical sum, but it suggests the business is undervalued to some extent. It enjoys stable margins and contributes roughly 40% of Sinopec’s operating profits. […]