China State Construction Engineering

China State Construction Engineering Corporation
中国建筑工程总公司
State-owned enterprise
Industry Construction
Founded 1957 (1957)
Headquarters Beijing, People's Republic of China
Area served
 Worldwide
Key people
 Chairman: Mr. Yi Jun
Owner Central People's Government
Parent SASAC[1]
Subsidiaries China State Construction Engineering Corporation Limited (56.26%)
Website www.cscec.com.cn
China State Construction Engineering Corporation Limited
中国建筑股份有限公司
public
Traded as SSE: 601668
Industry Construction
Headquarters Beijing, People's Republic of China
Area served
 Worldwide
Owner China State Construction Engineering Corporation
Parent China State Construction Engineering Corporation (56.26%)
Subsidiaries China Overseas Land and Investment (61.18%)
Website www.cscec.com.cn

The China State Construction Engineering Corporation (CSCEC) (Chinese: 中国建筑工程总公司) is a Chinese construction company ranked the 3rd largest in the world (1st according to International Construction)[2] and the 20th largest general contractor in terms of overseas sales.[3][4]

Most of the assets of CSCEC was now floated in the stock exchange as China State Construction Engineering Corporation Limited (CSCECL), CSCEC retained some assets such as schools and hospitals, as well as the stake in China Construction International Corporation (Chinese: 中国对外建设总公司) which was not able to be transferred. Thus, CSCEC granted the listed company supervising rights.[5]

Corporate Structure

The CSCEC has numerous branches or subsidiaries. It is divided into five main divisions and twelve traditional core business areas, including eight Group's engineering offices and four Design Institutes, as well as its own national research laboratory. The main business units of the group are planning and design, project development, equipment leasing, trade, construction and facilities management.

Its subsidiary and listed company, China State Construction Engineering Corporation Limited (CSCECL) (Chinese: 中国建筑股份有限公司) (SSE: 601668), was established in 2007. It was listed on the Shanghai Stock Exchange in 2009 with its IPO price at RMB$4.18 per share. The shares closed at RMB$6.53, 56% higher than its IPO price, at the first trading day. It was the world's biggest IPO in 2009, raising the capital of US$7.3 billion.[6][7]

History

The CSCEC was founded in 1957 as a state company. Early on the country had an international profile building heavy industry and infrastructure in Asia, Africa, and the Middle East.[8] The predecessor company opened its first overseas office in Kuwait in the late 1970s.[9] The company broke from its regionally confined work pattern when it entered the U.S. market in 1985, opening an office in Atlanta.[8] The U.S. subsidiary began by building housing developments with joint venture partners before undertaking its first sole development, Lantana Lakes, a 107-acre, $27 million complex of 42 homes, in 1987 in Jacksonville, Florida.[8]

With the encouragement of the Chinese government and financing assistance from the Export-Import Bank of China, CSCEC has taken increasingly bold steps as a builder and investor of overseas projects. In 2011, the going abroad trend hit a new high when Baha Mar Resorts, a $3.4 billion casino and resort built and partially owned by CSCEC, opened after "extremely aggressive" efforts by the company to link with the Bahamas developer that started the project.[9] It was the largest construction project undertaken by a Chinese company outside of China.[9]

The China State Construction Engineering Corporation is also constructing the new Athletics and Football Stadium in Grenada.[10]

Projects

Shun Hing Square, Shenzhen

Subsidiaries

References

  1. ↑ http://www.sasac.gov.cn/n86114/n86137/index.html
  2. ↑ "Great wall builders". The Economist. 2012-10-27.
  3. ↑ "Top 225 Global Contractors". Engineering News Record.
  4. ↑ The Top 250 International Contractors | ENR: Engineering News Record | McGraw-Hill Construction. Enr.construction.com (2013-01-14). Retrieved on 2014-06-23.
  5. ↑ "首次公开发行股票招股说明书" [IPO Prospectus] (PDF) (in Chinese). China State Construction Engineering Corporation Limited. 27 July 2009. p. 1-1-43 to 1-1-45. Retrieved 21 October 2016.
  6. ↑ "Giant Chinese IPO soars as trading starts - Taiwan News Online". etaiwannews.com.
  7. ↑ "China State Construction soars on debut". cnplus.co.uk.
  8. 1 2 3 O'Reiley, Tim (1989-07-30). "Chinese Quietly Entering U.S. Housing Market". New York Times.
  9. 1 2 3 Wei, Lingling (2011-02-16). "Chinese Firms Get Their Days in the Sun". The Wall Street Journal.
  10. ↑ "New Grenada Stadium to be handed over in October". GrenadaSports. 29 September 2015. Retrieved 29 September 2015.
  11. ↑
  12. ↑ Semple, Kirk (10 August 2011). "China Construction Co. Involved in New York's Public Works". The New York Times.
  13. ↑ "New Grenada Stadium to be handed over in October". GrenadaSports. 29 September 2015. Retrieved 29 September 2015.
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