China State Construction Engineering

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]

China State Construction Engineering Corporation
中国建筑集团有限公司
State-owned enterprise
IndustryConstruction
Founded1957 (1957)
Headquarters
Beijing
,
People's Republic of China
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
Beijing
,
People's Republic of China
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

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

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.[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]

In 2020, after the coronavirus outbreak, CSCEC urgently built two hospitals in Wuhan in the span of 10 to 12 days. The 1,000-bed Huoshenshan hospital was finished on Feb. 3, while the 1,600-bed hospital Leishenshan was finished on February 5.[14]

Projects
Shun Hing Square, Shenzhen

Subsidiaries

References
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  2. "Largest construction contractors worldwide based on revenue 2016 | Statistic". Statista. Archived from the original on 2017-11-07. Retrieved 2017-10-31.
  3. "11 Biggest Construction Companies in the World". Insider Monkey. Archived from the original on 2017-11-07. Retrieved 2017-10-31.
  4. "The 2016 Top 250 International Contractors 1-100". Enr.com. Archived from the original on 2017-10-03. Retrieved 2017-10-31.
  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. Archived from the original (PDF) on 22 October 2016. Retrieved 21 October 2016.
  6. "Giant Chinese IPO soars as trading starts - Taiwan News Online". Etaiwannews.com. Archived from the original on 3 March 2016. Retrieved 4 December 2017.
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  10. O'Reiley, Tim (1989-07-30). "Chinese Quietly Entering U.S. Housing Market". New York Times.
  11. Wei, Lingling (2011-02-16). "Chinese Firms Get Their Days in the Sun". The Wall Street Journal. Archived from the original on 2017-12-05. Retrieved 2017-08-03.
  12. "New Grenada Stadium to be handed over in October". GrenadaSports. 29 September 2015. Archived from the original on 30 September 2015. Retrieved 29 September 2015.
  13. "World Bank bars seven firms including four from China". Reuters. Archived from the original on 2017-12-22. Retrieved 2017-12-20.
  14. "How China Built Two Coronavirus Hospitals in Just over a Week". Wall Street Journal. 6 February 2020.
  15. "Chinese Central SOEs Participate in Construction of Beijing Daxing International Airport". en.sasac.gov.cn. Retrieved 2019-10-04.
  16. Lewis, Aidan (4 December 2017). "Building the world's tallest minaret". Bbc.com. Archived from the original on 24 September 2017. Retrieved 4 December 2017.
  17. "Archived copy". Archived from the original on 2017-04-25. Retrieved 2017-04-23.CS1 maint: archived copy as title (link)
  18. "China construction to build Egypt's new parliament house". Xinhua News Agency. October 12, 2017. Archived from the original on January 15, 2018. Retrieved January 14, 2018.
  19. "Chinese firm finalizes deal for building huge business district in Egypt's new capital". People's Daily. October 12, 2017. Archived from the original on January 16, 2018. Retrieved January 14, 2018.
  20. "Egypt's prime minister breaks ground on new capital's $3 billion business district". Al-Ahram. 19 Mar 2018. Archived from the original on 19 March 2018. Retrieved 2018-03-19.
  21. "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. Archived from the original on 2018-07-29. Retrieved 2018-07-29.
  22. "Projects". China State Construction Engineering Corporation Pakistan. 2004-06-16. Archived from the original on 2018-07-29. Retrieved 2018-07-29.
  23. Semple, Kirk (10 August 2011). "China Construction Co. Involved in New York's Public Works". The New York Times. Archived from the original on 19 November 2016. Retrieved 26 February 2017.
  24. Wilkie, Christina (2017-09-11). "Trump's Dubai resort project has hired a Chinese state-owned firm". CNBC. Archived from the original on 2017-12-01. Retrieved 2017-11-29.
  25. "'Belt and Road' Drives Into Argentina with $2 Billion Contract - Caixin Global". caixinglobal.com. Archived from the original on 2018-08-13. Retrieved 2018-08-13.
  26. Alvarez, Simon (3 January 2019). "Tesla's Gigafactory 3 in China starts preparations with 6-month construction permit". Teslarati. Archived from the original on 7 January 2019. Retrieved 6 January 2019.
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