CITIC Construction

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CITIC Construction Co., Ltd.
Type State owned enterprise
Industry Construction, engineering
Headquarters China
Website cici.citic.com

CITIC Construction is the construction and engineering subsidiary of the CITIC Group (formerly the China International Trust and Investment Corporation), a Chinese state owned conglomerate. With 2.73 billion USD in revenue in 2011, the company is ranked among the 100 largest construction companies in the world.[1]

CITIC Construction in 2010 formed a consortium with zinc producer Baiyin Non-Ferrous Group to make an equity investment of 185 million USD in Oxus Gold, a gold miner with assets in Central Asia.[2][3] The financing deal gave the consortium a 59.7% stake in the company which had planned to use the funds to develop the Amantaytau Goldfields, an asset it held 50% of the ownership to in Uzbekistan.[2] The goal at the time of the deal was to expand annual production at the Uzbek mine to 300,000 ounces.[2]

On a two day visit to Angola in 2012, Chang Zhenming head of the CITIC Group announced that the company was half way through completing a plan to build 100,000 homes across 10 provinces in the country.[4]

References[edit]

  1. ^ "Top 225 Global Contractors". Engineering News-Record. 
  2. ^ a b c "Oxus Gold to get $185 mln from Chinese investors". Reuters. January 7, 2010. 
  3. ^ Jessica Seah (January 19, 2010). "Firms facilitate debut investment into Uzbekistan". Asia Legal Business. Archived from the original on December 6, 2010. 
  4. ^ "Grupo CITIC da China projecta construir mais de 100 mil casas". Angola Press. 2012-09-19.