China State Construction Engineering

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China State Construction Engineering Corporation
中国建筑集团有限公司
State-owned enterprise
IndustryConstruction
Founded1957; 62 years ago (1957)
Headquarters,
Area served
Worldwide
Key people
OwnerCentral People's Government
ParentSASAC[1]
SubsidiariesChina State Construction Engineering Corporation Limited (56.26%)
Websitewww.cscec.com.cn
China State Construction Engineering Corporation Limited
中国建筑股份有限公司
public
Traded asSSE: 601668
IndustryConstruction
Headquarters,
Area served
Worldwide
OwnerChina State Construction Engineering Corporation
ParentChina State Construction Engineering Corporation (56.26%)
SubsidiariesChina Overseas Land and Investment (61.18%)
Websitewww.cscec.com.cn

The China State Construction Engineering Corporation (CSCEC) (simplified Chinese: 中国建筑集团有限公司; traditional Chinese: 中國建築集團有限公司; pinyin: Zhōngguó jiànzhú jítuán yǒuxiàn gōngsī) is the largest construction company in the world by revenue and the 14th largest general contractor in terms of overseas sales, as of 2016.[2][3][4]

While most of the assets of CSCEC were 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[edit]

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[edit]

The CSCEC was founded in 1957 as a state company.[8][9] Early on the country had an international profile building heavy industry and infrastructure in Asia, Africa, and the Middle East.[10] The predecessor company opened its first overseas office in Kuwait in the late 1970s.[11] The company broke from its regionally confined work pattern when it entered the U.S. market in 1985, opening an office in Atlanta.[10] 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.[10]

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.[11] It was the largest construction project undertaken by a Chinese company outside of China.[11]

The China State Construction Engineering Corporation is also constructing the new Athletics and Football Stadium in Grenada.[12]

In 2009, the company was blacklisted for six years by the World Bank for collusion in the bidding process for the Philippines National Roads Improvement and Management Project.[13]

Projects[edit]

Subsidiaries[edit]

References[edit]

  1. ^ "Central enterprise directory" (in Chinese). Archived from the original on 2016-10-24. Retrieved 2016-10-21. Cite uses deprecated parameter |dead-url= (help)
  2. ^ "Largest construction contractors worldwide based on revenue 2016 | Statistic". Statista.
  3. ^ "11 Biggest Construction Companies in the World". Insider Monkey.
  4. ^ "The 2016 Top 250 International Contractors 1-100". Enr.com.
  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. Retrieved 4 December 2017.
  7. ^ "China State Construction soars on debut". Cnplus.co.uk. Retrieved 4 December 2017.
  8. ^ "CSCEC – China State Construction Engineering Corp. (Middle East) L.L.C. » CSCEC". Chinaconstruction.ae. Retrieved 2017-03-24.
  9. ^ "About | China State Construction Engineering (CSCEC) - Global Players BriefGlobal Players Brief". stonecreek-partners.com. Retrieved 2017-03-24.
  10. ^ a b c O'Reiley, Tim (1989-07-30). "Chinese Quietly Entering U.S. Housing Market". New York Times.
  11. ^ a b c Wei, Lingling (2011-02-16). "Chinese Firms Get Their Days in the Sun". The Wall Street Journal.
  12. ^ a b "New Grenada Stadium to be handed over in October". GrenadaSports. 29 September 2015. Retrieved 29 September 2015.
  13. ^ "World Bank bars seven firms including four from China". Reuters. Retrieved 2017-12-20.
  14. ^ Lewis, Aidan (4 December 2017). "Building the world's tallest minaret". Bbc.com. Retrieved 4 December 2017.
  15. ^ a b "Archived copy". Archived from the original on 2017-04-25. Retrieved 2017-04-23. Cite uses deprecated parameter |dead-url= (help)CS1 maint: archived copy as title (link)
  16. ^ "Egypt signs deal with China Construction to build, finance, part of..." Dailymail.co.uk. Retrieved 4 December 2017.
  17. ^ "China construction to build Egypt's new parliament house". Xinhua News Agency. October 12, 2017. Retrieved January 14, 2018.
  18. ^ "Chinese firm finalizes deal for building huge business district in Egypt's new capital". People's Daily. October 12, 2017. Retrieved January 14, 2018.
  19. ^ "Egypt's prime minister breaks ground on new capital's $3 billion business district". Al-Ahram. 19 Mar 2018. Retrieved 2018-03-19.
  20. ^ "中埃成功合作项目--开罗国际会议中心". Ministry of Foreign Affairs of the People's Republic of China. 2004-06-16. Retrieved 2018-07-29.
  21. ^ "Projects". China State Construction Engineering Corporation Pakistan. 2004-06-16. Retrieved 2018-07-29.
  22. ^ Semple, Kirk (10 August 2011). "China Construction Co. Involved in New York's Public Works". The New York Times.
  23. ^ Wilkie, Christina (2017-09-11). "Trump's Dubai resort project has hired a Chinese state-owned firm". CNBC. Retrieved 2017-11-29.
  24. ^ a b c "'Belt and Road' Drives Into Argentina with $2 Billion Contract - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-13.

External links[edit]